I amended my business philosophy which I have been refining the past few days. For the most part, all this started with my business philosophy, which went on to influence my personal and political philosophies. The most obvious aspect of business is that the goal is to make money. Even though making money can seem very egotistical and vain, I do believe that it is the best empirical way that you know your actions are benefiting society. You may think you are helping people, but how do you know? Money and the production of wealth is that validation.
I spend a lot of time on corporate entrepreneurship, which is essentially how entrepreneurship plays a role in a company. It ultimately rests on the employee being the entrepreneur and the manager/boss being the investor. The boss is entrusting their managed resources to the employee to be productive with, just like the venture capitalists entrust their funding to the startup management/entrepreneurs. The fundamental thing that needs to be done in the corporate setting, is to tie a proportion of the profits of the employees projects to their compensation, essentially defining their equity stake in the project. This needs to be negotiated between the boss and the employee just like the equity is negotiated between the entrepreneur and the investor.
The assignment of equity/profits is the best way to make sure the employee will act in the best interest of the project (and respectively the best interest of the boss), when the boss doesn’t have the knowledge to know what are the right and wrong ways of executing the project.