President Jimmy Carter and 7 U.S. Presidents Who Were Also Successful Entrepreneurs

Entrepreneur Jimmy Carter Saved the Family Peanut Farm Business Long Before He Became President

When Jimmy Carter returned home to Plains, Georgia, after serving in the Navy, he faced the daunting challenge of reviving his family’s peanut farm. It was 1953, and the family was burdened by significant debt following his father’s death. Carter took a hands-on approach, leveraging his agricultural knowledge and strong work ethic to transform the struggling farm into a profitable operation. He modernized farming techniques, introduced better crop management practices, and meticulously managed the farm’s finances to reduce costs and increase efficiency. Additionally, Carter diversified the farm’s operations and optimized the value chain, by expanding into peanut processing, enabling the family business to capture more value from their crops. Through disciplined management and innovative thinking, Carter not only rescued the farm from financial distress but also built it into a thriving enterprise, showcasing his resilience and problem-solving skills long before his presidency.

When we think about U.S. presidents, the first image that comes to mind is often one of political leadership and public service. However, several presidents were also accomplished entrepreneurs who demonstrated remarkable business acumen, leadership skills and innovative thinking. Their ventures ranged from farming and real estate to publishing and global enterprises, reflecting the entrepreneurial spirit that defines much of American history.

7 Presidents Who Were Successful Entrepreneurs

In this post, we explore seven of the U.S. presidents who were also successful entrepreneurs, showcasing how their business successes contributed to their legacy and shaped their leadership style.

1. George Washington: The First Entrepreneur

Before he became the nation’s first president, George Washington was a forward-thinking businessman. Washington’s entrepreneurial ventures included farming, land speculation, and even distilling. As president, he was visionary and wanted to use transportation as an enabler for commerce growth.

• Farming Innovator: Washington managed his plantation at Mount Vernon, where he diversified crops and implemented modern agricultural techniques. Moving away from the traditional tobacco cultivation that depleted soil, he focused on wheat and other sustainable crops, increasing profitability.

• Whiskey Distillery: One of Washington’s lesser-known ventures was his whiskey distillery, which became one of the largest in the United States during his time. By 1799, it was producing over 11,000 gallons annually, a testament to Washington’s ability to identify and capitalize on market opportunities.

• Visionary of Inland Waterways: George Washington was a strong advocate for developing inland navigation routes to connect the original eastern seaboard of 13 states with the interior of the country. He recognized the economic and strategic importance of improving transportation for commerce and uniting the young nation.

Case Study: George Washington, the C&O Canal and the Eric Canal

George Washington was instrumental in getting the Chesapeake and Ohio (C&O) Canal built. He led early efforts to improve U.S. transportation infrastructure. In 1785, Washington co-founded the Potowmack Company, which aimed to make the Potomac River navigable from tidewater in Washington, D.C., to the Ohio Valley. This effort was a precursor to the C&O Canal. While the Potowmack Company faced significant engineering and financial challenges, Washington's efforts laid the groundwork for future projects, including the C&O Canal.

George Washington Digging the C&O Canal While Battling the British Redcoat Soldiers (as I imagine it to have been).

Actually, the C&O Canal and Erie Canal were both built after George Washington's death. They revolutionized trade and transportation for a period of time before eventually being disrupted by the railroads.

• The Erie Canal construction began in 1817 and was completed in 1825. The canal stretched from Albany to Buffalo, connecting the Hudson River to the Great Lakes, The first, and most successful, canal expanded trade and transportation in the northern United States. The success of the Erie Canal influenced the decision to build the C&O Canal, demonstrating the economic potential of waterways.

• The C&O Canal construction started in 1828, three years after the completion of the Erie Canal.

  The C&O Canal was envisioned to connect the Chesapeake Bay with the Ohio River, but it faced delays and competition from railroads, eventually completing a reduced version of its original plan in 1850.

Why Entrepreneurial? Washington’s willingness to innovate and adapt to market demands was key to his success, both as a businessman and as a visionary and leader. He was an entrepreneur for his time, but in today's context, his status as a slaveholder overshadows some of his achievements.

2. Thomas Jefferson: The Inventor and Agricultural Visionary

Thomas Jefferson, the third U.S. president, had a keen interest in science, agriculture, and invention. While he is primarily remembered as the author of the Declaration of Independence, Jefferson’s entrepreneurial endeavors at his Monticello estate also deserve recognition.

• Agricultural Experimentation: Jefferson introduced new crops, such as tomatoes and peanuts, and experimented with advanced farming techniques to improve yields. His curiosity and dedication to innovation extended to the design of tools and machinery, including an improved plow.

• Inventions and Practical Solutions: Jefferson’s inventive mind led to the creation of various devices, such as a revolving book stand and a mechanism for copying letters. While he never patented his inventions, his focus on practicality and efficiency reflected a true entrepreneurial spirit.

Why Entrepreneurial? Jefferson’s experiments and inventions showcased his ability to think creatively and solve problems. These skills translated into effective leadership. He was an entrepreneur for his time, but in today's context, his status as a slaveholder overshadows some of his achievements.

3. Abraham Lincoln: The Storekeeper, Inventor and Innovator

Abraham Lincoln’s early career included a stint as a storekeeper, where he co-owned the Lincoln-Berry General Store in New Salem, Illinois. Though the venture was not particularly successful, it provided Lincoln with valuable lessons in business and customer relations.

