Immigrant Entrepreneurship: An Engine for Economic Recovery

With the economy down, many businesses have been declining. Despite this downturn, there has been a rise of immigrants who are providing economic support, leading a strong fight for economic growth. It is no surprise that “foreign-born entrepreneurs have been starting a greater share of new businesses than native-born residents.” Coming to America, immigrants have a certain, specific goal: to be successful. One of the solutions to that, is getting involved in their own business and making a living out of it.  So, small business and entrepreneurship remain the engines of job growth and economic recovery.

Immigrants are 30% more likely to being a business than non-immigrants. That is a shocking high stat because you would expect non-immigrants, who have the resources and are familiar with the American economy to begin a business. That being said, immigrants do have more of a strive and motivation to begin a business despite various factors that come along their path.

Perhaps what’s most surprising is that this growth is not just driven by immigrants with  degrees and high education. In other words, lack of education doesn’t stop these highly motivated immigrants from starting new businesses. That being said, immigrant dominated communities in the city area have shown to have an explosion in new enterprises. Also, stats show that even an increase in job growth among these communities have prevailed. There has been a 34% in Washington Heights and 28% in Jackson Heights.

A question that comes up is what can the nation do to bring more Americans – native-born and immigrant alike – to create their own businesses? That as well as the growth of businesses by immigrants, the overall economy can grow with the growth of entrepreneurs.   Since there is a shift of job growth as well as enterprises, the city must come up with a way to pick itself up from this economic downturn. Whether it is to support these immigrant businesses, or join these businesses and create big companies, action should be taken to solve this economic conflict that immigrants may have an answer to.

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