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I think the main reason is start up capital. You can't start up a business without this. Many foreigners save (maybe the entire family saves for decades) before they come or they are already wealthy.
There are no shortcuts to starting a business or running a successful one.
I think the main reason is start up capital. You can't start up a business without this. Many foreigners save (maybe the entire family saves for decades) before they come or they are already wealthy.
There are no shortcuts to starting a business or running a successful one.
It depends on the kind of business. An IT services business and/or opening a Subway franchise requires minimal cash. While opening up a full service restaurant requires large amounts of cash.
Also, private equity is so east to attain today... making cash a much smaller hurdle than it used to be.
I think it is the lack of a soft landing. I think quite a bit of people have ideas for business that they want to start some day, but many times they have a job. And if it's a decent job they don't want to give that up, and some may decide to start something on the side. But since they don't need this to feed their family, they don't put enough commitment to it. I have become prey myself to this outlook somewhat
It is much more difficult for immigrants to find jobs working for other people. They might not even be able to do so legally at all. So for them it is either make their business a success or no food on the table.
Sometimes opportunity is all around you and you can't see it, foreigners do and work hard to achieve success. I was in the service business and ran across many minority homes and noticed how hard they worked as a family. Lived together and saved money and became successful after some years of hard work. I remember one time I serviced a 24 family two story apartment building. It was owned by Polish immegrants, everyone had jobs and the Grandma's watched the children. In the basement they made a hugh playroom for the kids. There also was a hugh kitchen in the basement where they prepared the food for the extended family.
Here's an example of the pooled savings approach used by many immigrant groups. It has different names depending on the group. Caribbean people call it Susu.
A lot of new immigrants often become wildly successful in America after only a few short years. Many are trained in a culture that values money more highly than here in the USA, they save their money, and then invest it in businesses and homes. And they spend wisely.
That Korean family down the street may be driving a Mercedes, but chances are, they bought it secondhand, and paid cash for it. Only natural-born Americans would think to pay new car prices and then finance or lease.
Natural-born Americans resent the success of immigrants, as it highlights how poor their own spending and work habits are. So many resort to racism or to nefarious conspiracy theories that the government is handing out money to immigrants.
Hence the myth of: government programs created to give immigrants money to start businesses arise.
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They are smarter and they do not waste money on un-needed luxuries.
The whole family works together, including relatives,
and their friends of the same nationality and background.
If it is a store, or gas station, motel, etc.
they live in the back or spare room. They don't need a house.
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They pool their money as a community and work together to open businesses. My uncle is married to a Vietnamese woman. She worked with people in her community to purchase a nail shop, now my uncle and aunt own several.
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