1. Ethics Theory and Business Practice
5.1 Virtue Theory – Part One
Human Flourishing and the Virtuous Mean

2. aims
to explain how being virtuous might help businesspeople and businesses to flourish
to outline the relationship between virtue, human flourishing, and community
to introduce the doctrine of the virtuous mean and discuss its relevance to business

3. Aristotle: the relationship between virtue and flourishing/fulfilment
an internal relationship
virtue
flourishing
other means
virtue
see Video Activity 5.1
rather than
an external relationship

4. virtue and flourishing/fulfilment
being virtuous is an integral part of being a flourishing/fulfilled person
being virtuous is an integral part of being a flourishing/fulfilled businessperson
being virtuous is an integral part of being a flourishing/fulfilled business

5. virtue, flourishing, and community
community provides the context through which and within which a fulfilled life is lived
community also provides the context through which and within which virtue is cultivated and expressed
therefore, the notions of virtue and flourishing cannot be considered other than in relation to being part of a community

6. community of stakeholders
a virtuous company and a flourishing company is one which plays its part within a mutually supportive community of stakeholders
community of stakeholders
flourishing company
virtue

7. how virtuous should we be?
the virtuous mean
mean = a condition, quality, or course of action that falls between two extremes
achieving the virtuous mean = displaying a trait to the right extent
neither too much, nor too little

8. some examples of the virtuous mean
deficiency
virtue
excess
stinginess
generosity
profligacy
cowardice
courage
rashness
undue humility
proper pride
empty vanity
boorishness
ready wit
buffoonery
surliness
friendliness
obsequiousness
this could be run as a group exercise: name the virtues and ask groups to identify associated excesses and deficiencies

9. identifying the virtuous mean
the virtuous mean is not something that can be calculated with precision
it all depends on the situation

10. it is helpful to steer away from the extreme:
to which virtue is more often contrasted
to which you are habitually inclined
that you find most pleasurable
since this is the extreme to which you are more likely to succumb

11. the virtuous apprentice
theory in practice
the virtuous apprentice
see Theory in Practice: The Virtuous Apprentice . Note that this activity contains two videos:

12. the virtuous mean in business
knowing how much is enough
are corporations capable of observing a virtuous mean or are they inherently driven to excess?
see Video Activity 5.2
also see additional video This video, entitled ‘Michael Moore VS Phil Knight (Nike)’, shows filmmaker Michael Moore interviewing Nike’s founder and Chairman, Phil Knight. In the film, Moore asks Knight the question ‘How much is enough? If you are a billionaire, would it be OK to be just a half a billionaire? Would it be OK for your company to make just a little less money if it meant providing some jobs here in this country?’

13. key points
virtue theory highlights the importance of virtue to being a flourishing businessperson and a flourishing business
it also highlights how important it is for businesspeople and businesses to play their part within mutually supportive communities of stakeholders
virtue involves the avoidance of extremes
for businesspeople and businesses, virtue also involves knowing how much is enough

14. references
Aristotle (2009/circa 323BC) The Nicomachean Ethics, D. Ross (trans.), L. Brown (ed.). Oxford: Oxford University Press.