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

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