DBAC 112 PHILOSOPHY OF BUSINESS

IRISH M BERTILLO

What is Philosophy of Business?

Does one need philosophy to start and run a business? Explain your answer.

What if business leaders do not define their philosophy of business? What do you think
might happen? Explain.

Cite scholarly references in APA.

Every business organization is unique in setting its mode to success. The set of principles and
beliefs that every business organization has is called business philosophy or may also be called
as the vision and mission statement of the company. The company vision and mission statement
must be clearly and carefully defined in order to achieve success. The business philosophy of
any company is the perfectly drafted plan for its existence and operation. It might also include
the company values that are vital to the founders, executives and employees of the company.  It
outlines the overall purpose of the business together with its goals, and it defines why things
are done the way they are being done.

Business philosophy can be a positive or a negative thing for the company. It can affect
employees confidence, employees performance and employees productivity thus the being of
the company. As a business leader, the core values of the business must start with your own
core values. When these core values are integrated into the business philosophy, it becomes part
of the company culture. Writing out the business philosophy clearly can reduce the chances of
negativity being part of the company culture. A company having positive culture is most likely
efficient and productive.

Business philosophy must be simple and authentic. Every business organization has diverse
workforce and diverse demographic, so it is best to keep a business philosophy easy to
understand and lead away from confusion or misinterpretation. Employees would know if the
business philosophy is made just to impress and catch attention from clients, publicizing strong
and good values but paying no respect to clients and its needs. People tend to ignore or get the
directives wrongly, when they are confused or in doubt of a business philosophy which may
lead to failure of fulfilling its purpose.

Philosophy is one of the most important comings and goings in human records and it
contributes nearly into every aspect of life even if it is not seen. When people determine what is
right or wrong, philosophy is employed in the form of ethics. Making conclusions, solving
problems, being conscious of what is happening around, appreciating the appearance of others
and a thing and believing and justifying what you think is right, are all associated in philosophy
in the form of its different branches: logic, aesthetics, epistemology and metaphysics.
Philosophy gives an essential contribution in every person’s life that everyday it is present into
someone’s action or doings.
Philosophy as defined by Webster dictionary is a system of motivating or fundamental
principles that serves as the basis for beliefs or actions. Business owners and the management of
any company may ask how the definition of philosophy shares to the success of a business. A
well defined business philosophy is a foundation towards the success of a company. The
outlining and finalizing of business philosophy requires thoroughness and time. As one starts
to understand and develop the philosophy for a business, it becomes easier to build a
productive and solid organization which can surpass any challenges that may come as the
business operates.
So, yes one need philosophy to start and run a business. Business philosophy will serve as the
keystone or basis of the business as a whole. A company without business philosophy is like a
pen without an ink. The company could not function well, the same as the pen could not
records information for the user. The ultimate purpose of the user in writing in order to keep
the information intact is a failure, just like a company without a principle of trail to be followed
would lead to not attaining success. Having business philosophy for the company is like having
a tour guide on a tour. Even if the places you are visiting are new, it would be easier and faster
to explore and discover every corner of it. It would not be frustrating to get to various places on
time in order to look into and learn about its significance. The same analogy applies to a
company having a solid business philosophy. People already picture what products, services
and values the company is offering under its set of guidelines and principles. It also gives a
great impression and impact to the employees and to the clients. To run a business, the
owner/s, the management, the employees and clients must have meeting of the minds in order
to have a smooth flowing transaction/s, the mediating factor or mutual understanding among
the minds is conveyed though business philosophy.
The philosophy of business must be clearly defined by the business leaders of the company. A
well defined business philosophy is very important. If a business philosophy is vague and
formless, it is reflected to the actions and performance of employees and the response and
satisfaction of clients. When employees have different understanding of the vision and mission
statement of the company, or the core values along with the goals they are working with, they
mostly feel lost and fuzzy on handling their jobs or daily work tasks. As a result, employees
might work ineffectively or neglect to provide the best possible client service. Many clients are
willing to pay more for a product or service to companies that provide a better if not the best
client experience. A business can avoid these types of issues through articulating the vision and
establishing a mission that is clearly communicated.

When we think about it, personally and preferably, most of us choose to deal with a company
that has representatives who greet you at the entrance and give you the best of the best offers
with a smile on their faces. The assurance that these people know well, what and why they are
representing the company mirrors their clear understanding of the business philosophy.

A business with well defined business philosophy can easily employ talents and potential assets
who already hold the same philosophies personally. Incorporating someone who already
believes in what the business is doing or offering than convincing someone with different views
is always of big advantage to the company.