Philosophy, according to the Webster’s Dictionary, is a system of fundamental or motivating principles, the basis of action or belief. Management personnel may wonder how this relates to the world of business. They'd be surprised to know that having a sound business philosophy is the cornerstone of a successful business. The process of developing and understanding a business philosophy can help build a cohesive and productive organization that's well equipped to handle whatever challenges it may face.What is a Business Philosophy?The Importance of a Business PhilosophyA business philosophy is a set of beliefs and principles that a company strives to work toward. This is often referred to as a mission statement or company vision. It's essentially the company’s operational blueprint. The business philosophy explains the company's overall goals and its purpose. The philosophy also outlines the values that are important to the company. As a business entity, a company's philosophy is a reflection of the values of its leaders. Some business philosophies are very well known, such as Google's, which lists such attributes as, “It’s best to do one thing really, really, well," and, "You can make money without doing evil.” Once a company creates a business philosophy it must articulate the philosophy to its employees.Taking a trip to a new city without a map or GPS can be very frustrating. You won't know how to get there or how long it will take you. The same analogy can be used for companies that lack a clear philosophy. If the employees don't know the company's ultimate goals or its values, they can feel lost in their day-to-day work lives. By extension, they may not give the best customer service or work in the most effective manner. By establishing a mission statement and articulating a company’s vision, a business can avoid these issues.
Philosophy, on the other hand, seems to be preoccupied with fascinating, but non-urgent questions about the meaning of life and the nature of values, ruminating on the human condition with no particular end in sight.
However, I think there are some critical areas of intersection and that business can become stronger (which means not only more ethical, but also more fruitful and meaningful) by absorbing some of the lessons of philosophy. There doesn’t have to be a divide between profit and value.
The end goal of all rational humans was first and most beautifully defined in the fourth century BC by the philosopher Aristotle as eudaimonia, a word commonly translated as ‘flourishing’ or ‘fulfillment’ as opposed to a narrower term like ‘happiness.’
Most corporations and businesses, outside of a very tiny minority, are in fact connected through their activities to the goal of eudaimonia/human flourishing. They might be selling sandwiches or airline tickets, but at the end of the day, they are aiming to satisfy and please those they serve.
Of course, businesses don’t frame their concerns philosophically. They don’t use weird Greek words; they say that their success depends on ‘understanding their customers.’ And in order to understand them, they typically make use of an armory of market research techniques (interviews, data analysis).
But they are often not thinking deeply and broadly enough about human needs and are therefore flawed in their eventual understanding of their customers. The parameters of their investigations are too cut off from broader cultural, psychological and social scientific insights; their questions are wrongly framed. So they will ask, ‘How on earth do we fight off the competition from other hotels?’ rather than asking ‘Where is the need for hotel rooted in our deeper selves?’ They’ll wonder how much to discount a holiday package rather than try to work out what people actually need from a trip.
This lack of a philosophical perspective on customer needs routinely deny corporations key advantages. It prevents them from perceiving new market areas; it leaves them to fiddle around with price points and margins.
ok,, thank for reading.
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