THE world is in the midst of a mental health pandemic. This is exacerbated by the soaring cost of living, placing an overwhelming burden on countless lives in Malaysia and globally.
The escalating prices of essential products, especially food, have reached unbearable levels for many. Unsurprisingly, these economic challenges are affecting the middle- and lower-class brackets the hardest.
Limited access to basic human necessities is becoming an alarming norm. One manifestation of this struggle is the increasing number of individuals and households affording only one meal daily. It indicates a widespread crisis rooted in individualism and profit-centric business philosophies – the brutal mantra of the classic business model.
In response to these economic challenges, there has been a paradigm shift towards a social business setting that prioritises societal problem-solving over dollars and cents.
Pioneered by Nobel Peace Prize winner Muhammad Yunus through the Grameen Bank, this model, despite being a money-losing venture, has successfully emancipated millions of rural poor Bangladeshi from being stuck in a mental slavery generation.
However, the need for sustainable models combining the positive aspects of classic and social business approaches has led to the re-emergence of an ancient wisdom concept – the spiritual business.
The long-forgotten teachings based on Abrahamic scriptures should be reinstituted more seriously.
Spiritual business or entrepreneurship is embedded in an intention to seek blessings from divine power.
The concept surrounds ethical and legitimate ventures that are bankable and profit-motivated. This approach challenges the narrow focus of the classic business model by broadening the social spectrum.
Creating jobs and producing consumer-needed products are seen as an act of charity and social interest, bringing about a positive spillover effect in micro and macroeconomics.
Key features of the spiritual business model, among others, lie in its God-to-human relationship foundations, ensuring that ventures align with a higher moral purpose and obligation.
Like the classic business model, the bottom line is a crucial consideration. Nevertheless, it is correlated with a commitment to channel a significant portion, for example, 10% of profits, towards charitable causes or initiatives for the greater good cause.
Beyond profitability, spiritual businesses aim to create a positive social impact by generating job opportunities and producing goods that contribute to the community’s well-being.
In conclusion, the spiritual business model presents a holistic approach to capitalism, addressing the present as well as the future modern pandemic, by integrating profits with a commitment to righteous ethical and humane sensitivity.
By embracing this standard, capitalist players and society can promote positive economic change. This represents a better version of capitalism, beyond the classic and social business methods, hence, providing a blueprint for businesses to contribute meaningfully to the well-being of individuals and communities worldwide.
This way, success in the business world goes beyond just making money – it is about making the world a better place.
As a by-product, spiritual entrepreneurship will bring blessings and financial abundance to businesses and shareholders.
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