Bridging Theory and Practice: A Phenomenological Study on the Management Principles of Businessmen
DOI:
https://doi.org/10.69569/jip.2025.178Keywords:
Management principles, Phenomenological, Practical experience, Pragmatic approach, Theoretical knowledgeAbstract
This study utilized a phenomenological approach to examine the lived experiences of businessmen. Due to the insufficient and limited number of studies focusing on the management principles practiced by business people, this study explored the ways of management of the merchandise business owners, their guidance and inspiration in managing a business, the factors that affect their success and failures, and the insights they can share with other business owners. This study had six (6) participants who were merchandise business owners and were purposefully chosen according to the criteria. The study's findings revealed that the participants' approach to business management is concentrated on being financially savvy, following a customer-centric strategy, maintaining a good relationship with business partners, and keeping a healthy business mindset. According to the participants, the intrinsic motive pushes owners to thrive in the business, customer needs motivate owners to do well in business, and poverty is a driving force to work hard for the business, which was their inspiration in their business. Furthermore, three (3) factors that affect a business's success or failure have evolved: good customer relationships keep a business running successfully, natural calamities affect business growth, and time-to-time monitoring of business activities. This study provides valuable empirical data from the firsthand experiences of business people, offering insights into the actual management practices they employ. This research emphasizes the pragmatic approach in business management to conquer complexities in the real business world. To ensure sustainability, businesses integrate theoretical knowledge with practical experience.
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