Many people might think that immigration is integral to America’s founding policy. They think of immigration as America’s fundamental ethos. What many people fail to note is that immigration is also the basis of America’s successful corporate world.
Pick up any data or statistic and you are likely to be blown away by the number of immigrant entrepreneurs running billion-dollar companies. From illustrious Fortune 500 companies to enterprising startups.
In this article, we are going to discuss the connection between being an immigrant and being a successful entrepreneur. We will also look at some successful lessons we can learn from immigrant entrepreneurs to be successful.
Why are Immigrant Entrepreneurs Successful in Industry?
According to statistics, 3 million or 15% of all business owners in America are immigrant entrepreneurs. That number is huge by any standard of calculation. It also goes to show that many immigrants are living the American dream of starting their own business and prospering financially.
Business analysts point out that immigrant entrepreneurs face many hurdles when starting their own businesses. This means that in terms of setting communications, finding friends, business partners, networking, or raising capital, immigrant entrepreneurs are more likely to experience more difficulties than original inhabitants are.
Many immigrants also have to navigate around issues like immigration and Visa norms. They always look to take help from cheap immigration lawyer to help them stay in the country and realize their dreams.
The cultural and societal problems that immigrants face are more likely to force them into starting their own businesses. In the following section, we will look at five successful life lessons
List of 5 Successful Life Lessons from Immigrant Entrepreneurs
- Take Risks in Business Decisions-
According to business experts, entrepreneurs are more likely to take risks when it comes to their business. Their all-or-nothing attitude lands them in some trouble but also makes their success percentage high. They understand they cannot go back to doing in their home country and this eggs them on to take big decisions, which might appear to be risky at some times.
- Learn as your Life depended on it-
Almost 90% of all immigrant entrepreneurs had a tough time understanding the local language and establishing communications. Many immigrant entrepreneurs recount how they would work the entire day and learn the language at night. They would also try very hard to keep improving their skills so that they could carry out an extra business function.
- Always be Connected to your Community-
One great way immigrant entrepreneurs are able to make the initial headway is because of their communities. Anytime someone in the community starts something new, people come together to support the new business by buying from them and spreading the word about the new products and services. Word of mouth marketing is effective if you are part of your community.
- Draw from your Cultural Experiences-
Sometimes our culture and our way of life in our native country can have a major impact on how we do business. The concept of lying or cheating is amoral in many communities. When implied into the business, it means staying true to the product quality, being honest to the consumers and pricing affordably.
- Learn from the Hardships and Soldier on-
The adverse conditions of moving to a foreign country, of leaving behind your family, parents, siblings, partners are very tough. Immigrant entrepreneurs use these hardships to motivate themselves to succeed. They try to make use of every single second and not waste any time, effort, or resources, as they feel guilty about doing the same.
The Final Word
From leading CEOs to your Gas Station Falafel shop, immigrant entrepreneurs are powering America’s economy in a major way. Many attribute America’s position as a world leader because so many immigrants call it home, generate employment, and pay taxes and lead world-leading innovation in different fields.