The Intersection of Classical Philosophy and Entrepreneurship: Exploring Historical Philosophical Wisdom in Modern Business Ventures

Julius Babyetsiza; Edward Lambert; Freddy Frejus

doi:10.37284/ijar.6.1.1571

Julius Babyetsiza Atlantic International University
Edward Lambert, PhD Atlantic International University
Freddy Frejus, PhD Atlantic International University

DOI: https://doi.org/10.37284/ijar.6.1.1571

Keywords: Classical Philosophy, Traditional Philosophy, Philosophical Tenets and Principles, Entrepreneurship, Business Ventures

Share Article:

Abstract

This study purposed to explore intersection of classical philosophy and entrepreneurship. The study deployed a systematic literature review to identify the intersection of classical philosophy and entrepreneurship by conducting an extensive search of the literature databases, which included ChatGPT, Google Scholar, the Philosopher’s Index, and the Social Science Citation Index. The search terms that were used included “classical philosophy”, “traditional philosophy”, “ancient wisdom”, “historical wisdom”, “entrepreneurship” and “business ventures”. The study revealed the following: a good number of classical tenets and principles applicable to entrepreneurship; how the identified philosophical principles are applied to various aspects of entrepreneurship, including opportunity recognition, risk-taking, decision-making under uncertainty, leadership styles, and ethical considerations in business practices; and the relevance of classical philosophy in today's business world, showing that heeding the classical philosophers wisdom, business ventures aim higher purpose than merely being driven by profit motive. The study’s main contribution is that seasoning business decisions with the classical philosopher’s wisdom, business ventures serve higher purpose beyond profit maximisation. The study recommended that businesses tap into the classical philosophers’ tenets and principle in order to serve a higher purpose than being driven solely be profit drive

Downloads

Download data is not yet available.

References

Amenta, E. & Ramsey, K. (2009). Institutional Theory. 10.1007/978-0-387-68930-2_2.

Aristotle. (2009). Nicomachean Ethics (W. D. Ross, Trans.). Oxford University Press. (Original work published 1942).

Aristotle. (350 BCE). Nicomachean Ethics.

Audretsch, D. & Belitski, M. (2021). Frank Knight, uncertainty and knowledge spillover entrepreneurship. Journal of Institutional Economics. 17. 1-27. 10.1017/S1744137421000527.

Barney, J. B. (1991). Firm resources and sustained competitive advantage. Journal of Management, 17, 99–120.

Borris, K. (2023). The (H)eroic Idealism of Spenser’s Faery. Visionary Spenser and the Poetics of Early Modern Platonism (Oxford, 2017; online edn, Oxford Academic, 24 Aug. 2017), https://doi.org/10.1093/oso/9780198807070.003.0005, accessed 7 Sept. 2023.

Boyd, R.L. (2000). Race, Labor Market Disadvantage, and Survivalist Entrepreneurship: Black Women in the Urban North During the Great Depression. Sociological Forum 15, 647–670 (2000). https://doi.org/10.1023/A:1007563016120

Bright Business Platform. (2023). Stoicism, Inner leadership, and Entrepreneurship. https://brsiness.com/stoic_entrepreneur_1/ accessed on 7/9/2023/

Brown, L. M. (2015). Communicating Vision: Lessons from Plato's Dialogues. Entrepreneurial Leadership Review, 3(4), 23-37.

Buratta, L., Mazzeschi, C. & Delvecchio, E. (2021). Psychological well-being and internalizing difficulties in Italian emerging adults. 54-58. 10.31108/7.2021.9.

Chimakonam, J. O. & Cordeiro-Rodrigues, L. (2023). African Ethics: A Guide to Key Ideas. Bloomsbury Academic, ISBN-13‏: ‎ 978-1350191785 p.119.

Conor, P. (2023). The Socratic Method: Fostering Critical Thinking. Retrieved from https://tilt.colostate.edu/the-socratic-method/, accessed on 6/9/2023.

Daradkeh, M. (2023). Navigating the Complexity of Entrepreneurial Ethics: A Systematic Review and Future Research Agenda. Sustainability 2023, 15(14), 11099; https://doi.org/10.3390/su151411099.

Drucker, P. F. (1994). The theory of the business. Harvard Business Review, 72(5), 95-104.

Drucker, P. F. (1998). Managements New Paradigms. Forbes magazine.

Egels-Zandén, N. & Sandberg, J. (2009). Distinctions in Descriptive and Instrumental Stakeholder Theory: A Challenge for Empirical Research. Business Ethics: A European Review. 19. 10.1111/j.1467-8608.2009.01577.x.

Fawson, C., Simmons, R. & Yonk, R. (2015). Curricular and Programmatic Innovation at the Intersection of Business Ethics and Entrepreneurship. Advances in the Study of Entrepreneurship, Innovation, and Economic Growth. 25. 109-130. 10.1108/S1048-473620150000025006.

Friedland, J., & Jain, T. (2022). Reframing the Purpose of Business Education: Crowding-in a Culture of Moral Self-Awareness. Journal of Management Inquiry, 31(1), 15–29. https://doi.org/10.1177/1056492620940793

Giannantonio, C. M. (2010). Book Review: Krippendorff, K. (2004). Content Analysis: An Introduction to Its Methodology (2nd ed.). Thousand Oaks, CA: Sage. Organizational Research Methods, 13(2), 392–394. https://doi.org/10.1177/1094428108324513

Grigoropoulosi, J. E. (2019). The Role of Ethics in 21st Century Organizations. International Journal of Progressive Education, Volume 15 Number 2, 2019.

Hartman, E. (2008). Reconciliation in Business Ethics: Some Advice from Aristotle. Business Ethics Quarterly. 18. 253-265. 10.5840/beq200818218.

