Top 5 Stoic Principles for Entrepreneurs

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Welcome to another issue of Passionate Income.

Today we’ll be discussing five business lessons passed down from the stoics.

While it’s easy to get caught up in cutting edge hacks and “flavor of the day” trends, the truth is business is driven by the exchange of money. And the exchange of money is driven by deep-seated human behaviors that - for the most part - haven’t changed in centuries.

Let’s dive in.

#1 - Focus On What You Can Control

There’s a reason veteran entrepreneurs say business is a game of constantly putting out fires. From PayPal freezing your funds to A Player employees quitting, running even the smallest business means facing constant challenges.

But no matter how hard you try, you can’t control everything (or even most things).

Because of that, stoicism teaches us to concentrate our energy on things within our control. As Epictetus wisely said, "We cannot choose our external circumstances, but we can always choose how we respond to them."

#2 - Cultivate Resilience in the Face of Failure

A common thread you hear from millionaire and billionaire entrepreneurs is that ‘failure is inevitable.’ But when you’re first getting started, it’s easy to believe you can analyze your way out of every minute risk. That you can plan ahead of every tiny thing that could go wrong.

But in reality, doing so is impossible.

As Seneca once said: "He who fears death will never do anything worth of a man who is alive.” To that end, stoicism encourages us to confront failures with courage. Mainly because setbacks are not defeats, but stepping stones toward success.

#3 - Adopt a Long-term Perspective

When you’re struggling to make ends meet, making decisions from a 10-year timeline can feel impossible. How are you supposed to consider next year when you can’t even pay the bills coming up next month?

Sadly, this kind of thinking is exactly what drives many business owners to make short-term decisions that jeopardize their integrity and destroy their reputations.

Marcus Aurelius advises, "Very little is needed to make a happy life; it is all within yourself, in your way of thinking." Trying to grow a business (ethically) when you’re struggling to pay the bills will tempt you to take shortcuts. Resist the temptation.

#4 - Building Strong Relationships 

Odds are you’ve heard the idea ‘Your network is your net-worth.’ While the phrase is so worn out it’s become a cliche, the core concept remains true.

According to Seneca, "One of the most beautiful qualities of true friendship is to understand and to be understood."

And because of that, stoicism underscores the importance of authentic connections. In business, these connections extend beyond the superficial to the realm of mutual understanding and support.

Just as true friends comprehend each other's strengths and weaknesses, successful business relationships thrive on genuine comprehension and shared goals.

#5 - Practice Mindful Decision Making

Let’s face it: In today’s hyper-polarized world, most people have zero control over their emotions.

They lose their shit over the slightest insult, then pull out their phones and record a TikTok about it. Or they let their anger get the best of them and end up getting in a fight in the middle of a crowded plane.

Zeno, however, teaches us: “Man conquers the world by conquering himself.”

Instead of succumbing to impulsive reactions, take a moment to pause, reflect, and consider the implications of your decisions. In the business world, where the stakes can be high, hasty choices may lead to unintended consequences.

But by practicing mindfulness, you align your actions with your values and long-term goals.

💡 Takeaway: While the Stoics might not have had credit cards or the Internet (let alone TikTok ad funnels LOL), they understood business is driven by emotion and human behavior.

And because of that, they put a heavy emphasis on managing one’s emotions, protecting one’s integrity, and doing good, honest business. Which is something I think we can all agree is worth aspiring to.

I'll leave you with this quote…

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