Immigrants are More Likely to Succeed in Entrepreneurship

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For immigrants, it is difficult to chase success in entrepreneurship in the United States, but that doesn't mean they can't be great in this arena. In fact, a recent study found that immigrants are almost twice as likely to be entrepreneurs compared to native-born Americans, according to an article by Latin Post. Moreover, a recent Harvard Business School study showed that immigrants make great entrepreneurs, with experts citing the "immigrant mindset" as a major asset they bring to companies.

The same study suggests that between 1996 and 2006, there had been a 31 percent increase in immigrant entrepreneurs since immigrant-started businesses grow at a faster rate and last longer in the industry compared to businesses started by native U.S. residents.

In his article published in Forbes, Sardor Umrdinov, an immigrant from Uzbekistan, who is now the CEO and Founder of Home Alliance, said even though he has found his success in the U.S., he owes it all to his immigrant background.

In the last six years, Home Alliance has grown tremendously from absolutely nothing to a value of $20 million dollars, serving 200,000 households each year.

There are many others who went through the same fate like Elon Musk who came from South Africa and founded TESLA, an automotive and energy giant; Arianna Huffington from Greece who founded Huffington Post; and "The Condo King of South Florida" Jorge Pérez, an Argentinian who is responsible for Miami's famous skyline.

Umdrinov cites three reasons why immigrants make great entrepreneurs.

1.       Immigrants Are Well Acquainted with Patience and Resilience

For most immigrants, starting a living in the U.S. requires unfathomable patience and resilience. Their hardships start even before reaching America. They go through the dangers of escaping their home countries, crossed uncrossable borders, days upon days of travel. These experiences boost their ability to handle difficult situations with head up high. The more they are tested, the more strengthened they become in any circumstances, including the difficulties of running a business.

2.       Immigrants Know the Value of Money

The main reason why immigrants move to the U.S. is to earn money to support their families. They are no stranger to poverty. A hard-earned penny is a stomach filled. They see purchases in terms of needs and wants, and understood the depth of value that money had. This understanding is crucial to business venture: when given the responsibility to handle financial matters, they draw out from their personal experience and make sure that money is spent wisely. They develop a great eye for what the business needs to spend money on versus how much money is brought in.

3.       Immigrants Have The Ability To Think Globally And Can Tap Into Other Cultures And Markets

Immigrants are very familiar with what it means to enter a place whose culture, people and language are near-unrecognizable. Having different perspective on things, they need to assimilate over time which were difficult to relate to at first.

Being an immigrant requires them to be open-minded to the possibilities life may throw at them. They think globally and develop an appreciation for diverse people, which is something they apply on their company's practices. Being able to work with people from diverse backgrounds links their companies to more market opportunities. For Umdrinov, his background has allowed him to create international connections that have been vital to the success of his company. For instance, Home Alliance have call centers in Ukraine and the Philippines, and have contracted skilled software developers from Cuba, Ukraine and Uzbekistan.

Finally, Umdrinov stressed that without immigrants in CEO, founder and C-suite positions, American businesses lose substantial diversity of cultures, experiences and voices-elements which are very crucial to steer companies to success.