The Stoic Entrepreneur

A few years ago, as I was in search of a quality reading list to fuel several months of personal development, a colleague introduced me to the book recommendations of Ryan Holiday. This led me to discovering numerous books, including those authored by Ryan Holiday, which explore Stoicism. As a child of immigrants from Rome, Italy, (and as one who spent much of my childhood along the Seneca River in upstate, New York) I had heard of Roman Stoicism and many of the iconic names (including Seneca) that the philosophy is centered around; but I had never really explored their writings for myself before that.

Since then, and for the past several years, I have become enthralled with the Stoics and their game-changing ideas, and I'd like to use this post to share the very basics of what I have learned so far; partly as a personal tribute to this ancient wisdom, and partly with the hopes of inspiring those of you who, like me, hadn't explored Stoicism before.

Why it Matters

In today's fast-paced, cut-throat world of business where, all too often, success is only measured by growth, profit margins, and market dominance, putting value on things like poise, resilience, and even integrity seem like luxury items that are no longer budgeted for by management, so to speak.

The ancient philosophy of the Stoics, in contrast to current business attitudes and trends, offers timeless wisdom that can benefit entrepreneurs and businesspeople alike. Stoicism, with its emphasis on self-control, virtue, and resilience in the face of adversity, provides valuable lessons that can help individuals navigate the challenges and pitfalls of entrepreneurship and business ownership and achieve long-term success.

What is Stoicism?

Stoicism is an ancient school of thought that originated in Greece and was later developed in Rome. It was founded by Zeno of Citium around 300 BCE and later more fully explored and developed by the now iconic Stoic philosophers, including Epictetus, Seneca, and Marcus Aurelius.

At its core, Stoicism teaches individuals to cultivate inner-calm (which I also refer to as poise), resilience, and the utmost integrity in order to live a meaningful and fulfilling life. Stoicism emphasizes the importance of rationality, self-control, and acceptance of the natural order and understanding the motivations of the universe. Stoics believe that by focusing on what is within their control, practicing detachment from external outcomes, and cultivating virtuous qualities such as wisdom, courage, justice, and temperance, individuals can achieve a state of purpose, tranquility, and contentment, regardless of external circumstances.

To be clear, Stoicism is not about suppressing or ignoring emotions, but rather about understanding them and responding to them in a rational and constructive manner, a supremely developed 'emotional intelligence' from the ancient masters.

The Stoics admonish each of us, as individuals, to take responsibility for ourselves, to accept the inevitability of change and adversity, and to approach life's challenges with resilience and composure (poise). Ultimately, Stoicism offers a practical philosophy, cloaked in a personal code of ethics and integrity, for navigating the complexities of life and achieving inner calm and fulfillment. What could be a more valuable or timely philosophy to those of us who are entrepreneurs and businesspeople, and who wish to build our brands, businesses, and lives around these timeless principles?

Key Principles of Stoicism for Business

1. Focus on What You Can Control: In business, there are countless variables outside of our control and competing for our attention, from ever-fluctuating global and domestic market conditions, to unexpected competition or even supply chain issues. Stoicism teaches us to instead focus our energy on the things we can control—our actions, our decisions, and our attitudes. By directing our efforts towards that which is within our sphere of influence, we can make better decisions and maintain a sense of self-control and agency, even in the most challenging circumstances.

• Business Example: Patagonia - When Patagonia, the outdoor clothing and gear manufacturer, faced a shortage of organic cotton in the early 2000s, instead of compromising on sustainability, the company focused on what it could control. It invested in relationships with organic cotton farmers, supported sustainable farming practices, and advocated for the growth of the organic cotton market. This commitment not only maintained its sustainability goals but also strengthened its brand and inspired positive change in the industry. Patagonia's story highlights the power of focusing on what you can control, such as values and proactive actions, in overcoming challenges and achieving long-term success.
  

2. Practice Resilience: Entrepreneurship and business ownership is inherently unpredictable, with highs and lows that can test even the most seasoned professionals. Stoicism encourages us to embrace adversity as an opportunity for growth and to develop resilience in the face of setbacks. Rather than allowing failure or criticism to derail us, we can learn from our experiences, adapt to change, and persevere with courage and determination.

