Driving the Business of Small and Medium Enterprises (SME) According to the Sufficiency Economy Philosophy Case study: Lamphun Province

Abstract

The purposes of this research were 1) study the impact of the COVID-19 crisis on the businesses of SME entrepreneurs in Lamphun Province, 2) study the level of SEM driving and proposing guidelines based on the Sufficiency Economy philosophy under the COVID-19 crisis. This research was a mixed-method research with 1,463 SMEs in Lamphun Province, selected as a sample using Hendel's (1977) criterion at a 90% confidence level, resulting in 300 samples. The instruments used were 3 sets of questionnaires: 1) entrepreneurs, 2) managers, and                    3) employees, 100 samples each. IOC values ​​were checked by experts. The results were analyzed and discussed using descriptive statistics.

The research results found that 1) The impact of the COVID-19 crisis on SMEs in Lamphun Province was found to be affected in terms of finance and marketing. They have adjusted by reducing production capacity and finding new channels to expand the market. Managers and employees have adjusted by finding additional income outside of their regular jobs and adjusting in terms of adjusting their spending. 2) Most entrepreneurs apply the Sufficiency Economy philosophy. There is a high level of knowledge and understanding of morality. Most managers have a high level of immunity, and employees are very happy with the company's management. In addition, 39 entrepreneurs have applied the Sufficiency Economy philosophy at the level of being in line, 22 at the level of understanding, 8 at the level of being able to access, and 31 at the level of not being in line. 3) The guidelines for driving SME businesses according to the Sufficiency Economy philosophy consist of 1) Upgrading from not being in line, which is developing knowledge to be ready to deal with various risks, having reasons for reviewing, monitoring, and evaluating systematically. 2) Upgrading from being in line, which is building immunity, finding opportunities to add value to the business, including building business networks. 3) Upgrading from the level of understanding to the level of access, which is the organization must have good governance, be considerate of consumers, and return profits to society.