Immigrants account for more than 27% of entrepreneurs in the United States, regardless of being just 13.5% of the total population. A 2016 study found that immigrants and children of immigrants had established 51% of startup businesses worth more than $1 billion in the nation as of January 1, 2015. Another study found that over 40% of the companies appearing on the Fortune 500 list of 2017 were founded by immigrants. The following are some of the competencies and qualities that successful immigrant entrepreneurs have leveraged for their success.
Developing a Mindset of Flexibility and Innovation Coupled with an Unwavering Desire for Success
Successful immigrant entrepreneurs have accepted the fact that nothing can be handed to them on silver platters. They know that every single success takes time, effort, and perseverance. This mindset is a product of the environments from which they were brought up. President and Co-founder Aurimas Adomavicius of Devbridge Group, a successful custom software design company, for instance, views this mindset as an outgrowth of living in an environment with limited chances of success. Adomavicius emigrated from Lithuania with his parents. He attributes his ingenuity and unwavering desire for success to the environment in which he was brought up.
Nurturing a Love of Learning
Developing a love of learning helps immigrant entrepreneurs learn new things about their line of business, industry, and the world at large. They aren’t afraid of change. Instead, they view challenges as opportunities for growth. This mindset allows them to be more daring and fearless in their entrepreneurial career. The desire to learn new things also helps immigrant entrepreneurs think outside of the box.
Taking Advantage of the Available Support System
The notion that no one becomes successful alone is particularly true for immigrants. Parents, close friends, and community play a central role in the success of immigrant entrepreneurs. These entrepreneurs tend to understand that true talent rises above political organizations and country borders. They, therefore, work with competent immigration lawyers to facilitate the immigration or emigration of talented business professionals from any part of the world.
Opting to immigrate to a foreign country is a practical example of a pursuit of change. For some immigrants, it can be the only available survival option. Immigrants understand what drove them from their countries, and that pushes them to make their new life better and ensure it doesn’t mirror their old conditions. They work tirelessly to get accustomed to the new culture and lifestyle. They usually work harder and strive to learn more compared to their native-born peers due to the barriers in language, culture, and society.
Using Creativity to Gain a Deeper Understanding of Problems
Adjusting to a new language, culture, and way of life requires creativity. Immigrant entrepreneurs leverage this creativity to gain a deeper understanding of problems. This enables them to come up with new ideas, identify previously unseen problems, and resolve difficulties with unique solutions. If an immigrant is, for instance, building a law firm to solve immigration problems, he or she may work closely with a legal recruiter to help in hiring the best talents.