It has been observed that immigrants in the US are two times more like to start their business as compared to local Americans. As per the New American Economy, immigrant-owned businesses generate at least $ 1 trillion in sales revenue every year.
President Trump issued a recent rule which denies visas to all immigrants who use public benefits. These immigrants have been positioned as a burden on the American taxpayer. In reality, immigrant-owned small businesses generate billions of dollars in taxes every year.
Immigrants, generally, have more funds to start a business irrespective of where they relocate to, as per the NAE.
Why are immigrants more likely to start a business?
As per some researchers, immigrants are mostly culturally aware individuals and the cross-cultural experience helps. Such immigrants develop their skills and knowledge which help them identify business opportunities.
As per a Harvard Business Review, immigrants often face some discrimination at the work front. This, more often than not, push them to open their ventures.
How do immigrant-owned businesses contribute to the US economy?
One out of every five entrepreneurs in the USA is an immigrant. As per NAE, there are more than 3.2 million immigrant entrepreneurs in the US.
Immigrant-owned businesses generate $1.3 trillion in sales every year. In tax revenue, these businesses generate around $405.5 billion per year, as per Axios.
As per the NAE, more than 8 million Americans are employed by immigrant-owned businesses in the US.
The National Bureau of Economic Research states that almost 50% of all immigrant-owned startups are in retail trade, food services, accommodation and technical services.
Immigrants started 40% of all the new businesses in 2012 in New York, California and New Jersey. These states also have the highest number of immigrants in the US.
The US Small Business Association states that Latino immigrants are much more likely to start their own business than US-born Latinos.
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