Why Do Immigrants Make Great Entrepreneurs?Sep 15, 2022
5 Things Immigrant Entrepreneurs Have in Common
It’s no secret that immigrant entrepreneurs have something going in their favor. The Harvard Business Review points out that immigrants in the United States are almost twice as likely to become entrepreneurs than native US-born citizens, but why?
Keep reading for the top five answers I have found to the question “why are immigrants so successful as entrepreneurs?”, outlining the main things that make immigrant entrepreneurs stand out from the crowd with their innovative ideas.
#1: Immigrant Entrepreneurs Have a High Risk Tolerance
Moving to a foreign country to start a new life is risky, and the people who do it are not afraid to put everything on the line for the chance of a brighter future. This kind of mindset is invaluable in the business world, showing many immigrants have the right drive and determination to thrive in a world where risks reap rewards.
#2: Immigrant Entrepreneurs Can Identify New Niche Markets
If you look at the world of business in the country where you were born and bred, your vision will be somewhat clouded. Gaps in the market are sometimes obscured when you are the majority in a world you have always known. But for many immigrants, issues and possibilities in the market are glaringly obvious.
#3: Immigrant Entrepreneurs Are Acquainted With Patience And Resilience
In a Forbes article written by entrepreneur and immigrant Sardor Umrdinov, he highlights the impact of the immigration journey and subsequent hardships. These challenges equip many immigrants with a level of persistence, determination, flexibility, and restraint that others who stay in their country of birth often don't need to muster.
#4: Immigrant Entrepreneurs Have Useful Cross-Cultural Experiences
Most immigrants have a wealth of cross-cultural knowledge that has clear benefits in business. The skill of seeing both sides of the coin enables connections that other entrepreneurial thinkers might miss. Immigrants have an entrepreneurial experience in that they can bring ideas and ways of living together in a way few others can.
#5: Immigrant Entrepreneurs Can Appeal to International Markets
Some businesses may struggle to expand internationally due to misunderstanding their target market or missing the mark with how to reach them. Many successful immigrant entrepreneurs are able to bridge that gap. Knowing how to market a product in a way that appeals to a different demographic or adapt a pre-existing idea to fix a different set of issues is what makes an entrepreneur successful.
The entrepreneurial experience can feel scary and overwhelming for many people who doubt their skills, which can keep immigrants stuck in jobs that don’t serve them. With a little coaching and guidance, your business plan could take off in no time. Learn more about how I can help you with business coaching.
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