President Trump Scares Off Entrepreneurs

The United States of America is undeniably a rich nation. Most global businesses have offices in the country and business is booming both online and offline. The richness of American trade has helped the nation generate the revenue it needs in enforcing law and order, running the various government offices, and providing for the poor, among many others – and even have money to spare to help other needy nations. Yet over the years, businesses have both flourished and suffered because of the rise and fall of the (global) economy. It has led to massive layoffs, bankruptcy, etc. that greatly affected the lives of the people.

However, our modern times are still facing the very same issues our nation has faced in the past – specifically the issue of racism and equality. Business leaders today are constantly upset because of the controversial remarks uttered by the president especially when in a public forum or platform. Entrepreneurs are united in their disagreement over the president’s racist nature and its impact on how the country is being led today. Since President Trump assumed office, many entrepreneurs shut their mouths and gave him a chance to prove himself as a great leader considering that he won the election fair and square. Entrepreneurs have wisened up and learned not to go against the establishment if they don’t want to encounter many issues in running their business but perhaps they have been finally triggered by all the hullabaloo in the government today that they finally spoke up about the issue.

In the days since, several prominent business leaders have responded by repudiating the Trump administration—resigning from the president’s manufacturing council and issuing statements. First to go was Kenneth Frazier, the chief executive officer of Merck Pharmaceuticals and one of the country’s most prominent black executives. “Our country’s strength stems from its diversity and the contributions made by men and women of different faiths, races, sexual orientations, and political beliefs,” he wrote in a statement released on Twitter. “America’s leaders must honor our fundamental values by clearly rejecting expressions of hatred, bigotry, and group supremacy.” (Trump swiftly met Frazier’s statement with an attack on Twitter.) Then, three more followed—the CEO of Intel, Brian Krzanich, the CEO of Under Armour, Kevin Plank, and the president of the Alliance for American Manufacturing, Scott Paul. They were joined Tuesday evening by the president of the AFL-CIO, Richard Trumka, and Wednesday afternoon by the CEO of 3M, Inge Thulin.

(Via: https://www.theatlantic.com/business/archive/2017/08/business-leaders-are-fleeing-their-associations-with-the-trump-administration/536937/)

There have been strings of protest ever since President Trump won the election but things have gone from bad to worst in the business sector with the recent rally in Charlottesville involving white supremacist groups and then President Trump’s disbandment of two business advisory groups a couple of weeks ago. Now, businessmen are saying they are embarrassed to be associated with the sitting President of the United States of America, a complete opposite of previous US presidents.

“The business president has lost the business community,” said Alexia Fernández Campbell at Vox. Two of President Trump’s business advisory councils disbanded last week in protest over the president’s response to white-supremacist violence in Charlottesville, Virginia. The executive exodus began slowly at first, with Merck CEO Kenneth Frazier, one of the few African-Americans leading a Fortune 500 company. But an explosive press conference in which Trump doubled down on blaming “both sides” for the violence left executives rethinking their long-standing resistance to wading into politics. After a hastily organized series of conference calls, business leaders decided the public pressure was too much. “They could no longer work with the president.”

“It took the worst of Trump to bring out the best in corporate America,” said Steven Pearlstein at The Washington Post. Most business leaders didn’t support the president during the campaign, but they were eager to get behind his pro-business platform of tax cuts and deregulation after the inauguration.

(Via: https://theweek.com/articles/720440/why-americas-ceos-turned-trump)

The absurdity of President Trump’s behavior at times may have been the boiling point for many entrepreneurs who used to have confidence in him knowing the president is a successful businessman himself. And in reality, many of them were supporting the opposition during the elections last year. And seeing how futile the ruling establishment is in even repealing a single law they’ve been trying to get rid of for several months left entrepreneurs doubting whether President Trump can really do them any good over time on issues like corporate tax, for instance.

They aren’t likewise impressed on how the president still takes to Twitter to air his sentiments considering his position right now. The list keeps on growing and businessmen can very well justify why they don’t want anything to do with the White House as of the moment.