Belief Systems and Business Decisions

• The unseen force underlying actions is a belief system
• Beliefs accumulate, interact, affect each other, and create a system

Influences on Business Decisions

• Personality, genetics, behaviors, and religion are biggest influences

Major World Religions

• Christianity, Judaism, Islam, Buddhism, and Hinduism each have organized systems of beliefs, ceremonies, and worship
• Each religion offers prescriptions for positive effort in life and business

Christianity

• Follows the Hebrew Bible
• Views physical and human creation positively
• Sees God as deeply concerned with the ethical behavior of humans
• Teaches that Christ entered history to redeem humanity from sin and create a new age of love, peace, unity, and justice
• Old and New Testaments are the foundation of Christianity

Core Principles in Christianity

• Human dignity and concern for people are crucial
• Emphasizes justice in business, adherence to contracts, compliance with regulations, and working for the common good
• Christians should focus on how business impacts individuals (especially workers), ensure fair wages and meaningful work
• Trading Christians don't seek to undervalue others' products/services; extortion should be avoided
• If buying from poor seller, exercise charity/justice and pay the full price
• Christian vendors should not break connections with friends/relatives who choose other vendors
• Transparent and honest dealings, products, and services are important
• Do not push unneeded products or services on people

Judaism

• Jews believe in one God and an intimate relationship with Him
• God works continuously in the world affecting all people
• Covenant relationship exists between God and the Jews
• Written law relies on the Torah and greatly influences marketing and business ideology
• Jewish culture, values, and ideas have penetrated many aspects of modern life, including the market

Key Points in Judaism

• Market honesty is important with fair pricing and business relationships
• Falsifying weights/measurements is illegal
• Good value for money is important, and you should not cheat
• Don't take advantage if someone is ignorant of an item's worth
• Talmud cares about price control
• Employers must pay workers on schedule
• Business ethics is legitimate if activity and profit are conducted within religious/ethical norms
• Honesty in business dealings are critical
• Work, including manual, is held in high esteem and is like a partnership with the divine

Islam

• Muslims believe in the Oneness of God
• God is all-powerful and all-knowing, has no offspring, sex, class, or body, and is not affected by human life
• Source of rules is the Qur'an
• Islamic teachings emphasize respect for ethical/moral codes, preventing abuse through misleading advertisements
• Under Islamic law, buyers can cancel transactions with false statements from the seller
• Expected principles include fair contracts, prohibition of speculation such as gambling, prohibition of interest
• Compassion is required when a business is in trouble

Key Aspects in Islam

• Contracts must be fair to all parties
• Speculation, like gambling, is not allowed
• If the money comes from the gambling industry, one will not be allowed to invest in the Islamic Mutual Fund
• Interest is prohibited
• Islamic finance does not permit charging or taking interest
• Compassion is required when a business is in trouble

Buddhism

• Founded on the teachings of Siddhartha Gautama (Buddha)
• Buddhist practice is based on meditation and moral precepts
• Fundamental moral precepts include refraining from taking property, behaving unchastely, speaking wrongly, stealing, and drinking intoxicants
• Buddhists in business are guided by specific principles

Buddhist Principles

• Goals must be defined, whether it is about gain, or customer satisfaction
• Cause and effect should be followed and Intuition is used to work out the factors that lead to the ultimate aim
• Empathy and compassion for customers must be developed
• Must have customer-first approach in business based on understanding
• Must be flexible, innovative, and mindful of impermanence
• Your team, yourself, and the consumer have to be respected
• Buddhist ethics are based on the non-violence principle
• The ethics is based on understanding and avoiding any harm

Other Principles for Buddhists

• Buddhist business code and professional ethics are closely tied to being environment-friendly
• Buddhists pursue the "right livelihood" and are usually against businesses that do not really care for the environment or harm animals
• Principles of ethics and morals are governed by examining if the action avoids any harm

Hinduism

• Hindus believe in one true, formless, boundless, all-inclusive and eternal God called Brahman
• Hinduism is not an organized religion with a single systematic approach to teaching
• Value system has no simple set of rules, but the practices are influenced depending on the region

Hindu Beliefs

• Business should have a positive attitude towards business and wealth creation, yet wealth is not the ultimate goal
• Ethics (dharma) and salvation (moksha) are most important
• Prices/profits should be fair, tax systems should give reasonable rates
• Tax system should be economical in its implementation and not have adverse impacts on economic growth
• High taxes on luxury goods and fair/just wages for workers (depending on ability/productivity) should be in place
• Every faith has its own biases, but faith would promote the commitment to maintain a desirable work climate
• Do not remove the effect of religion on modern business
• Be mindful of disparities in beliefs and accept them
• Show respect for each community's different values