America’s Unsung Heroes: Celebrating Entrepreneurs Over Presidents

In light of Presidents Day, it is imperative to take into account the impact of those individuals who are frequently overlooked in discussions of esteemed Americans—entrepreneurs. While there is much debate over the significant presidential figures in American history, it is crucial to acknowledge the contributions of the entrepreneurs who have directly enhanced the lives of countless individuals across the nation.

Research published in the Journal of Management History has outlined the rankings of America’s greatest entrepreneurs, as determined by 50 business and economic historians. Unlike the finite group of U.S. presidents, the realm of American business history comprises millions of stories, each contributing to a rich tapestry of entrepreneurial excellence. From Thomas Edison in the 19th century to Elon Musk today, the impact of these entrepreneurs on American life cannot be understated.

The rankings of exceptional female and minority entrepreneurs included pioneering figures such as Oprah Winfrey, Mary Kay Ash, C.J. Walker, and John Johnson. It is important to acknowledge the challenges faced by these entrepreneurs in overcoming prejudices and barriers based on race or gender, and the opportunities they created for others in their respective industries.

The historians consulted for this research have provided valuable insights into what makes a great entrepreneur. Surprisingly, the creation of wealth for shareholders was not the top factor identified. Instead, the ability to imagine or envision the future and the impact of their product or service in reordering American life took precedence. Entrepreneurs are remembered for the lasting impact of their innovations rather than the wealth they accumulate.

In comparing great entrepreneurs to great presidents, it is evident that the lasting impact of entrepreneurial innovations far outweighs the accomplishments of many past presidents. While some presidents, like the Founding Generation and a select few 20th-century leaders, have contributed to significant changes, the majority have been celebrated for maintaining the status quo rather than driving entrepreneurial change.

Taking all of this into consideration, it is worth proposing the establishment of an Entrepreneurs Day to honour those who have transformed American life for the better. While Presidents Day recognises the contributions of past leaders, it is equally important to celebrate the innovative and transformative impact of entrepreneurs across the nation.

Jonathan Bean, a research fellow at the Independent Institute, and Blaine McCormick, a management professor at Baylor University, have brought invaluable insights to this discussion on the contributions of entrepreneurs. Their research and analysis shed light on the critical role that entrepreneurs play in shaping the fabric of American society and the economy.

As we reflect on the accomplishments of past presidents and consider their contributions in the context of American history, let us also take a moment to acknowledge the entrepreneurs who have paved the way for progress and innovation in the nation. It is through their visionary ideas and groundbreaking initiatives that the American spirit of innovation continues to thrive.