According to Statistics Canada, immigrants to Canada make up 28% of all small business owners in the country, despite accounting for only 19% of the population overall. Not only that, but immigrant-owned businesses tend to be more successful than Canadian-born ones—according to studies done by the Toronto-Dominion Bank and the Canadian Federation of Independent Businesses (CFIB). So what exactly explains these success rates? Why do immigrants seem to have such an advantage when it comes to starting their own companies? And are there any lessons we can learn from them?
That's what we'll discuss in today's article:
6 Reasons Why Immigrants Make Great Entrepreneurs (And Usually Build Successful Businesses.) 1. Their stories inspire us Immigrants stories usually inspire us, because they are usually stories with teachable lessons of success, of entrepreneurship and determination. We know that if it was possible for them to achieve their dreams (especially in a foreign land), then it is possible for us to also utilize the same resources to do the same. When you don't have a-lot at your disposal, creativity usually kicks in and immigrants are the living proof of this with many successful entrepreneurs telling stories of being unable to find a solution and deciding to create one. The successful immigrant entrepreneurs often share their success stories with others- whether through books, blog posts or other media- in order to help encourage others who may be in similar circumstances or struggling. Immigrant entrepreneurship has a global impact as many businesses succeed around the world while providing jobs for locals and serving their needs as well as those from overseas. 2. They have to be resourceful For immigrants, entrepreneurship is a necessity. They have to be resourceful when starting a business and use what they have to work with. In addition to that, they are already used to living in a less than perfect environment which may require them to make more sacrifices in order to succeed. This gives them the ability to be much more resilient than those who start off with a lot of resources available. Finally, there is the idea of the "Canadian Dream" (Or American Dream, depending on where you live) which means that any immigrant who becomes an entrepreneur has the potential for great success because their motivation is fueled by this dream alone. 3. They're used to taking risks Immigrants are used to taking risks when starting a business. They have had to live in a foreign country, learn a new language and survive. There are many success stories of immigrant entrepreneurs who start their own business, like Mysore Spice Garden, a spice company started by an Indian couple in California, or the Uyen Group of Companies founded by a Vietnamese family who fled from Vietnam during the war. All these successes are because immigrants take risks and use the skills they have learned to make their dream come true. 4. They're go-getters We see success stories around us all the time, like immigrant entrepreneurs who take advantage of their opportunities regardless of the surroundings they grow up in. They want to succeed and realize getting an education is the first step. For immigrants in North America, that often means college or trade school so they can improve themselves and support their family. 5. They're resilient With the success stories of Google, Yahoo!, and LinkedIn, it is clear that immigrant entrepreneurs are resilient and find a way to get back up once knocked down. every day, new waves of immigrant start-up founders arrive in North America to start companies like eBay and Tesla Motors. According to recent statistics, 39% of entrepreneurs in Silicon Valley are immigrants, according to First Round Capital's Howard Tullman. Canadian Business reported research from the Kauffman Foundation in Kansas City - that on average, immigrants who start a company create at least two additional jobs out of the one they created for themselves . 6. They have a global perspective Immigrant entrepreneurs have a global perspective which helps them to become successful. They have the knowledge, skills and experience to build businesses in a variety of industries and cultures. Here is one notable example of an immigrant success story that will inspire you to take action! Jerry Yang – Jerry is the founder of Yahoo! Inc., one of America's leading Internet companies and was co-founder with David Filo. Jerry immigrated from Taiwan when he was 16 years old. He graduated from Stanford University with degrees in electrical engineering and computer science. As an engineer, he developed software for database management systems for General Electric's GE Research Center before leaving to work as a programmer at Apple Computer, Inc.. Jerry is now an entrepreneur with extensive business experience as a founder and investor; chairman and co-founder of Yahoo! Inc.; chairman of Yahoo!
Are You or Somebody You Know A Good Example of A Successful Immigrant Entrepreneurs?
Share your story! We love to hear stories about individuals who found a way to succeed against the odds or in unfamiliar territory. People who turned tragedy into triumph or took the lemons that life threw at them and created lemonade. Drop a short story in the comment section below or send us an email so we can share your story with our community. For story submissions contact: info@iamdaniel.ca Keep on Moonwalkin,
Danie