Business philosophy has evolved over time and varies across cultures. Early philosophers like Adam Smith, John Locke, and Jean-Jacques Rousseau explored concepts like rationality, free will, and natural rights. Modern discussions focus on business ethics, organizational and management theory, and transparency. The goal remains profit, but the motivations and actions of companies are debated.
Business philosophy deals with the concepts and methodologies for obtaining economic benefits. It is an old term and has been widely used for the last few centuries. Over time, business philosophy has changed with time, the prevailing political atmosphere, culture, religious beliefs, etc. There are diverse views on business concepts in different regions of the world, as local resources and culture can have a huge impact on how people view business. There are many different concepts and visions in the business world, but their objective and intentions are practically the same. Unlike the term business philosophy, which describes how a particular company chooses to conduct itself, company philosophy is more related to an academic or outsider discussion of prevailing philosophies about what a business is and how it works.
Business philosophy has been the subject of debate since the 17th century, but in the 18th century, respected philosophers and thinkers of the day made business a hot topic. Adam Smith, John Locke and Jean-Jacques Rousseau are some of the philosophers and thinkers who have written treatises on their particular beliefs about the function and meaning of business. His business theories explored the core values of consumers and business owners and what motivated them to produce and consume. His writings have proven to be the foundation upon which most modern business theory is based.
Concepts such as rationality, that people are basically rational; atomism, that people prefer to be autonomous and will seek individual rewards; free will, that people have the right to choose their path; natural rights, which people have a right to possess and work to benefit from, are all business philosophies that were introduced by early thinkers that influence modern philosophy today.
Later concepts such as morality and hedonism were conflicting philosophies that defined the motivation of a company and its owners. Some believed that people are motivated by a moral obligation to the greater good and, by improving the outcomes of others, improve their own conditions. Others believe that people are inherently hedonistic and therefore strive to satisfy their own needs. In modern times, companies that serve the good of society have become more and more popular, where companies that appear to serve their own purposes, with little regard for the public or the environment, are frowned upon.
In modern times, concepts such as business ethics, organizational and management theory are prevalent philosophies at the forefront of business discussion. With the world’s media and the Internet, many companies are forced to be more and more transparent and, as a result, are motivated to broaden their customer base by showing how much they “care” about their employees, community and environment. While the goal of business in general remains the same – to make a profit – how and why a company acts this way remains a healthy topic of debate among armchair and academic philosophers.
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