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Politics needs entrepreneurs. At the time of writing this, there are only two people running for president in 2020 who have considerable life experience running businesses, either as CEOs or as company founders. The U.S. has a long history of business people chancing their arm in the political arena. Even if many of them fail to make it to the final round, their entrepreneurial experience often brings a refreshingly original viewpoint to discussions over how public policy should shape the fortunes of millions of Americans.
This time around, even if we don’t see a business person in the White House, I’d still like to see entrepreneurial voices around the executive for a number of reasons:
We need to break the ‘politics vs. business’ dichotomy.
We don’t need “drain the swamp” and we don’t need “tax the rich.” The idea that these camps are incompatible is old and, frankly, lazy. They’re not disconnected, and the president who gets them talking and finding mutual gains will achieve that rare thing: a progressive legacy. It goes without saying that government and business need each other — they both live inside the same democratic economic ecology.
Likewise, I believe businesses need to be politically involved to align their goals with society. Falling outside of what is considered the “common good” can cause significant reputational damage. Being a part of the process, without being seen to win undue influence, is a key role of any good public affairs team. Savvy leaders, be they CEOs or presidents, look to get the best out of each other.
Business brings legitimate political insight.
Sure, the metrics in politics will be different from business, where the bottom line is usually the only thing that counts. But having a sharp eye for fiscal frugality is going to win you support and further your mission without having to corral more support from skeptical parties.
There’s a perception that business will always try to “game” politics, supporting both sides, looking for short-term concessions, talking about voters as if they are commodities. That might have been true back in the day, but now we’ve seen the world’s leading entrepreneurs take on a different mantle. They’re no longer captains of industry looking to influence the machinations of state. They’re creators of whole new technologies and markets, through work that is changing how society thinks about itself. As a result, they have become leaders in their own right.
That’’s a talent pool that should be utilized at the highest level when it comes to forming and executing policy. Democracies around the world have had years of fractious party politics. Voters are ready for the hand of a leader who can see beyond the mud-slinging and identify some practical ways forward. Whatever your view on tariffs, who in their right business mind would have endorsed a trade war?
Politics needs updating.
I’m avoiding the word “disruption” for good reason, but in this age of innovation, political practices could do with an update. What we’ve seen throughout the world is how traditional methods of governance, communication and democratic consent-gathering have been traduced by social media. The result has been a rise in fake news and mistrust in authority.
By contrast, we’ve seen business practices go through a revolution over the last 10 years as technology engenders market disruption and puts a premium on adaptability. Put simply, business is using digital media to get its message across, and politics is getting left behind. Untrusted systems soon fail in business, which is why good communications are key to any market enterprise. Knowing how to affect that in the political arena will be invaluable to any would-be president.
There are no certainties going into an election year, but perhaps more than ever there is a premium on meaningful change that goes beyond the frameworks of democracy that currently exist. That could be addressed by better communication, better stakeholder engagement and better public dialogue. Or it could be addressed by a more fundamental change to the structure and role of government — for example, by a greater digital presence. The commercial world is already dealing with these challenges, so bringing entrepreneur expertise to the business of politics could not be more timely.
