Introduction

The intersection of entrepreneurship and the U.S. Presidency is a fascinating study of how business acumen can influence national policy. Throughout American history, several Presidents have brought their entrepreneurial background to the White House, each shaping the nation’s economic landscape in unique ways. These Presidents, with their firsthand experience in business and enterprise, have often sought to implement policies that reflect their understanding of and belief in the entrepreneurial spirit.

From George Washington, who laid the foundational economic systems of the new nation, to Donald Trump, known for his real estate empire, these leaders have left indelible marks on the fabric of American economic policy. Their diverse business ventures – ranging from agriculture and retail to real estate and media – not only shaped their personal fortunes but also influenced their perspectives as national leaders.

Their policies have variously aimed to stabilize financial systems, expand territories for economic development, support infrastructure projects, and create favourable environments for business growth and innovation. While each President faced unique challenges of their era, their common entrepreneurial background provided a lens through which they viewed and addressed these challenges. Examining how these Presidents supported entrepreneurs through their policies provides valuable insights into the role of leadership in fostering a thriving economic environment. This exploration reveals a rich tapestry of strategies and impacts, reflecting the dynamic interplay between entrepreneurship and political leadership.

Entrepreneurial Presidents

There background and a famous quote to support their view of the entrepreneurial world.

1. George Washington: Term: April 30, 1789 – March 4, 1797. Before becoming the first U.S. President, Washington managed his family’s plantation, Mount Vernon. He diversified the plantation’s activities into fishing, horse breeding, and even operated one of the largest distilleries in America at the time. Washington once said (18th June 1788), “I hope some day or another, we shall become a storehouse and granary for the world.”
2. Thomas Jefferson: Term: March 4, 1801 – March 4, 1809. Jefferson was deeply involved in agriculture, particularly at his estate, Monticello. He experimented with various crop rotations and livestock breeding, striving for agricultural efficiency and innovation. Jefferson believed in the entrepreneurial spirit, stating, (Summer 1816) “I like the dreams of the future better than the history of the past.”
3. Abraham Lincoln: Term: March 4, 1861 – April 15, 1865. Lincoln had several entrepreneurial ventures, including a general store and a surveying business. He also obtained a patent for a device to lift boats over shoals and obstructions in a river, the only U.S. President to hold a patent. Lincoln eloquently expressed, (n.d) “The best way to predict your future is to create it.”
4. Warren G. Harding: Term: March 4, 1921 – August 2, 1923. Harding was a successful newspaper publisher before entering politics. He was the owner of the Marion Star, a newspaper in Ohio, which he transformed into a prominent and profitable enterprise. Harding’s approach to business and politics was reflected in his words: “I have no trouble with my enemies. I can take care of my enemies all right. But my damn friends, they’re the ones that keep me walking the floor nights!”
5. Herbert Hoover: Term: March 4, 1929 – March 4, 1933. Before his presidency, Hoover was a successful mining engineer and businessman. He owned mining operations worldwide and authored an influential book on mining engineering. Hoover once remarked, (n.d) “Competition is not only the basis of protection to the consumer, but is the incentive to progress.”
6. Harry S. Truman: Term: April 12, 1945 – January 20, 1953. Before his political career, Truman operated a haberdashery in Kansas City, which unfortunately failed. This experience in retail and business undoubtedly influenced his later political life. Truman believed in perseverance, famously saying, “It is amazing what you can accomplish if you do not care who gets the credit.”
7. Jimmy Carter: Term: January 20, 1977 – January 20, 1981. Carter took over and expanded his family’s peanut farming business in Georgia. His business was successful, contributing significantly to his personal wealth before entering politics. Carter once said, (n.d) “My faith demands that I do whatever I can, wherever I am, whenever I can, for as long as I can with whatever I have to try to make a difference.”
8. Donald Trump: Term: January 20, 2017 – January 20, 2021. Before becoming president, Trump was a well-known real estate developer and television personality. He managed the Trump Organization, involved in numerous real estate projects and other business ventures. Trump often spoke about success and ambition, once stating, “I like thinking big. If you’re going to be thinking anything, you might as well think big.”

Presidential Entrepreneurship Support through Policy

The entrepreneurial background of these U.S. Presidents often influenced their policies and approaches to supporting entrepreneurship and business development. Here’s how each of them contributed to this aspect through their policies:

1. George Washington: As the first President, Washington laid the groundwork for the nation’s economic system. His administration established the first national bank and promoted a diversified economy, which indirectly supported entrepreneurs by creating a stable financial environment.
2. Thomas Jefferson: Jefferson’s Louisiana Purchase in 1803 greatly expanded the territory of the United States, opening up vast lands for exploration and economic development, which was a boon for entrepreneurs and settlers of that era.
3. Abraham Lincoln: Lincoln’s most significant contribution was the Homestead Act of 1862, which provided free land in the West to settlers, encouraging westward expansion and entrepreneurship. He also supported the Transcontinental Railroad, which significantly aided in the growth of business and commerce.
4. Herbert Hoover: Before the Great Depression, Hoover, as Secretary of Commerce, was known for promoting partnerships between government and business.
5. Harry S. Truman: Truman’s Marshall Plan helped to rebuild Europe after World War II, which indirectly aided American entrepreneurs by opening up European markets to American goods. His Fair Deal policies also aimed to strengthen the economic standing of the average American, which can be seen as supportive of small businesses.
6. Warren G. Harding: Harding’s presidency was marked by a pro-business stance. He reduced taxes and regulations, which were policies typically favourable to businesses and entrepreneurs.
7. Jimmy Carter: Carter’s presidency saw the deregulation of several major industries, including airlines and beer, which opened these markets to more competition and entrepreneurship.
8. Donald Trump: Trump’s administration focused heavily on reducing regulations and lowering corporate taxes, with the intention of fostering a more business-friendly environment. His policies were aimed at stimulating economic growth and were seen as supportive of entrepreneurs, especially in sectors like manufacturing and energy.

Each President’s approach to supporting entrepreneurs and business varied based on their philosophies, the economic circumstances of their times, and their understanding of business from their personal experiences.