Every Fourth of July, we celebrate the day in 1776 when the Second Continental Congress adopted the Declaration of Independence and declared the 13 American Colonies to be a new nation. U.S. Citizenship and Immigration Services (USCIS) has a long and proud tradition of hosting special Independence-themed naturalization ceremonies to mark this momentous day.
HIALEAH, Fla. — Elizabeth Vollmer, originally from Haiti, is the U.S. … [+]
Over the past decade, USCIS has welcomed more than 7.7 million naturalized citizens to our country, and this year 195 USCIS naturalization ceremonies will be held across the country, including at George Washington’s Mount Vernon, the Battleship New Jersey, Gateway Arch National Park in Missouri, and Lewis & Clark National Historical Park in Oregon, welcoming approximately 11,000 new citizens.
Last August, the American Immigration Council surveyed America’s most successful companies and the impact immigrant entrepreneurs and their children have on the U.S. economy. According to the report, “The New Fortune 500 2023: America’s Largest Companies and Their Immigrant Roots,” Fortune 500 90% of companies founded in 2023 were founded by immigrants or their children.
Fortune 500 In FY22, businesses started by new immigrants generated a staggering total revenue of $8.1 trillion, exceeding the GDP of some developed countries. Their contributions go beyond revenue, creating more than 14.8 million jobs. In fact, businesses started by immigrants and their children are a key driver of job creation and economic prosperity.
Many of America’s top companies were founded by immigrants and their descendants: Google (Sergey Brin, Russian), Apple (Steve Jobs, son of Syrian immigrants), Estée Lauder (born to Hungarian-Jewish parents), etc. Elon Musk, CEO of Tesla, SpaceX, and X (formerly Twitter), was born in South Africa. New Americans and their children are playing a pivotal role in shaping the country’s economic landscape. These entrepreneurs have contributed greatly to America’s status as a global economic powerhouse.
BEVERLY HILLS, Calif. — Elon Musk, co-founder of Tesla and SpaceX and owner of X Holdings, speaks … [+]
Why are immigrant entrepreneurs so successful?
Immigrants often excel as entrepreneurs for a variety of reasons that stem from their diverse experiences and global perspectives.
1. Diverse Cultural Perspectives
New immigrants to the country bring diverse cultural perspectives that lead to innovative ideas and solutions. This diversity often fosters creativity and unique approaches to business challenges. Additionally, their global mindset enables them to identify and capitalize on opportunities that others may miss, both in domestic and international markets.
2. Resilience and adaptability
Upon arrival, immigrants often face significant challenges, including language barriers and cultural adaptation. Such experiences tend to develop resilience and problem-solving skills that are essential for entrepreneurship. Moreover, the ability to adapt to new environments and situations is a key characteristic of successful entrepreneurs. As immigrants adapt to a new country, they naturally bring flexibility to their business ventures.
3. Strong work ethic
America is a country that has a long history of encouraging initiative. Many immigrants are driven by a strong desire to improve their situation and improve the lives of themselves and their families. This motivation translates into a strong work ethic and determination to succeed, instilling a determination to succeed in entrepreneurship.
4. Be resourceful
Immigrants generally have limited funds when they arrive in the United States, so they must be resourceful to overcome financial difficulties. Because traditional debt financing is difficult to obtain during their short stay in the United States, immigrants often turn to family and friends for financing. Immigrant networks can help in a number of ways.
Early in my career, I analyzed bank loan portfolios and quickly realized that small business lending to immigrant-based businesses was highly profitable and had low default rates. This is because failure is often not an option for immigrant entrepreneurs. Immigrant entrepreneurs are generally good at bootstrapping, cultivating a lean and efficient business approach from the beginning.
Immigrant-owned businesses typically demonstrate a propensity for growth, but the rate of growth is often relatively low. … [+]
5. Networking
Immigrants often rely on strong community networks for invaluable support during the early stages of business development. These networks provide relationships, a supportive spirit, valuable resources, advice, and connections.
Biz2Credit began when my brother Ramit and I started helping members of the South Asian community in New York City secure business financing. For some, going to a bank to meet with a loan officer can be intimidating due to language barriers, cultural barriers, and even aversion to debt. We were able to help small business owners secure financing, and over time the idea spread beyond the immigrant community to “mainstream” business owners. Technology leveled the playing field for new entrants, as well as existing business owners who struggled to access financing during the “credit crunch” of 2009 and 2010.
6. Risk-taking tendencies
The decision to leave your home country and start a new life in a completely different land and culture is not an easy one. It is a big risk. However, countless immigrants have successfully navigated the transition, survived, and thrived. In fact, they are more likely to be willing to take calculated risks in starting their own businesses, and their life experiences allow them to recognize and seize new business opportunities that others might miss.
In addition, immigrants are typically able to identify niche markets or underserved communities, both within their own ethnic communities and in the broader market. Their ability to find and serve specific needs gives them a competitive advantage. Moreover, ties in their home countries put immigrant entrepreneurs in a better position to engage in cross-border trade and international business.
By combining these traits and leveraging their unique experiences, immigrants often become successful entrepreneurs who contribute significantly to the economy, create jobs, and drive innovation. Their ability to see opportunities others don’t see, combined with their determination and tenacity, make immigrants well suited to the entrepreneurial path.