Howard, D. (2019). The Marxian Legacy: The Search for the New Left. 10.1007/978-3-030-04411-4.

Human Nature. (2021). Stanford Encyclopaedia of Philosophy.

Hussain, W. (2018). The Common Good. Stanford Encyclopaedia of Philosophy. Retrieved from https://plato.stanford.edu/entries/common-good/ accessed on 24/9/2023.

Johnson, M. (2015). Entrepreneurial Risk Assessment and Management. Journal of Entrepreneurship, 20(3), 215-230.

Kant, I. (1781). "Critique of Pure Reason." Riga: J. F. Hartknoch.

Kant, I. (1785). Groundwork of the Metaphysics of Morals.

Karabulut, T. (2016). Personality Traits on Entrepreneurial Intention. Procedia - Social and Behavioural Sciences. 229. 12-21. 10.1016/j.sbspro.2016.07.109.

Kaufman, S. B. (2014). The Philosophy of Creativity. Retrieved from https://blogs.scientificamerican.com/beautiful-minds/the-philosophy-of-creativity/# , accessed on 6/11/2023.

Knight, F. H. (1921). Risk, Uncertainty, and Profit. Houghton Mifflin.

Kwabena, N. & Simpeh, K. (2011). Entrepreneurship theories and Empirical research: A Summary Review of the Literature. European Journal of Business and Management. 3. 1-8.

McMullen, J. & Shepherd, D. (2006). Entrepreneurial Action and the Role of Uncertainty in the Theory of Entrepreneur. Academy of Management Review. 31. 10.5465/AMR.2006.19379628.

Mill, J. S. (1861). Utilitarianism. Parker, Son, & Bourn.

Morris, M. H., & Jones, F. F. (2010). Entrepreneurial decision-making: New research avenues. Journal of Management, 36(1), 1-11.

Painter, T. R. (2023). 101 Success and Money Books, ISBN-13, ‎979-8854100694. p.138.

Sarasvathy, S. D. (2001). "Causation and effectuation: Toward a theoretical shift from economic inevitability to entrepreneurial contingency." Academy of Management Review, 26(2), 243-263.

Sarasvathy, S. D. (2001). Causation and Effectuation: Toward a Theoretical Shift from Economic Inevitability to Entrepreneurial Contingency.

Sautet, F. (2014). Opportunity Recognition. 10.1057/978-1-137-00772-8_557.

Schoemaker, P. J. H., Heaton, S., & Teece, D. (2018). Innovation, Dynamic Capabilities, and Leadership. California Management Review, 61(1), 15–42. https://doi.org/10.1177/0008125618790246.

Schumpeter, J. A. (1934). The Theory of Economic Development: An Inquiry into Profits, Capital, Credit, Interest, and the Business Cycle. Harvard University Press.

Schumpeter, J. A. (2010). The Nature and Essence of Economic Theory. Transaction Publishers, New Brunswick, Canada.

Seneca, V. (2020). The Stanford Encyclopaedia of Philosophy (Spring 2020 Edition), Edward N.

Shane, S., & Venkataraman, S. (2000). "The promise of entrepreneurship as a field of research." Academy of Management Review, 25(1), 217-226.

Shapero, A. & Sokol, L. (1982). "The Social Dimensions of Entrepreneurship."

Shilina, S. (2023). Chain of thought: Exploring blockchain through the lens of philosophy. https://medium.com/paradigm-research/chain-of-thought-exploring-blockchain-through-the-lens-of-philosophy-5c81198312bd accesses on 7/9/2023.

Śledzik, K. (2013). Schumpeter’s View on Innovation and Entrepreneurship. SSRN Electronic Journal. 10.2139/ssrn.2257783.

Smith, W. & Chimucheka, T. (2014). Entrepreneurship, Economic Growth and Entrepreneurship Theories. Mediterranean Journal of Social Sciences. 5. 160-168. 10.5901/mjss.2014.v5n14p160.

Steiber, A. & Alänge, S, (2016). The World Is Changing. 10.1007/978-3-319-24921-6_1.

Stephen M. B. & Kurt, S. (2018). Business Ethics. https://openstax.org/books/business-ethics/pages/2-4-utilitarianism-the-greatest-good-for-the-greatest-number

Surprenant, C. (2017). Entrepreneurship and Philosophy: Ancient Insights for Modern Business. Philosophy and Phenomenological Research, 94(1), 140-162.

Sutton, J. (2020). Socratic Questioning in Psychology: Examples and Techniques. Retrieved from https://positivepsychology.com/socratic-questioning, accessed on 6/9/2023

The Stoic Fellowship. (2022). Stoicism and Resilience: Facing Adversity with Philosophical Strength. Retrieved from https://www.stoicfellowship.com/articles/stoicism-and-resilience, accessed on 31/08/2023.

Timmons, J. A. (1989). The Entrepreneurial Mind. Brick House Publication Company, ISBN - 10:0931790859.

Tranfield, D., Denyer, D. & Smart, P. (2003). Towards a Methodology for Developing Evidence-Informed Management Knowledge by Means of Systematic Review. British Journal of Management. 14. 207-222. 10.1111/1467-8551.00375.

Venkataraman, S. (1997). The Distinctive Domain of Entrepreneurship Research: An Editor's Perspective. Academy of Management Journal, 20(2), 119-122.

Walker, F. A.", Samuels, W.J. (Ed.) Richard T. E. (2002). "Chapter XI: The Story of Economics in the United States (Research in the History of Economic Thought and Methodology, Vol. 20 Part 3), Emerald Group Publishing Limited, Bingley, pp. 221-238. https://doi.org/10.1016/S0743-4154(02)20011-5

Zhao, L. & Roper, J. (2011). A Confucian approach to well-being and social capital development. Journal of Management Development. 30. 740-752. 10.1108/02621711111150245.