Business leaders who find their 'North Star' can get a great deal of inspiration and motivation from the concept, an academic has claimed.

Prasad Kaipa, a senior fellow in the centre for leadership, innovation and change at the Indian School of Business in Hyderabad, wrote on Harvard Business Review that a person's North Star is a purpose that they can follow throughout their lives.

For those taking on interim executive positions, this means developing and then adopting an overarching business philosophy that can govern their whole career. Mr Kaipa described how such an approach can give people energy, happiness and determination in their pursuit of their North Star.

He said: "We have a choice in creating the life that we desire. With our judgement, choices, actions we take, we change the course of our future and steer our destiny, moment by moment. Wisdom is not about focusing on the future, but rather about acting in the present, aligned with out North Star."

The concept of adopting a morally responsible attitude to business is currently a hot topic, as David Cameron has suggested that open markets and free enterprise actually "promote morality" when they work properly, according to The Telegraph.

Mr Cameron claimed that this system of business offers the best route to wealth and happiness for consumers, but added that greater responsibility is required in commerce.

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