Of all the Founding Fathers, Benjamin Franklin is probably by far the most entrepreneurial. Because of the breadth and depth of his interests, his rise to wealth and influence, and his iconic status then and now, he can easily be seen as a sort of Colonial amalgam of Warren Buffett, Steve Jobs, and Bill Gates.
A painting of Benjamin Franklin by Joseph Siffrein Duplessis from 1778
Born in 1706 in Boston, Franklin ended his long and productive life in 1790 in Philadelphia, his adopted home city. Over the course of his remarkable 84 years, he became a publisher, printer, statesman, scientist, diplomat, and inventor. He assisted Thomas Jefferson in drafting the Declaration of Independence, and was a leading signatory. A prolific and highly quotable writer, and one of the best-known and best-loved of all the Founding Fathers, he was renowned for the wit of his expression, his learning, and his sagacity.
Here are only a few facts about Franklin that define him as one of the most perceptive, successful, and emblematic entrepreneurs in American history.
1. He rose from humble beginnings.
Benjamin Franklin was one of 17 children, and the youngest son, born to a poor soap and candle maker. His formal education concluded at the age of 10. He first worked as an assistant to his father, and at age 12, he was apprenticed to his older brother James, a printer. Franklin was a young prodigy, and became a master of the craft by age 17. He remained proud of his professional accomplishments as a printer until the end of his life.
2. He valued education, and was largely self-educated.
The universities of his time so esteemed Franklin’s learning that he earned a number of honorary degrees from institutions such as Oxford, Yale, and Harvard. Yet he was almost entirely self-educated. As a teenage apprentice to his harsh older brother, he spent as much time as he could reading voraciously, educating himself in a wide range of subjects. He even began to write pieces under a pseudonym for James’ newspaper—the Silence Dogood Letters—which were so well-received for their wit and erudition that at first no one suspected the young Ben Franklin to be their author.
3. He struck out on his own at an early age.
At age 17, Franklin ran away from servitude to his brother and headed for New York. Finding no work there, he settled in Philadelphia, which was known for a broad spirit of tolerance not found in Boston. His skills as a printer impressed Pennsylvania’s governor, who offered to help set him up a business of his own. Sir William Keith sent Franklin to London so he could have the opportunity to select his own type and printing materials, and make connections with leading booksellers and stationers. Back in Philadelphia, Franklin went into business with a friend in their own printing firm, and by 1730, he had become its sole proprietor.
4. An early break led to success.
Franklin’s first big break as owner of his own printing firm was a commission to print paper money for the state of Pennsylvania, and he continued as a printer of government-issued books and pamphlets. He subsequently accepted positions as public printer for Delaware, New Jersey, and Maryland. He entered the newspaper business with the highly successful Pennsylvania Gazette in the late 1720s and began issuing Poor Richard’s Almanack in 1732, keeping up the series for a quarter century.
Benjamin Franklin statue, Philadelphia, PA
The Gazette was one of the first colonial newspapers to become a profitable business enterprise. The Almanack typically sold some 10,000 copies per year, and the pithy sayings Franklin wrote for it have become part of American literature and popular culture.
From these and other ventures, Franklin began to enjoy an unusual level of prosperity, such that he began lending out money at interest, purchasing rental properties, and opening franchise printing offices with printers in the colonies and the British West Indies.
By the time he had reached his 40s, the youthful runaway rebel had become one of the richest and most influential men in America.
5. He was not above stealing business from competitors.
Many of history’s best-known entrepreneurs are known for occasions of less-than-exemplary business dealings. Franklin is no exception.
His strategic and often aggressive business practices helped him drive his two leading competitors in the printing trade out of business and take over their markets himself.
After Franklin moved to Philadelphia, Samuel Keimer became his first printing master. Keimer had received a commission from the Religious Society of Friends, or Quakers, to reprint a history of their faith. The task proved too much for Keimer, whom Franklin disparaged as a “mere compositor.” In 1728, Franklin opened his own firm and persuaded the Quakers to give him the task instead. He completed the printing of the last 178 pages of the book in only a few weeks.
In addition, it was Keimer who had started publishing the Pennsylvania Gazette in 1728. Franklin began to publish scathing critiques of the Gazette in a paper published by Andrew Bradford. The Gazette was unable to increase its circulation, which enabled Franklin to purchase it in 1729 at a very favorable price. Under Franklin, the Gazette became the colonial equivalent of the New York Times.
Andrew Bradford had been Pennsylvania’s sole printer before Keimer came on the scene. Bradford’s empire included positions as stationer, government printer, book and newspaper publisher, postmaster, and more. Franklin was able to break Bradford’s monopolies on these positions and then improve on the state of their operations.
In 1737, Franklin wrangled the job of postmaster of the city of Philadelphia away from Bradford. He also broke Bradford’s monopoly on paper milling by establishing his own mill, and eventually became the leading paper wholesaler in the colonies.
6. He lived by a set of principles.
Franklin was systematic about drawing up a list of basic principles to guide himself and others in the pursuit of success. He called these his “13 virtues.” Franklin, a master multi-tasker, advocated industriousness and using time wisely. He also recommended moderation, the avoidance of extremes. He emphasized the necessity of staying organized, with everything in its proper place and care in scheduling tasks and appointments. In addition, he extolled the virtues of honesty and fair dealings, frugality in conserving resources, perseverance in doing jobs that need to be done, and tranquility in not taking setbacks or others’ unfair dealings personally.
7. His philanthropy lives after him.
At age 42, the wealthy Franklin assigned the day-to-day operations of his printing business to a partner to free himself up to conduct more extensive scientific experiments. Over the following two decades, he earned a profit of more than 600 pounds a year.
Marble memorial statue, Benjamin Franklin National Memorial
Although he owned slaves who labored in his home and print shop, Franklin came to strongly believe that slavery was inherently evil, and began to free his own slaves well before the American Revolution. He contributed significantly to enhancing the safety and well-being of the people of Philadelphia through his inventions and his support of community institutions. He helped establish the city’s fire company, hospital, and insurance company. His participation in groups dedicated to furthering the social good included a venture that began the Library Company of Philadelphia. He was also a founding member of an anti-slavery society just before his death.
For all these reasons, Benjamin Franklin has inspired countless generations of servant-citizens. Retired four-star general Stanley McChrystal, for example, chaired the “Franklin Project,” named after the Founding Father, whose goal, he said, was “to have 1 million young Americans each complete a civilian service year by 2023. We envision an American version of national service that is voluntary but socially expected.”
Benjamin Franklin has inspired me throughout my life. His career exemplifies the best in entrepreneurial leadership, and exemplary citizenship. Every entrepreneur who wishes to blaze a new and revolutionary trail today would do well to look to his example.
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