In this crazy time in the U.S. economy, we've seen one company after another implode. It hasn't been difficult to see why so many—especially the larger ones—have failed. Management at these corporations might have profited from the wisdom of the exiled Tibetan leader.

In a new book, The Leader's Way (Broadway Books), the Dalai Lama joins with a management consultant, Laurens van den Muyzenberg, to talk about the art of making business decisions. Surprisingly (or not), the teachings of Buddha translate quite well to the world of business. These teachings apply equally to a freelancer working with individual clients and the head of a multinational company.

It all starts with Right View, also known as wisdom. His Holiness explains Right View as consisting of two parts: the decision-making process and the values that have to be honored in every decision that is made. He calls those values dependent origination, interdependence and impermanence. In other words, the intention behind the decision must be beneficial to the greatest number of people, or at the very least bring no harm; those making the decision must have an awareness of the impact that decision will have on the organization, customers and anyone else at effect of the business; and leaders must be aware that there is no such thing as a permanent, satisfactory state. Things change constantly, in business as elsewhere in life, and a smart businessperson will continue to adapt and respond to changes and needs in the world and in the marketplace.

Keeping these ideas in mind, the auto industry has been in trouble for a long time. People who were aware of the degradation of the environment or even just financially savvy recognized a long time ago that better-made, more fuel-efficient cars were a wiser investment. The decisions being made weren't optimal for the greatest number of people, and ultimately we all suffer by breathing polluted air. The marketplace was changing and there was no adaptation being made. American auto companies really didn't stand a chance with the leaders they had.

There are many days when it's difficult to find the time or patience to sit and meditate, but mindfulness in the things we do have time for can turn them into a meditation and give benefit. A good way to start is with a walking meditation. If you walk to your car or the subway stop in the morning, instead of worrying about your first meeting or getting distracted by the action on the street, slow your steps, pay close attention to each step, and just keep your attention there. Likewise on your way to a meeting, rather than plan your opening remarks, focus on your steps, empty out your brain and allow some space for inspiration. You're much more likely to get a flash of brilliance by clearing your mind than by letting it spin in circles.