Stoicism is defined as a person who is apparently or professedly indifferent to pain or pleasure. It is a state in which a person remains calm and unmoved without any show of feelings in all adverse or pleasing circumstances. The philosophy of stoicism originated in Greece around 300 b.c. Stoicism was considered one of the most influential and inspirational philosophies in the history of European civilization as it eventually also affected a religion like Christianity. Stoicism offered a role model for the development of human character that could assist in cultivating characteristics like calmness of mind and patience.The renowned emperor Marcus Aurelius' was a great preacher of the Stoic theory that helped him lead the Roman Empire for nearly two decades. The theory provided the emperor with guidance and a set of principles to live by that helped him learn from his errors. And listen only to those who align with his ideals and as a result, he leads a virtuous life filled with peace and prosperity. And lead an empire where people could live a life on their terms, take responsibility for their actions, and not blame others for the burden of their own decisions. The Emperor also greatly contributed his experience to the theory by writing a journal called 'Meditations'.
Talking about the
current leaders, the President of the United States Barack Obama also places
great emphasis on Stoicism. He is known to have a very gentle aura and
possesses tranquility of mind which is often reflected in his political dealings.
He believes in dealing with things that are within his control and possesses
the ability to bounce back.
How
it helps businesses today?
In the ever-changing,
technology-oriented, modern world of the 21st century with its vast economic
and geopolitical challenges there is great space for the application of the
Stoics philosophy. It could support humans to meet the challenges of the times
they are living in and become more strong, resilient, and prosperous in their
professional as well as private lives. Regarding entrepreneurs and businesses,
in the changing environmental dynamics, employers have to face a lot of
challenges daily in their workplace regarding decision making, enforcing a
positive workplace environment, maintaining balance, effectively responding to
employee concerns, and many others. Managers have to face very tough challenges
and learn to curb stress. But there is a very simple answer to these obstacles
that the managers face every day and that could be traced back to a school of
thought used in ancient Greece known as 'Stoicism'.
As entrepreneurs, it is
not possible to tackle every situation immediately or control the internal or
external factors affecting a company. But what this theory teaches them is that
how you respond to such situations will make all the difference. Rather than
worrying about the risks or losing focus if faced with obstacles, this theory
teaches us to use our hindrances and convert them into a creative business
opportunity. This theory teaches entrepreneurs the basic traits of good
leadership. It teaches them, that when faced with an unexpected challenge, it
is wise to use a rational approach rather than an emotional one. One should use
logic and reasoning to respond to an alarming situation, this is where self-control
comes in.
Potential
learning from Stoic Philosophy
The Stoicism Theory provides a complete process that managers could follow. Firstly, the Stoic Theory asks managers and entrepreneurs to have a clear set of goals and priorities. This requires them to have a clear vision of what the company hopes to accomplish in the long run. According to Marcus Aurelius, he stated in his journal that it is essential for a company that focuses on those strategies and goals that will move it in a forward direction and offer promising growth prospects. For example, diversifying and introducing new products into new markets will help it move in a forward direction in terms of market share, higher target market, increased returns, and profits.
A very well
distinguished stoic philosopher named Epictetus mentioned in his philosophy
that the main goal of Stoicism is to identify and differentiate between
external forces that are out of an individual's control and the factors that
the individual has any control over that teaching them to overcome destructive
emotions. Timothy Ferris, who is an
American entrepreneur, author, and investor devoted an entire book to Stoicism
called 'Tao of Seneca'. He stated that his entire life has been changed ever
since he followed the principles of stoicism. Stoicism taught him how to
successfully thrive in a high-stress environment by focusing on what he could
control rather than stressing over what he couldn't. Ferris believes that while
on one hand stoicism teaches you to become emotionally resilient, on the other
hand, it focuses on the positive outcomes. The teachings of this philosophy
have propagated rapidly in the Silicon Valley of California among many company
CEOs, founders, investors, and players. Several notable Super Bowl players including
Patriots have embraced Stoicism to become better champions.
Jonathon Newhouse the
CEO of Conde Nast also follows the stoic philosophy. The company is
headquartered in New York and London and is acclaimed for the most eminent
brands including Vogue, Vanity Fair, The New Yorker, etc. Jonathon believed
that the theory follows logic and reasoning that has changed the ways he
perceived the world around him and has led him to think more positively. The
stoics focus greatly on leading a virtuous life and this approach has impacted
him while dealing with his vast empire. Similarly, the CEO of a US-based
company Auth0 Eugenio Pace runs a teach-oriented company that involves a huge
amount of risks in creating new experiences, entering untapped markets, circulating
in a technology-driven environment where new threats are emerging at every
passing moment. So the best advice the theory provided him was not to worry
about the things he couldn't control and this taught him to be more resilient
and headstrong.
Entrepreneurs have to
face challenges daily that creates a lot of pressure meeting deadlines,
customer complaints, workplace conflicts, prospects, and expectations from
investors. This kind of constant pressure will give them a lot of stress if
they don't respond to it on time and failure can negatively impact both the
business productivity and profitability. The first step in analyzing these
issues is that one should have a definitive understanding of what is in his or
her control and then act accordingly. If for example raw materials are to be
delivered to a factory in the evening to ensure a smooth production process but
the delivery truck meets a fatal accident on its way. This will disrupt the
production process but it will do no good for the Production Manager if he
stresses over it. Rather than focusing on how this could cause further damage,
managers should have a backup or contingency plan in place to respond to such
distressing situations. Rather than focusing on external, one should focus on
internal factors so that it will save time and cost as well as promote a
positive work environment.
Stoicism also
encourages managers to get things done on time and think of time as a valuable
asset that cannot be replaced. This explains why so much emphasis has been
placed on workplace productivity and employee output.
Finally, Stoicism also
teaches entrepreneurs to be innovative to stay competitive and the most
important requirement of innovation includes taking a lot of risks. It's not
that entrepreneurs don't fear losses or failure but with time Stoicism teaches
them how to cope with this fear and manage it effectively. Stoics use a concept
called the 'Premeditatio Malorum' which means while waiting for an outcome
thinks about the worst-case scenario, in this way whatever the results of the
outcome are, they will not be as disappointing as they seem.
Conclusion
Therefore to conclude
the Stoic Philosophy states that the path to true happiness could only be
achieved through a life of virtue based on moral and ethical values. It promotes the view that to apply wisdom to
all aspects of our lives and be able to live virtuous lives humans must be able
to control their desires and display of emotions. Living in harmony with nature
was the desired outcome of the Stoic philosophy and to attain this state man
was required to use logic and reason as the natural forces of reason and logic
govern the vast universe and all that is in it. This theory has been followed
by several illustrious figures throughout history and has provided them with a
complete guidebook in their professional as well as private lives whether it
was adopted by an individual, ruler, or entrepreneur. I hope many others will
also discover this school of thought and understand the everlasting impact its
principles will have in whatever way it is preached and by whoever it is used.
