In this article, we will talk about the 30 most important entrepreneurs of all time. We have also covered trends and outlook for entrepreneurship. If you want to skip our detailed analysis, head straight to 10 Most Important Entrepreneurs of All Time.
Entrepreneurship Trends in 2023
AI has become a disruptive force in the world of entrepreneurship, one of the most profitable professions in the world, which is yielding remarkable outcomes as there is statistical evidence of its impact. The rapid adoption of AI-powered tools like ChatGPT, which garnered over 1 billion visits within three months of release, speaks volumes about its versatility in tasks such as copywriting and cash flow forecasting. Startups are embracing AI to stay ahead of market demand, with over 40% of failures attributed to misreading the market.
The cost-saving potential of AI is also evident, as it enables startups to automate tasks which reduces the heavy burden of payroll expenses. As AI continues to grow, it empowers entrepreneurs with better marketing budget allocation, improved decision-making, and enhanced data-driven strategies, creating a dynamic workforce that anticipates future AI trends. By prioritizing AI proficiency and harnessing its capabilities, entrepreneurs can position themselves for success in the AI-driven future of business.
On the other hand, startups and small businesses are gaining momentum, fueled by a global passion for problem-solving and a burgeoning spirit of entrepreneurship. Governments around the world are recognizing the crucial role entrepreneurs play in driving economic growth and are increasingly fostering environments conducive to innovation, with policies aimed at supporting startups and facilitating access to capital.
For example, over its 70-year history, the Small Business Administration (SBA) has played a vital role in supporting small American businesses, which constitute 99.9% of all businesses and employ 46.4% of private sector employees. Under President Biden, there has been record job growth and a historic small business boom as entrepreneurs have applied to start 12.2 million new small businesses.
Moreover, the SBA has expanded its programs to meet the changing needs of small businesses while addressing issues of capital access gaps for rural, veteran, women, and minority-owned businesses. During the pandemic, the SBA became even more critical, to prevent the devastating impact seen during the 2008 financial crisis on minority and women-owned businesses. As a result of government, corporate, and philanthropic support, Black/African American- and Hispanic/Latino-owned businesses have shown remarkable growth, with average revenues increasing by 32.7% and 17.1%, respectively, compared to 2019.
Entrepreneurs with a Legacy
In the vast tapestry of human history, few figures have left an indelible mark on the world like entrepreneurs have. Those pioneers of innovation and risk-takers have reshaped industries, revolutionized economies, and catapulted society into new eras of progress.
However, to truly understand the essence of entrepreneurship, we must journey back to its historical roots. Ancient merchants and traders paved the way for the entrepreneurs of today, and challenged national borders to exchange goodsand thus set the foundation for global commerce.
One such iconic figure was Andrew Carnegie, a 19th-century industrialist who revolutionized the steel industry and truly set the stage for the America’s industrial might. If his net worth from then is adjusted according to the inflation today, it would be around $372 billion which would make him the richest entrepreneur of all time, even richer than Jeff Bezos and Bill Gates, who are two of the most famous entrepreneurs in the world.
Another legend, Thomas Edison, was a game changing prolific inventor and entrepreneur whose inventions, like the phonograph and the electric light bulb, transformed modern living. Edison’s pursuit of innovation and his belief in the power of research and development laid the groundwork for future generations of inventors. He is considered one of the greatest entrepreneurs of all time.
Speaking of legendary entrepreneurship, one of the most prime examples of influential entrepreneurship that has shaped the world on a global scale is Apple Inc. (NASDAQ: AAPL). Founded by Steve Jobs, Steve Wozniak, and Ronald Wayne in 1976, Apple Inc (NASDAQ:AAPL) revolutionized personal computing and later transformed industries formusic, smartphones, and tablets. Apple Inc (NASDAQ:AAPL)’s innovative products, like the Macintosh, iPod, iPhone, and iPad, redefined user experiences and set new standards for design and functionality.
While it is true that legendary entrepreneurs are rare, when it comes to wealth-building, the newer generations have challenged the notion of toiling away for years to become wealthy. To read more about it, you should check out our article on how to become a millionaire by the age 30.
Matej Kastelic/Shutterstock.com
Our Methodology
To select the most important entrepreneurs of all time, we looked at almost 50 greatest entrepreneurs who impacted their respective industries on a massive scale. The idea was that an entrepreneur can only be considered important if they shaped or disrupted an industry, without whom the industry or market would not have been in its present form today. We scored their impact on their industries and ranked them accordingly.
Please note that the list is highly subjective and does not comment on any individual’s personal integrity.
30. Rosalia Mera Goyenechea
Impact Score: 70
Rosalía Mera was a prominent Spanish businesswoman and entrepreneur. She was Spain’s wealthiest woman at the time of her death and was recognized as the world’s most affluent self-made female entrepreneur. Rosalía Mera played a pivotal role in establishing the Zara retail chain in 1975 with her then husband Amancio Ortega Gaona. To read more about self-made women, do check out our article on Self-Made Female Billionaires Under 50.
29. John H. Johnson
Impact Score: 71
John H. Johnson was a pioneering American businessman and publisher who founded Johnson Publishing Company in 1942 and produced influential magazines like Ebony and Jet. He broke barriers as the first African American on Forbes 400, received the Presidential Medal of Freedom, and played a pivotal role in promoting African-American representation and entrepreneurship in media.
