Stoicism For Leaders and Entrepreneurs to Succeed in Business
Business and philosophy may not seem like an obvious combination, but they both find common ground in the practice of Stoicism. In fact, many successful titans of industry incorporate aspects of this philosophy into their day-to-day business decisions, whether it’s consciously or not. This practice offers more than just encouraging platitudes or inspiring mantras; it helps the business leaders overcome the same obstacles that have been confronting people for centuries.
The origins of Stoicism
Stoicism began with a shipwreck. In the early 300s BCE, a Phoenician merchant named Zeno lost a ship that was carrying purple dye, a luxury commodity that was only accessible to the upper echelons of society. The shipwreck ruined him financially, but recovering from the disaster set him on a path that would eventually lead to the birth of Stoicism. He later said that “I made a prosperous voyage when I suffered shipwreck”.
It’s important to distinguish Stoicism from the “stiff upper lip” attitude with which it sometimes gets confused. While it’s true that this philosophy can foster calm, measured responses to even the most disastrous circumstances, it’s a far cry from an approach that merely forces emotions back down in order to maintain appearances. Instead, Stoicism offers a curious blend of both cynicism and optimism that’s uniquely helpful to entrepreneurs, business moguls, and anyone in between.
Stoicism gives leaders and entrepreneurs the framework to address common obstacles
What are some of the main challenges in business? If you’re talking about personal challenges, you’ll hear people mention issues like staying motivated, prioritizing more effectively, managing fear, and so on. These are problems that affect business leaders of all levels.
Stoicism provides a perspective on these issues that has helped more than a few business leaders stay on track. Even if they don’t care to arrange their lives around an ancient philosophy in order to improve their business practices, they can still benefit from the perspectives of Stoic philosophers.
In order to be effective, communication must be both natural and adaptable
What if some employees favor one type of communication, while others prefer a different type? For example, consider a company that has employees from multiple generations. The more experienced employees are used to formal communication methods, such as business meetings, emails, phone calls, and so on. The younger employees prefer a more collaborative, immediate communication style, such as the kind that’s offered by texting, video calls, or casual face-to-face conversations. The older employees don’t understand why their younger counterparts don’t consistently answer phone calls, while the younger team members wish they could stick with texting instead of emails. What’s the solution?
In cases like these, the most balanced solution is generally a healthy compromise. There’s no perfect answer for a scenario like this, except to say that no one group of people should be able to dictate a measure that everyone has to adopt. Even if employees can’t consistently use the communication style that feels most natural for them, a general awareness of individual differences should foster the type of compromise that suits everyone’s needs.
Communication should be specific to what’s being shared
Communication within a company is sometimes just information-sharing, while at other times it’s an opportunity to develop concepts as a group. Depending on what needs to be accomplished, the format of the communication – and the audience – will differ.
If a new project is being introduced, everyone receiving the information should be given the chance to ask questions and possibly contribute their opinions. Sending that kind of information via email could seem cold and authoritarian; a group meeting with a Q and A session, on the other hand, would provide the opportunity for everyone to gain clarity.
Then there are announcements that are helpful for everyone to know, but don’t really require discussion. Examples would include information such as progress that’s being made in a specific department, or a general update on the company itself. Since there’s little need for formal discussions on these topics, a group email would be sufficient.
Staying motivated
A key part of Stoicism is the importance of living each day to the fullest. Not in the sense that we should constantly indulge ourselves, but that we should strive every day to make something of our lives while we have the chance.
The business applications of this idea are pretty clear. Whatever talents, skills, or opportunities you have, it’s up to you to help them take shape – especially since they won’t be around forever. It’s easy for this concept sound morbid, and it would be if the focus was on the inevitability of death – but it isn’t. Rather, the focus is on the fact that the present is bursting with potential, if only we would take advantage of it.Employees should know why, not just what and how
Do employees really need to know the reasoning behind every project, decision, or policy? Maybe not. Would understanding some of those reasons help increase motivation? In some cases, yes.
Let’s say a manager needs a team to take on an extra project. This would represent a significant increase in their workload, but since they’re the most qualified people for the job, it falls on them to produce results. The “what” and the “how” behind the project is clear, but that information won’t necessarily motivate them to put in 60-hour work weeks for the next few months. What may motivate them, however, is knowing the “why” behind the project. Not only does this help unite them with a common goal, but it also helps them become more invested in the project.
Prioritizing effectively
One of the main purposes of prioritizing is to cut out everything that isn’t essential, leaving only what is necessary – and that’s exactly what Stoicism encourages. From high-level business executives to entrepreneurs who are just starting out, getting involved in too much busywork is the death of productivity. If you want to be effective, you’ll have to learn how to say “no” to many issues that are competing for your attention.
