The Impact of Belief System in Business Practices PDF

The Impact of Belief System in Business Practices Our belief system, influenced by external factors such as external news, personal experiences, and personal traits, is a significant force shaping our actions. It is influenced by various factors such as personality, genetics, and behaviors. Religio...

The Impact of Belief System in Business Practices Our belief system, influenced by external factors such as external news, personal experiences, and personal traits, is a significant force shaping our actions. It is influenced by various factors such as personality, genetics, and behaviors. Religion, including major religions like Christianity, Judaism, Islam, Buddhism, and Hinduism, plays a significant role in shaping our decisions and practices. Each religion has its own set of beliefs, ceremonies, and worship, offering guidance for positive life and business endeavors.  1. Christianity Follows the Hebrew Bible, valuing physical and human creation and ethical behavior. Believes in Jesus of Nazareth's role in redeeming humanity from sin and creating a new age of love, peace, unity, and justice.  Emphasizes human dignity and concern for people, and justice in business, including strict adherence to contracts, regulation compliance, and working for the common good. Emphasizes fairness in business, focusing on the impact on individuals, particularly workers. Christian traders avoid extortion and should pay full value for goods or services. Christians should be transparent and honest in their dealings, products, and services. Avoids pushing people to buy goods or services, as it doesn't reflect the heart of the Father but that of mammon (material wealth or possessions).  2. Judaism Jews believe in a single God who creates the world and works continuously. A covenant relationship exists between God and Jews in exchange for good deeds. Judaism's written law, based on the Torah, significantly influences marketing and business ideology. Key principles include market honesty, fair pricing, and business relationships. Falsifying goods' weight and measurement is illegal.  Fair pricing ensures good value for money and prevents underpayment. Business ethics in Judaism include the legitimacy of business activity and profit within religious and ethical norms. Work, including manual work, is held in high esteem in Judaism. Truly, business ethics occupies such an important place in Jewish laws, culture, and tradition that at the final judgment, the Talmud has this to ask an individual: "Were you honest in your business dealings?" In Judaism, work, including manual in nature, is held in great esteem like a sort of human partnership with the divine.  3. Islam Believes in the Oneness of God, all things created by Him. Believes in God's unaffected by human life's characteristics. Source of rules: Qur'an. Emphasizes respect for ethical and moral codes in human behavior. Prevents abuse through restrictions on misleading advertisements. Allows buyers to cancel transactions if sellers make false statements.  Additionally, according to Hayes (1998), the following principles are expected among Muslim businessmen: a. Contracts must be fair to both or all parties. b. Speculation, such as gambling, is not allowed. If the money comes from the gambling industry, one will not be allowed to invest in the Islamic Mutual Fund. c. Interest is prohibited. That is probably the most common thing that is identified with Islamic finance. One moral practice is that one is not allowed to charge or take interest. d. When a business is in trouble, compassion is required. In every country that has Islamic traditions in its legal system, when anyone is in bankruptcy or is suffering financial reversals, one should not put pressure on them. Because when someone is down, it is not the right thing to do. When they are down, one does not kick them. Muslims also believe that business should be conducted in accordance with the rules of nature which God governs.  4. Buddhism Founded on the teachings of Siddhartha Gautama, who is called “Buddha” or “the enlightened one”, is Buddhism. From the beginning, the basis of Buddhist practice was meditation and the observance of moral precepts. The five fundamental moral precepts practiced by members of the monastic orders and the laity are: refraining from taking property, behaving unchastely, speaking wrongly, stealing, and drinking intoxicants. In business, Buddhists are guided by the following principles: a. The goals should be defined. The clearer the goal is, the easier it is to be defined. Is it about gain? Is it giving satisfaction to your customers? b. The principle of cause and effect should be followed. In a business proposal, intuition is crucial for determining factors leading to the ultimate goal. This process, resembling reverse engineering, helps trace the logical sequence of actions to achieve the goal, providing a clear project roadmap. c. Empathy and compassion for the customers have to be developed. Understanding potential customers' challenges and adopting an empathic approach is crucial. By recognizing their life problems and addressing them effectively, businesses can foster a customer-first or user-centered approach, ensuring they are treated with compassion and care. d. Be flexible, innovative, and mindful of impermanence. Buddhist theory emphasizes the constant change in ourselves, the world, and others, highlighting the danger of logical ideas becoming triggers for narrow-minded thinking, stubbornness, and inflexibility in a rapidly changing reality. e. Your team, yourself and the consumer have to be respected. Buddhist ethics emphasize non-violence, valuing happiness and avoiding struggle. Respecting colleagues, avoiding offensive behavior, and maintaining transparency foster trust and understanding, fostering respect and trust within teams. The Buddhist business code and professional ethics are also 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. Essentially, according to Buddhist teachings, the principles of ethics and morals are governed by examining a certain action that must avoid any harm.  5. Hinduism Hinduism is a formless, boundless, all-inclusive, and eternal God, Brahman. It is not an organized religion with a single, systematic teaching approach or simple rules. Hindu practices influence the interpretation and practice of beliefs. They have a positive attitude towards business and wealth creation but Wealth creation is not the ultimate goal for Hindus; ethics and salvation are more important. Fair prices and profits are crucial for business.  Tax systems should be reasonable, economical, and not adversely impact economic growth. High taxes on luxury goods are necessary. Workers should receive fair and just wages. Religion's influence on modern business cannot be removed, but it should be respected and acknowledged.