Today is also President's Day. In addition to promoting mattresses, appliances, and furniture, commentators discuss America's greatest presidents of all time.
Harvard University historian Arthur Schlesinger Sr. started this conversation when he published his presidential rankings in 1948. life magazine. Since then, research and rankings of presidential greatness have developed into a cottage industry. But the truth is, most presidents, like lawyers and lobbyists, do little to directly improve the lives of most Americans. As long as they don't make matters worse, we consider their presidency a success.
On the other hand, entrepreneurs and inventors who make everyday life better are often ignored or later accused of being profiteers. Perhaps it's time to give more credit where credit is due. business history journal We recently published our 30-year study of America's greatest entrepreneurs. We consulted 50 business and economic historians every 10 years to create our rankings. Unlike the limited group of U.S. presidents (Joe Biden is only the 46th), the realm of American business history contains millions of stories, from Thomas Edison in the 19th century to the 20th century. offers a rich tapestry of entrepreneurial greatness, from Sam Walton to Today it's Elon Musk.
Top 10 Entrepreneurs by Economic Historians
Edison, who patented the light bulb in 1880 during the Rutherford B. Hayes presidency, ranks as one of the top 10 American entrepreneurs in all of our surveys, but President Hayes consistently ranked among the top 10 U.S. presidents. is ranked below.
| Ranking | 2001 Expert Ranking | 2011 Expert Ranking | 2021 Expert Ranking |
| 1 | Mr. Henry Ford | Mr. Henry Ford | Mr. Henry Ford |
| 2 | bill gates | bill gates | John D. Rockefeller |
| 3 | John D. Rockefeller | John D. Rockefeller | Steve Jobs |
| Four | andrew carnegie | andrew carnegie | andrew carnegie |
| Five | thomas edison | Steve Jobs | bill gates |
| 6 | Sam Walton | thomas edison | thomas edison |
| 7 | JP Morgan | Sam Walton | Sam Walton |
| 8 | alfred sloan | Walt Disney | jeff bezos |
| 9 | Walt Disney | ray kroc | Walt Disney |
| Ten | ray kroc | JP Morgan | JP Morgan |
This year's top-ranked entrepreneurs are, as in previous years, predominantly white, Protestant, and male, illustrating areas of potential future diversification in our understanding of entrepreneurial success.
Henry Ford, who gave us affordable cars, a 40-hour work week, and “Fordism,” a business philosophy of high wages, high productivity, and mass consumption, continues to claim the top spot. His assembly line production techniques transformed both manufacturing and American life, making automobile transportation affordable to most families.
Other companies in the top ten exploited the potential of electricity, benefiting from Edison's lighting revolution. The contributions of Steve Jobs, Bill Gates, Jeff Bezos, and Walt Disney were built on the shoulders of Edison and his success. High-tech business is also an electrical industry. There is a saying: “The past is the present.”
Our rankings of outstanding women and minority entrepreneurs top both lists with Oprah Winfrey, cosmetics queen Mary Kay Ash, and CJ Walker (who built a black hair care empire). , followed by John Johnson, who published in the mid-20th century. ebony and jet magazine.
Our committee recognized that these entrepreneurs “overcame race- and gender-based bias and other barriers.” Ash and Walker “created opportunities for other entrepreneurs” in the cosmetics industry. Almost all of the top minority entrepreneurs are African American, and our experts seem to define “minority” as black people. This may change in the next ranking.
Notable figures excluded from the rankings include leaders of unscrupulous industries such as tobacco and brewing, as well as CEOs who did not start a company. This reflects a historical preference for bootstrapped entrepreneurs. Meta founder and CEO Mark Zuckerberg's very low ranking (almost never mentioned) may position social media as the new black industry of the digital age.
What makes a great entrepreneur and what makes a great president?
Surprisingly, “wealth creation for shareholders” was not the number one factor identified by the historians we surveyed. In fact, it ranked last. Our historians were more interested in entrepreneurs' “ability to imagine or envision the future” and “enterprise impact.” [their] Products and services designed to reshape American life. ”
Entrepreneurs are remembered for the lasting impact of their innovations, not for creating short-term wealth.
With each survey, our list reflects new entrepreneurs who are changing American life. Steve Jobs and Jeff Bezos weren't in the top 10 in 2001, but they are now. And Elon Musk has jumped to 12th place.
Yet the great entrepreneurs of the past – Ford, Rockefeller, Carnegie – had remarkable staying power. They envisioned the future and made it happen. We still live in the world they created.
With the exception of Founding generation presidents who ushered in new national innovations with new forms of government: George Washington, John Adams, Thomas Jefferson, James Madison, and James Monroe, the highest-ranking presidents would rather maintain the status quo. Kudos for maintaining it. For entrepreneurial transformation. Abraham Lincoln saved the Union Army. Franklin D. Roosevelt led us through the Great Depression and World War II.
But three presidents of the 20th century were agents of change. Dwight Eisenhower oversaw the creation of the Interstate Highway System, a true American changer. Lyndon Johnson launched the War on Poverty and a series of Great Society social programs, which many believe weakened black families and destroyed inner-city neighborhoods and communities, such as Tulsa's Black Wall Street. He blames it. President Ronald Reagan launched the Strategic Defense Initiative, dubbed a “Star Wars fantasy” by critics, and has now created technology that protects U.S. allies and troops from missile attacks. President Joe Biden also wants to be seen as an innovator when it comes to green energy. But the jury is still out on that.
We end with a modest suggestion. “If presidents take vacations, why don't entrepreneurs take vacations too?” Labor Day is about honoring the common man, so it's time to remember those who have changed our lives for the better. , why not have an Entrepreneur Day?
Jonathan Bean is independent research institute, A native of Oakland, California, he is a history professor at Southern Illinois University. I am the editor of “.Race and Freedom in America: Essentials” Blaine McCormick is a professor of management at Baylor University's Hankamer School of Management.
More must-read commentary published by luck:
The opinions expressed in Fortune.com commentary articles are solely those of the author and do not necessarily reflect the author's opinions or beliefs. luck.
