The United States prides itself on a system of free market capitalism that allows innovation and prosperity to spread to all citizens. From air conditioning to the iPhone, the economic conditions of the United States have been a blessing for us, allowing us to live today at the height of economic and technological prosperity. Entrepreneurship and inventiveness are critical aspects of the American system that grant us so many of the tools and gadgets that keep our system running and make our lives more convenient.
Austrian economist Ludwig von Mises pointed out that entrepreneurship is central to a prosperous economy. The entrepreneur takes a risk to provide what others need, hoping to make a profit in the process. This is a deep-seated American tradition, going back to George Washington.
Our first President was an entrepreneur. John Berlau writes in his book George Washington: Entrepreneur that Washington was spurred by necessity to become an entrepreneur. After the passing of his father when he was 11, Washington jumped head-first into entrepreneurial and inventive activity. By the time he was 15, he had his hand in the agricultural sector of the economy and contributed to the crop development at Mount Vernon. Even before he was President, he was encouraging inventors to produce and innovate, recognizing that inventiveness would be critical for this hatchling country.
By the time President Washington passed away, he had established a legacy of respect for inventors and entrepreneurs in this country. His wealth in land holdings was so extensive that he was able to comfortably set free all of his slaves before his death.
Entrepreneurship is still important for our country. It is the core of innovation and growth that benefits all of us. We should honor George Washington, not only for being a great President, but also for setting an example of entrepreneurship.