• Patent Holder: Lincoln is the only U.S. president to hold a patent (U.S. Patent #6469). His invention, a device to lift boats over shoals and river obstacles, demonstrated his inventive thinking and desire to solve practical problems.

  Use of Technology for Advantage: During the Civil War, Lincoln’s innovative use of technology demonstrated his forward-thinking leadership and strategic vision. Whether through railroads, telegraphs, or advanced weaponry, he harnessed the power of emerging technologies to unify the nation and secure victory in the Civil War. His legacy serves as a testament to the transformative role of technology in creating advantage.

  
  

Why Entrepreneurial? Lincoln’s early business ventures and his innovative thinking highlight his determination and problem-solving abilities, qualities that defined his presidency.

4. Herbert Hoover: The Global Mining Magnate

Before entering politics, Herbert Hoover built a successful career as a mining engineer and businessman. His entrepreneurial journey took him around the world and made him a millionaire by the age of 40.

• Mining Engineering Expertise and Success: Hoover identified and developed profitable mines in places like Australia, China, and Russia. His expertise in mining operations and his ability to implement efficient systems contributed to his financial success. Hoover wrote a leading textbook on mining engineering, further cementing his reputation as an expert in the field.

  • Principles of Mining Book: You can purchase his mining engineering book directly from Amazon in both hardback and paperback.

• Mining Innovator and Entrepreneur: Hoover helped develop the froth flotation process to separate valuable minerals from waste rock more efficiently. He also co-founded two different mining businesses, Zinc Corporation and Mineral Separation, Ltd.

  • Zinc Corporation: Hoover co-founded the Zinc Corporation in Broken Hill, Australia, to extract zinc from ore deposits that had been deemed uneconomical to process. The company utilized innovative techniques, including the froth flotation process, as competitive advantage. The Zinc Corporation became highly profitable, thanks to Hoover’s expertise and strategic decisions.

  • Mineral Separation, Ltd: Hoover co-founded this London-based company to refine and expand the use of the froth flotation process globally. The company became a leader in mining innovation, licensing its technologies to mining operations worldwide.

Why Entrepreneurial? Hoover’s ability to identify opportunities and turn them into profitable ventures demonstrates his sharp business acumen. Although he was astute in business, his decisions as President during the depression and his inability to positively influence the economy present a mixed perspective.

5. Jimmy Carter: The Farmer Turned Businessman

Jimmy Carter’s entrepreneurial journey began with his family’s peanut farm in Plains, Georgia. After his father’s death, Carter took over the struggling business and transformed it into a thriving enterprise.

• Turning Around the Peanut Farm: Carter applied innovative agricultural techniques and careful financial management to improve the farm’s profitability. His hands-on approach and resilience in the face of challenges were key to his success.

  
  

Why Entrepreneurial? Carter’s ability to revive a failing business and make it profitable reflects the resilience, resourcefulness and skills of a true entrepreneur.

6. Donald Trump: Real Estate and Branding

Though a polarizing figure, it's undeniable that Donald Trump’s entrepreneurial ventures in real estate, branding, and entertainment made him one of the most recognizable business figures in the world before his presidency.

• Real Estate Empire: Trump built a brand around luxury properties, including iconic buildings like Trump Tower in New York City. His investments extended to resorts, golf courses, and other high-profile ventures.

• Entertainment and Branding: Trump expanded into television with The Apprentice and leveraged his name as a brand for various products, from hotels to merchandise.

  
  

Why Entrepreneurial? Trump’s ability to build and promote his brand on a global scale exemplifies modern entrepreneurship, though his business dealings have been polarizing.

7. Warren G. Harding: The Newspaper Publisher

Before his political career, Warren G. Harding co-owned and managed the Marion Star newspaper in Marion, Ohio. Under his leadership, the paper grew from a struggling venture into a profitable business. Now owned by Gannett Corporation, the Marion Star is still published today.

• Innovative Management: Harding improved the paper’s operations through strategic investments in new equipment and by focusing on community engagement and quality reporting. Under his leadership and energy, the paper became the leading newspaper in the region within a short period of time.

  
  

Why Entrepreneurial? Harding’s success in transforming a small-town newspaper into a thriving business highlights his ability to focus, innovate and adapt.

Key Traits of Entrepreneurial Presidents

These seven presidents shared several characteristics that contributed to their entrepreneurial and leadership success:

• Visionary Thinking: They identified opportunities others overlooked, whether in agriculture, real estate, or global ventures.

• Innovation: They embraced new methods and technologies to solve problems and improve efficiency.

• Resilience: They faced challenges head-on and adapted to changing circumstances.

• Leadership: They managed teams, resources, and operations effectively, paving the way for both business and political success.

Conclusion: The Entrepreneurial Spirit in Leadership

The entrepreneurial endeavors of these presidents highlight the diverse ways in which business acumen can influence leadership. Whether transforming a struggling farm, building a real estate empire, or innovating in transportation, agriculture and mining, these leaders demonstrated creativity, resilience, and strategic thinking.

Their stories serve as a reminder that entrepreneurship is not limited to the business world, it’s a mindset that can drive success in any field, including the highest office in the land. By understanding their entrepreneurial journeys, we gain a deeper appreciation for the diverse skills and experiences that have shaped American leadership.