Janelle Adriana L. Rivera & Airish B.

Guevarra

Here are the brief descriptions of the classical philosophies of business ethics:

Socratic Philosophy: This philosophy emphasizes the importance of self-knowledge and self-
improvement. It believes that people do wrong things because they lack knowledge and understanding.
Therefore, the key to ethical behavior is education and self-awareness.

Idealism: This philosophy believes that moral principles are universal and eternal. It emphasizes the
importance of doing what is right, regardless of the consequences. Idealism holds that people should act
in accordance with their conscience and moral principles, even if it means sacrificing their own interests.

Realism and virtue: This philosophy believes that ethical behavior is a matter of practical judgment, not
abstract principles. It emphasizes the importance of cultivating virtues such as honesty, integrity, and
fairness. Realism holds that people should act in accordance with their own interests, but also take into
account the interests of others.

Golden Rule: This philosophy believes that people should treat others as they would like to be treated
themselves. It emphasizes empathy and compassion for others.

Pythagorean Philosophy: This philosophy believes that everything in the universe is connected and
interdependent. It emphasizes the importance of harmony and balance in all aspects of life.

1. Between idealism and realism, which philosophy is more important when dealing with business
transactions? Why?

-while idealism can contribute to creativity and innovation in business transactions, realism is of greater
importance. It allows businesses to make informed decisions based on facts, market dynamics, financial
considerations, and stakeholder interests. By adopting a realistic approach, businesses can enhance their
chances of achieving successful outcomes and sustainable growth.

2. How can one show being utilitarian in a business environment? Provide a concrete example.

-One way to show being utilitarian in a business environment is by making decisions that maximize
overall happiness or well-being for all stakeholders involved1. For example, a company might decide to
invest in renewable energy sources to reduce its carbon footprint, even if it means higher costs in the
short term.

3.What is your philosophy in life and how will this philosophy help you become a good business
entrepreneur?

.-My personal philosophy in life is to always strive for excellence while maintaining integrity and
compassion for others. I believe this philosophy will help me become a good business entrepreneur by
enabling me to make ethical decisions that benefit both my business and society as a whole.