It is easy to realize that substantial amount of entrepreneurs in U.S are immigrants. According to America’s respectable business magazine Forbes’ annual the 400 richest Americans list, 42 out of 400 are immigrants from 21 different countries. The 42 the richest Immigrant American’s net worth is approximately $250 billion. Tesla founder Elon Musk (South African) with $11.6 billion, Whatsapp founder Jan Koum with $ 8.8 billion (Ukrainian) and Sergey Brin (Russian) Co-founder of Google as of March 2017 the 13th richest person in the world with an estimated net worth of $39.9 billion are the well-known immigrants worldwide. As we can see, there is a win-win situation in which Immigrants are able to achieve great success with hard work and have a chance to advertise their creative business attempts in one of the most diverse market in the world as it brings a huge amount of income to the United States’ economy.
REASONS OF SUCCESS
- Hard work and Goals Most of the immigrants come from countries where they have to work twice as hard to survive and they bring this mentality to United States. In return, immigrants can have greater results from their hard work in the US than their home country.
- Setting Goals and Taking Risk: People migrate to other countries to have better life standards. They come here with the mindset of achieving their goals and reaching their expectations. This is the reason why immigrants are sometimes braver and take bigger risks.
- Potential and Possibilities: United States of America, with a population of over 320 million has almost unlimited potential for entrepreneurs. Examples show that everything is possible if you are in the right place in the right time. Immigrants coming from smaller countries are more eager to evaluate this potential to attain their financial goals, because most of them have limited opportunities in their own country.
- Affordability: People have higher life standards in United States than most other countries, because fundamental needs are very affordable. For instance, as possessing a car is a luxury in some countries, it is something very common in the United States. Similarly with electronics, gas, meat, alcohol, textile products etc. People in their home country tend to work harder, rarely able to afford even one simple luxury, like a brand new TV, or maybe a new pair of name brand shoes. It makes it harder to be successful since working to survive is their only way of life. But being able to obtain so easily what you want here in the US is a driving force for entrepreneurs who know that if they have the right product or idea, they can be an Elon Musk, Jan Koum or another Sergey Brin.
These are my general observations why immigrants are successful in the United States. In addition to these, as Europe struggles migrant crisis and focusing on stealing jobs and benefit fraud, United States support the idea of welcoming migrants is a very effective way to stimulate entrepreneurship. America’s approach to immigrants and immigrants’ enthusiasm for success are a great combination for people who are ready to follow their dreams..
- Approximately 43.3 million foreign-born people live in the United States
- According to the Small Business Administration, immigrants are 30 percent more likely to start a business in the United States than non-immigrants, and 18 percent of all small business owners in the United States are immigrants.
- According the U.S. Department of Labor, 7.5 percent of the foreign born are self-employed compared to 6.6 percent among the native-born
- A study by the Partnership for a new American Economy found that 18% of America’s largest companies were started by immigrants. A further 22% were founded by children of immigrants.
Sources for statistics : www.forbes.com