The election of President Donald Trump for a second term was a victory for BUsINEss and investments – two important drivers of economic growth. His campaign promises reflected a largely pro-business ideology, promising support for entrepreneurship and corporate expansion, and in stark contrast to Vice President Kamala Harris' consumer-focused approach, which appeared to overlook the crucial balance between investment and consumption. .

Donald Trump's business-driven agenda

A cornerstone of President Trump's first term was The Tax Cuts and Jobs Act (TCJA) of 2017, which placed a clear emphasis on empowerment small businessesentrepreneurs and investors to put more money into their ventures. The TCJA was packed with pro-growth policies, including 20% qualified business income (QBI) deduction.the ability to fully spend equipment purchases and Reduction of corporate tax from 35% to 21%. During the campaign, President Trump suggested taking this even further by reducing it tax rate up to 15%underlining his commitment to stimulate corporate investment.

These supports for business and investment worked. With a lower tax burden and targeted incentives, entrepreneurs and businesses has made significant investments in the US — buying more equipment, adding jobs and creating much-needed goods and services for society. Expanding the QBI deduction and increasing it to 25-30% would further stimulate entrepreneurship, especially if the deduction is applied to all types of business, including service industries.

President Trump also recognizes that research and development play a critical role in innovation and economic expansion. By advocating for permanent depreciation of the bonus, Trump aimed to bring the US in line with other nations that offer full rebates for equipment investments. However, this commitment should be extended to R&D tax policies. Most other countries have much better R&D tax benefits than the US, putting our businesses at a disadvantage.

Related: Top 3 Reasons Why Donald Trump's Second Term Will Benefit My Business and Increase Profits

Contrast that with Kamala Harris' customer-centric focus

The Harris-Walz campaign took the opposite approach.

Throughout the campaign, Vice President Kamala Harris emphasized strongly consumer protection. Her proposals included price controls AND programs to increase consumer spendingprioritizing immediate consumer benefits over long-term economic growth.

Price controls often appear attractive on the surface but, in reality, distort the market, often discouraging businesses from investing in areas where their returns will be limited. This stifles innovation and, in the long run, reduces competition on a global scale.

Vice President Harris' focus on a consumption-driven economy would have been oversupported short-term expenses. Without investment in infrastructure, technology and R&D, the economy risks stagnating. In addition, she proposed raising corporate taxes to 28% and combined capital gains taxes at 33%. The money that would go toward higher taxes would then not be available as capital for businesses to expand, hire, and innovate, ultimately stunting economic growth.

Related: 10 important ways a second Donald Trump administration could affect your taxes

A call for a focus on pro-business policies

Despite a largely pro-business stance, President Trump also showed his share of consumer-focused policies during the campaign. Suggestions for eliminate income taxes on tips and overtime pay were popular among large and important segments of the electorate, but would wreak havoc on business owners. The tax change would create massive inequities between workers in the same business, with hosts and cooks paying taxes on their full income, while servers would not. It would also create unintended incentives for people to switch to non-exempt (and overtime-laden) work schedules.

Based on his campaign rhetoric, President Trump also seems certain to use tariffs as leverage with US trading partners, particularly China and Mexico. Like all tariffs, this is sure to hit the pockets of consumers and businesses.

As President Trump begins his second term, both he and Congress must remain focused on policies that strengthen business and investment. This is the proven path to sustainable economic growth and prosperity.

It is also not a partisan position. The first time an American president encouraged investment through economic policy was when President John F. Kennedy signed legislation to create the investment tax credit in 1962, encouraging businesses to buy equipment during a time when the economy had slowed. President Ronald Reagan also used economic policy to encourage investment, adding significant real estate investment benefits in 1981.

President Trump and the next Congress have an opportunity to add to this positive legacy. They just need to stay focused and united on the right policy changes. Lowering business tax rates, encouraging investment, and supporting entrepreneurship and innovation would go a long way toward improving US competitiveness with the rest of the world. Entrepreneurs are the lifeblood of the American economy.

Let's not let this moment pass.