• Business Example: IBM - In the early 1990s, IBM faced a crisis as it hemorrhaged billions in losses and struggled to adapt to industry changes. CEO Lou Gerstner embraced resilience, shifting focus to software and services while transforming the company's culture. Despite skepticism, Gerstner's perseverance and strategic initiatives led to IBM's remarkable turnaround. His leadership saved IBM from bankruptcy and laid the groundwork for its future success, showcasing the power of resilience in navigating business challenges.
  

3. Cultivate Virtue: Central to Stoic philosophy is the idea of living a virtuous life, characterized by wisdom, courage, justice, and temperance. In the context of business, this means conducting ourselves with integrity, treating others with respect, and making decisions guided by ethical principles rather than short-term gain. By prioritizing virtue and integrity in our professional endeavors, we not only build trust and credibility but also contribute to the greater good of society.

• Business Example: Ben & Jerry - In the late 1980s, when Ben & Jerry's ice cream company faced a supply shortage for its Chocolate Fudge Brownie flavor, the company chose to prioritize its partnership with Greyston Bakery, a social enterprise providing employment to marginalized individuals. Despite potential profit losses, Ben & Jerry's upheld its commitment to social responsibility and ethical sourcing. Instead of seeking alternative suppliers, the company launched the "What's Inside Counts" campaign, emphasizing the importance of supporting businesses that prioritize social and environmental values. Through its virtue-driven decision-making, Ben & Jerry's has earned a reputation as a pioneer in corporate social responsibility, cultivating a loyal customer base and inspiring other businesses to prioritize values over profits.
  

4. Practice Detachment from Outcomes: Stoicism encourages us to detach ourselves from fixating on and over inflating the importance of outcomes, and instead to focus on doing what is right, and virtuous, and represents integrity. We are to focus intently on doing our best and accepting whatever outcome arises with poise and self-control. This kind of mindset frees us from the anxiety of constant striving, and allows us to find contentment, fulfillment, and improvement from and in the process itself.

• Anecdote: Airbnb - In the face of initial rejections, early skepticism, and investor uncertainty, Airbnb's founders persisted in their ultimate vision of creating a global hospitality service. Instead of defining themselves by these short-term outcomes, they held their poise and focused on the value of their vision and the virtue of refining their product and serving their customers. Airbnb eventually experienced exponential growth and became a global phenomenon of the hospitality industry. This journey illustrates how maintaining a long-term perspective and focusing on the process of building a great product can empower entrepreneurs to overcome challenges and achieve extraordinary success in the face of uncertainty.

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Applying Stoicism in Our Work

Integrating Stoic principles into our daily lives, especially as entrepreneurs and business owners, requires intentional practice and mindfulness. Here are some practical strategies for applying Stoicism in your work:

• Morning Reflection: Start each day with a period of reflection, setting intentions for how you will embody Stoic virtues in your dealings and decision-making.
• Adversity Journaling: Keep a journal where you reflect on challenges you encounter in your work, and how you can apply Stoic principles to navigate and overcome them with poise and strength.
• Mindful Decision-Making: Before making an important decision, pause to consider whether it aligns with Stoic values such as wisdom, courage, and justice. This mindful approach can help you make decisions that are ethical and aligned with your long-term purpose.
• An Attitude of Gratitude: Cultivate a sense of gratitude for the opportunities and resources available to you as an entrepreneur, recognizing that external success is ultimately secondary to inner contentment and virtue.

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Conclusion

In an increasingly frenetic and competitive business landscape, Stoicism offers a guiding philosophy that empowers entrepreneurs to thrive with integrity, wisdom, and strength. By embracing Stoic principles such as focusing on what is within our control, cultivating integrity, and practicing detachment from outcomes, businesspeople can navigate obstacles with grace and achieve success that is not only measured in financial terms but especially in personal fulfillment and ethical integrity.

As Marcus Aurelius famously wrote, "The happiness of your life depends upon the quality of your thoughts: therefore, guard accordingly, and take care that you entertain no notions unsuitable to virtue and reasonable nature." In becoming Stoic, entrepreneurs can cultivate the mindset necessary to lead a life of purpose, excellence, and resilience in the pursuit of their life's work.