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 what is Justice in business?

The world of entrepreneurship is a thrilling rollercoaster. It's a constant push for innovation, calculated risks, and building something that stands the test of time. But amidst the hustle, a cornerstone value can sometimes be overlooked: justice. Justice? I hear you say. But this this is the world of business. There is no room for justice it's 'dog eat dog' out there. Justice isn't just a legal concept - it's how you perceive the world and how the world perceives you!  You will not find justice anywhere if you don't believe in justice and aren't just towards your suppliers, customers and employees. If you believe the world is essentially just and treat your suppliers, customers, and employees justly - then the world treats you similarly.

Let's delve into how the Stoic virtue of justice can be your secret weapon as an entrepreneur.

1. Ethical Decision-Making and Transparency: Building Trust, the Bedrock of Success

At its core, justice is about treating others fairly and acting with integrity. Translated to the business world, this means making ethical decisions that consider the well-being of all stakeholders: employees, customers, and the community you operate within. Imagine a scenario where you're pressured to cut corners on product quality to meet an unrealistic deadline. A Stoic entrepreneur would prioritize transparency. They would communicate the challenge openly with stakeholders and seek a solution that benefits everyone. This builds trust, a vital ingredient for long-term success. Companies like General Motors, under Mary Barra's leadership, exemplify this by prioritizing transparency in their operations, even during challenging times like the ignition switch recall crisis.

On the theme of cars, I once put my car in a garage for service. When I got the car back there was some damage on the paintwork that hadn’t been there before. When I complained, after some investigation, the business owner recompensed me for the damage. I felt justice had been done. We had five cars in the family at the time – and guess where they went for servicing from then on? The same place. To this day my and my wife’s cars always go to the same garage and the owner is a good friend of ours. Why? Because did the right thing and I want to be with people who are just in their business dealings. He is a highly successful entrepreneur and I have learned a great deal from him.  It has turned into a win-win for both of us.

2. Fairness in Leadership: Motivating Your Team, Your Greatest Asset

Just leaders understand that their employees are the engine that drives their business. They foster an environment where everyone feels valued and respected. This goes beyond empty platitudes; it translates to fair treatment in compensation, promotions, and opportunities. A study by Harvard Business Review found a strong correlation between employee perceptions of fairness and higher engagement, leading to better performance. Think of Howard Schultz, the former CEO of Starbucks, known for his commitment to employee well-being and profit sharing. By prioritizing fairness, you cultivate a loyal and motivated team that's invested in your company's success.

3. Embracing Diversity: A Wellspring of Innovation and Growth

Justice promotes equality, and businesses that embrace diversity and inclusion reap the rewards. A diverse team brings a wealth of perspectives, fostering creativity and innovation. Consider Netflix, a company that attributes a large part of its success to its commitment to diverse storytelling and a workforce that reflects its global audience. By prioritizing justice and creating a welcoming environment for all, you attract top talent from a wider pool and unlock the power of collaboration

As an independent consultant, I’ve worked with many international companies e.g. Shell, Barclay’s, Visa, and MasterCard to name three and the common thing I’ve always found in the successful ones is the diversity of the teams. I find their teams are diverse, meritocracies and culturally rich. Their customers recognise this and that’s why they are highly profitable. 

I've also had the displeasure of working for a few closed companies - you know the type where everyone has to be the same and do the same things to succeed. I hated my time in those companies and left as soon as I possibly could! 

4. Legal Compliance: Building a Sustainable Foundation

The allure of the fast track can sometimes tempt entrepreneurs to overlook legal compliance. However, neglecting regulations can be disastrous. Justice requires adhering to laws and regulations. A Stoic entrepreneur understands that ethical behaviour isn't just the right thing to do; it's essential for long-term success. Operating ethically avoids legal pitfalls, protects your brand reputation, and ensures a sustainable future for your business.

5. Social Responsibility: Leaving a Positive Footprint

Just businesses are not content with simply making money; they contribute positively to society. This can take many forms, from philanthropy and environmental conservation to community development initiatives. Patagonia, a leader in outdoor apparel, exemplifies this by donating a significant portion of its profits to environmental causes and advocating for sustainable practices. By integrating social responsibility into your core values, you not only enhance your reputation but also attract like-minded customers who value your commitment to making a difference.

In conclusion, justice isn't just a principle; it's a strategic advantage for entrepreneurs. By integrating Stoic principles of fairness, transparency, and social responsibility, you can foster trust, build a strong team, and contribute to a better world. This, in turn, paves the way for enduring success and a legacy that goes beyond just the bottom line. So, the next time you face a tough decision, remember: the Stoic path of justice might just be your secret weapon.

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