28. Linda Kristin Bennett
Impact Score: 72
Linda Kristin Bennett, born in 1962, is a renowned English clothing designer and entrepreneur, celebrated for founding L.K.Bennett. Her innovative approach to blending comfort and style led to the brand’s success. Notably, she crafted the Duchess of Cornwall’s wedding shoes, won esteemed awards, and earned recognition as a leader in the fashion industry.
27. Reid Hoffman
Impact Score: 73
Reid Hoffman is an American internet entrepreneur and venture capitalist. As co-founder and executive chairman of LinkedIn, he revolutionized professional networking. LinkedIn was launched in 2003 and pioneered business-oriented online social networks, transforming how people connect and interact when building their careers. He also played a key role at PayPal Holdings Inc (NASDAQ:PYPL), by shouldering Paypal Holdings Inc (NASDAQ:PYPL)’s inception as a board member and later joining as a full-time as COO.
26. Meg Whitman
Impact Score: 74
Meg Whitman is an accomplished American business executive and entrepreneur who significantly impacted eBay Inc (NASDAQ:EBAY) and Hewlett Packard Enterprise Co (NYSE:HPE). As eBay Inc (NASDAQ:EBAY)’s CEO from 1998 to 2008, she oversaw its transformation from a small startup to a global powerhouse, leading to revenues of $8 billion and its acquisition of PayPal Holdings Inc (NASDAQ:PYPL). At Hewlett Packard Enterprise Co (NYSE:HPE), she guided the company through a major split in 2015. Her influential tenure at eBay Inc (NASDAQ:EBAY) and pertinent contribution to Hewlett Packard Enterprise Co (NYSE:HPE) underscore her legacy as a transformative leader in both the companies.
25. Arianna Huffington
Impact Score: 75
Arianna Huffington redefined digital news and emphasized work-life balance through co-founding HuffPost media, her writing, and activism. She is one of the most important entrepreneurs of all time.
24. Cher Wang
Impact Score: 76
Cher Wang is a a notable entrepreneur who co-founded HTC which is a pioneering tech company. HTC truly shaped the smartphone industry and revolutionized mobile technology in an unprecedented manner.
23. Howard D. Schultz
Impact Score: 77
Howard D. Schultz transfigured the coffee industry after he took charge of Starbucks Corp (NASDAQ:SBUX), and expanded the coffeehouse concept globally while shaping coffee culture, and making Starbucks Corp (NASDAQ:SBUX) the world’s largest coffee chain. Starbucks Corp (NASDAQ:SBUX) is also one of the top choices for highest-paying summer jobs for teens.
22. Jack Ma
Impact Score: 78
Jack Ma is a visionary entrepreneur who co-founded Alibaba Group Holding Ltd (NYSE:BABA) that propelled e-commerce in China and globally. His leadership shaped digital commerce, fintech, and tech innovation, whose impact reached global businesses and trade.
21. Reed Hastings
Impact Score: 79
Reed Hastings co-founded Netflix Inc (NASDAQ:NFLX) and revolutionized entertainment by pioneering online streaming reshaped the landscape on how people consumed TV shows and movies. He essentially disrupted the traditional media models, making him one of the most important entrepreneurs of all time.
20. Ray Kroc
Impact Score: 80
Ray Kroc was the builder of McDonalds Corp (NYSE:MCD) franchise. He turned a single restaurant into a global fast-food phenomenon and defined the fast-food chain industry.
19. Estee Lauder
Impact Score: 81
Estée Lauder’s pioneering spirit drove her to co-found Estee Lauder Companies Inc (NYSE:EL). Launching with just four products and a vision of universal beauty, she inspired innovation and left an enduring mark on the industry.
18. JP Morgan
Impact Score: 82
J.P. Morgan was a banker and financier who transformed modern finance through visionary leadership. He founded J.P. Morgan Chase & Co (NYSE:JPM), and revamped banking, investment, and corporate finance while leaving behind a financial legacy.
17. Micheal Bloomberg
Impact Score: 83
Michael Bloomberg is a business tycoon and politician who co-founded Bloomberg L.P., and restructured financial data services. He also served as New York City’s mayor and thus, influenced finance and governance in the US.
16. Oprah Winfrey
Impact Score: 83
Oprah Winfrey is an American media mogul who overcame adversity to host a successful talk show, launch media ventures, inspire millions, and advocate for social issues. Her impact is immense and influential, making her one of the most important entrepreneurs of all time.
15. Huda Kattan
Impact Score: 85
Huda Kattan’s savvy entrepreneurship has led to a 140+ product range of Huda Beauty, $200M yearly revenue, and organic success with 50M Instagram followers, that proves not only her innovation but a fair market impact.
14. Jack Dorsey
Impact Score: 86
Jack Dorsey is a tech innovator that cofounded Twitter. Twitter’s concise posts have been shaping global news, culture, and debates, that revolutionizes social media and amplifies voices worldwide.
13. Coco Chanel
Impact Score: 87
Coco Chanel revamped fashion by introducing comfortable and elegant designs and popularized a new feminine style that diversified into jewelry, handbags, and fragrance products which last long.
12. Ingvar Kamprad
Impact Score: 88
Ingvar Kamprad shook up furniture retail with IKEA as he introduced affordable, minimalist, and self-assembled designs. His different approach to flat-pack furniture reshaped the industry and global home furnishing trends.
11. Walter Elias Disney
Impact Score: 89
Walter Disney was an animation pioneer who founded the Walt Disney Co (NYSE:DIS) and produced iconic films. He also earned numerous awards while revolutionizing animation, and creating timeless classics cherished by generations.
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Disclosure: None. 30 Most Important Entrepreneurs of All Time is originally published on Insider Monkey.