http://money.cnn.com/2014/09/18/smallbusiness/immigrant-entrepreneurs-exports/index.html?iid=H_E_News
In this article presented by CNN Money, it offers an in depth perspective on how immigrant entrepreneurs have a significant leg up on North American entrepreneurs when it comes to international business. Some of the advantages that they have are due to family ties, culture familiarity, knowing the market as well as the environment.
The article touches on how these immigrant entrepreneurs have a much higher propensity for participating in transnational activities given their roots in foreign territories. International clients have more confidence in their partners overseas if they have ties to a different country. The ability to export internationally has a great deal of influence on ones knowledge of that given area, and given that many of these new entrepreneurs have a great ability to speak many languages, it gives them a leg up on North American businesses because of the barrier presented by language and familiarity. The network of international business is far more substantial for those from foreign countries, and because of this, it allows for a greater ability for international distribution partners, which is a huge business asset.
Overall the main emphasis of this article was to elaborate on how current international business is fueled by immigrant entrepreneurs, and given that, they have a significant leg up on other entrepreneurs without ties to foreign countries.Those looking to start exporting or expand their international base can learn from immigrant entrepreneurs to get a leg up on their competitors.
What this article tells me is the United States entrepreneurs need to have better international business sense. In todays world we can no longer be focussed on just the U.S, but focused on the world economy as a whole. While these immigrant entrepreneurs may seem like they have an advantage it is nothing U.S entrepreneurs cannot learn. In order to compete on a global scale you must think on a global scale.
ReplyDeleteIt makes sense that immigrant entrepreneurs have a leg up on U.S. entrepreneurs, because it seems they are more in-tune and connected with more cultures rather than just America. Whether it is based on language, culture or knowledge of the market, its important to have a diversified skill set and knowledge base to be able to have the most success when it comes to being successful in any industry. This isn't to say that all immigrants have a step-up, because there are plenty of North American businesses that are extremely successful at reaching a variety of people all over the world and not just locally.
ReplyDeleteTo say that immigrant entrepreneurs have a distinct advantage over their American counterparts even in international business is a generalization which probably does not hold true for the overall international business entrepreneurial community in the United States. The article does not mention any hard data, which relates the success of local entrepreneurs to that of immigrant ones in international business other than listing a few examples.
ReplyDelete'Still, few U.S. small businesses are exporting their goods and services -- just about 300,000 of some six million."
The above statement shows that exports of small companies involved in international business make up only 5% of the market. However, I do agree on that, immigrant entrepreneurs who are working on a product or service, which requires an understanding of an international market might have higher chances of success due to their understanding of the culture etc.
I would agree, to some extent, with the statement that international entrepreneurs have an advantage over the average American. Living internationally does make you more cultured and culturally aware, which is a benefit when working with international businesses. It shows you have an international background, and can understand different cultural values etc. However, this may not always apply to every international entrepreneur, it honestly depends on the person and how they reacted to their experiences abroad.
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