Your standpoint is the position, either physical or mental, from which you perceive things. From a practical standpoint, your parents might want you to study accounting—but you're determined to follow your dream of becoming a professional mime.
You can also call your standpoint your "point of view." From the standpoint of your position across the room, you can just barely see your friends watching a televised soccer match and cheering on their favorite teams. From your standpoint as a basketball fan, you find soccer incredibly boring. It's the outlook you have on life or certain subjects that gives you this second kind of standpoint. The word comes directly from the German equivalent, Standpunkt.