Buddhist Economics: Crossing the Crisis

Abstract Paper

Crossing the Crisis

Success Story of Progressive Indonesian Buddhist Entrepreneurs

Since the economic crisis which Indonesia experienced in 1998, many businesses had had poor profits and even bankruptcy while millions of workers had lost their jobs. These bad economics conditions have become a challenge for businessmen of all kinds. Some of corporation which are owned and run by Buddhist entrepreneurs have answered the challenge even becoming successful and have been doing a very significant business development. For instance, Garudafood Group enterprise, one of the enterprises which is owned by a Buddhist, had successfully survived the tough years and progressively developed receiving wide acknowledgement nationally. One of the best products of Garudafood Group, roasted peanuts, earned an award from SUPERBRAND Indonesia, ICSA (Indonesian Customer Satisfaction Award) in the year 2001 and the renewal of management leadership which has been done by the Garudafood Group has played a significant role in the success. Very recently Mr. Sudhamek (the CEO of Garudafood Group) received an award of Indonesia Entrepreneur of the year 2004. Another figure of progressive business enterprise is Handaka Vijjananda. He was a country manager of one of a well-known pharmaceutical industry in Indonesia. Being inspired with Buddhist principles, he decided to set up his own enterprise and quit his job to focus on his own and Dhamma work.

The entrepreneurs mentioned above are only 2 among the other successful Buddhist entrepreneurs in Indonesia who gain successful business. And these entrepreneurs are known as pious Buddhist and actively engage in social Buddhist community. This paper will dig up Buddhist principles which have inspired Indonesian Buddhist entrepreneurs who were able to survive the crisis and develop their business progressively.

Keyword: Buddhist entrepreneurs, Buddhist principle, Indonesia

Sub-Theme: Progressive Business Enterprises

**This paper was presented at the first Buddhist Economics conference held by The Platform of Buddhist Economics in Hungary (2007)