Philosophy of business is important to create our identity. Generally, the philosophy of business is not clear in the initial stages. In the beginning the focus is to earn money and get the maximum return on investment. So, we continue to work towards selling the product or the services that we have to offer. The business could either be to affiliate with an existing brand or to create own brand. The brand either existing or new is then sold in the market. It should be clear that the philosophy is not the brand.
Philosophy of business is a thought or a vision, it is the reason and the way business is done. It makes the organization different from the brand. Philosophy is the thought or the vision towards which the entrepreneur and their team works. The customer and the industry remember and respect an organization by its philosophy.
So, it is important for the entrepreneur to decide what philosophy they want to have and follow. This philosophy will create our identity and make us unique in the industry. Philosophy is a long term commitment made by the entrepreneur and organization. The philosophy followed by the organization makes the customer to return for more. It is not always the product or the service that is provided but mostly it is the personal touch and care that makes the identity of the organization.
We must understand that in business there are no friends and no foes. Here let’s talk of an equation in friendship. We have heard until now that a friend’s friend is a friend and a friend’s enemy is an enemy. However, the philosophy of business says that a friend’s friend is a friend and a friend’s enemy is also a friend. In addition, an enemy’s friend is a friend and enemy’s enemy is a friend too. That means everyone from every sphere is a friend needed for a successful business. The former principle can be followed in personal life but not in business. Following the latter philosophy is an integral part of a successful business because we never know who could be helpful in which situation.
Written By – Ashish Bhagoria
(Excerpt from the book Managing Business through Human Psychology)
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