Modeling Business Management for International Development: Strategic Management for Poverty Reduction

Abstract

This paper centers on the theoretical conceptualization of a novel model referred to as "Business Management for International Development (BMID)." This model is interdisciplinary and practical, aiming to facilitate greater development in the developing world. Specifically, it seeks to demonstrate how the two academic fields of International Development and Business Management can complement each other, given their close connection within the social sciences. The fundamental aspect of this research is to outline a path for the development of this emerging academic discipline, both in scholarly and practical terms. In the literature review, a Japanese academic scholar named Hayashi has previously attempted to formulate "Development Business Management" (known as "Kaihatsu-Keieigaku" in Japanese) through his research in the Philippines and Bangladesh. However, there are opportunities for further refinement and expansion in various areas, particularly given the rapidly evolving global landscape. Notably, additional perspectives can be integrated, such as business development strategies based on income levels and the formulation of economic and business development policies. Utilizing the Grounded Theory Approach and the Strategic Management Framework to support the BMID model suggests that business management can be linked to economic development, particularly in relation to income levels categorized as low-income and lower-middle income, with the ultimate goal of reducing poverty through business activities. Nevertheless, there remain several crucial aspects that require further investigation to fully harness the potential of BMID.