Managing fear
Every type of business has its own uncertainties, which can lead to a lot of fear as unwanted outcomes threaten to make themselves a reality. If you’re taking risks in the pursuit of innovation, it’s crucial to manage your fear as you make bold decisions.
What does Stoicism have to say about this? It advises you to envision the worst possible outcome, and everything it might entail. Could you lose a contract to a competitor, and would your business suffer as a result? Could your star talent walk out the door to join a competing company? Once you’ve gone over all the details, consider the fact that life will keep going even if the worst happens – and that your business endeavors will also continue.
Stoicism in business is more popular than you might think
What do Warren Buffet, Jeff Bezos, and Bill Gates have in common (besides being some of the richest people alive)? They all adopt Stoic principles in both their businesses and their personal lives. Here are some examples:
Warren Buffett has emphasized the importance of surrounding yourself with “associates whose behavior is better than yours”. This mirrors the Stoic concept that your associates either fulfill or destroy your potential. If you want to continually progress, you’ll need to be surrounded by people who help you do it.
Jeff Bezos makes no secret of his many business failures. Valuing failure is a core tenet of Stoicism – if it’s seen as an opportunity to learn from past mistakes, failure can become the springboard for future successes.
Bill Gates has spoken about the importance of learning from others, something that requires a certain degree of humility. Stoic philosopher Epictetus noted that his students seemed to think that they knew better than he did, which obviously hampered their progress. Even though you should recognize your own value, it’s equally as important to recognize the value that others can contribute. It takes humility to admit that someone knows more than you do, but when you do, that’s when you start benefiting from knowledge and connections that may not have been accessible otherwise.
According to Stoicism, logic should take precedence over a leader’s emotions
At the heart of Stoicism is the concept that we should be guided by fortitude and self-control, no matter what circumstances the world throws at us. At the surface level, this may not sound like a revolutionary concept; after all, most people have had to keep their calm in stressful situations. Once you start examining specific scenarios, though, it’s clear that Stoicism offers more than you might think.
As an example, consider what most people say about the importance of gratitude. In essence, they advise you to appreciate having more than you need – you’re being grateful for the extras. Stoicism, on the other hand, advises you to imagine your life with nothing at all, and then appreciate (by contrast) what you actually have.
Bringing this logic to bear on a business scenario, imagine that you took a gamble and lost. Naturally, that wouldn’t feel good at all; a knee-jerk reaction could include strong emotions like disappointment, jealousy, or anger. If you took stock of the situation and saw how circumstances had gotten worse over the short term, it could take quite a while to move past that point. If you looked at the bigger picture, though, you’d see that you still had your business, your health, a head full of ideas, and new knowledge that will help guide your next effort. With a simple, logical shift in perspective, you could effectively push past feelings of discouragement or despair. Not only would this have a positive effect on your outlook, but it could also help lessen the impact on your business as you took decisive steps to recover from the blow.
A leader turns failure into something productive by using Stoicism
Innovation is a part of any strong business, but with innovation comes the risk of failure. The question is, will you make that failure serve a purpose, or will you simply try to keep going as if nothing had happened?
If you approach failure from a Stoic’s perspective, you’ll learn a lot about facing your fears. You shouldn’t just be able to learn from failure after the fact; you should also be able to take calculated risks that aren’t influenced by a fear of failure. By bringing this approach to your business, you may find that you’re able to explore possibilities that were never even on the table before.
Ambition shouldn’t be tainted by a desire for excess
What’s your motivation for achieving success in business? Everyone has a slightly different answer, but for many, it’s fairly predictable. They don’t just want to devote themselves to a worthy endeavor, or make a business they can be proud of; they want to prove to everyone that they made it to the top. This can lead to an obsession with having the latest and greatest, and while it can feel fun for a while, it doesn’t have a good ending according to Stoic principles. Instead, it leads to feelings of envy and suspicion against anyone who threatens the status brought by the display of wealth.
Just look at Warren Buffett for an example of Stoic simplicity – he’s still living in the house that he bought for $31,500 in 1958. Kawhi Leonard, a star player for the San Antonio Spurs with a net worth of around $80 million, still drives the 1997 Chevy Tahoe that he had as a teenager. When you aren’t constantly chasing after everything that wealth or influence can bring, you’ll be able to focus on the things that really matter.
Stoicism may have its roots in ancient Greece, but it’s more relevant than ever for today’s businesses
Whether you’re hoping to elevate your overall business practices, or you simply want to bring clarity to your priorities, Stoicism has a lot to offer. As you apply tenets of Stoicism for yourself, you may realize why so many successful industry leaders and entrepreneurs use them as well – and wonder why you didn’t start using them earlier.