Although business and politics are often intertwined, running a business is very different from holding political office. However, there is something to be said about introducing successful entrepreneurs public service. If they are able to keep their drive and vision with them through the election process, entrepreneurs can present new economic opportunities for the local economy.
According to the Harvard Business Journal, “Economic opportunity enables people to manage their assets in wars that generate incomes and options.”
New opportunities can mean a slew of different things to different people. When it comes to lower-income families, new economic opportunities can be a way to work their families out of poverty and when it comes to wealthier individuals it can mean helping the next generation get a start on a successful career or expanding their own.
Either way, it starts a domino effect as stated in the World Finance Journal, “Environments where entrepreneurs can emerge easily are propitious to the creation of firms, to their growth and their success and, with the latter, to the success of the economy as a whole.”
Having politicians who have been through this process and understand the effect local government has on it can be extremely beneficial to the local economy. A great example of this is Broward County Mayor Barbara Sharief. Sharief was largely known for her business successes before becoming Broward County’s first female mayor in 2013. Since then she has implemented several programs to stimulate business in her area and has experienced positive results overall.