On this months There’s Money Out There our topic is “New American Entrepreneurs” and our focus will be on the challenges faced by immigrants starting businesses.
This topic is timely especially in light of the current administration’s position on restricting immigration into the United States.
Starting a business is challenging for anyone, but for immigrants, there are specific barriers that make the choice of an entrepreneurial life even more difficult.
These barriers can include:
- Restrictive legislation relative to immigrants: the permit to be self-employed is particularly difficult to obtain in the countries of new immigration (Spain and Ireland).
- In other countries, access to certain professions may be denied from self-employed immigrants, or it may require diplomas from the host country.
- Administrative requirements: for all entrepreneurs, formalities, and registration can be complicated, but these steps can be even more demanding for immigrants, with extra difficulties in getting foreign diplomas and skills recognized and in dealing with the paperwork.
- The inactivity trap: many immigrants, who are recipients of unemployment or welfare benefits, risk losing a minimal but secure income by becoming entrepreneurs. In addition, they may have to pay tax and social security contributions even before their business becomes profitable.
Read more: Barriers Immigrants Face in Starting a Business
Many believe that immigrants are granted special dispensations to start businesses. Is this the truth or a myth? We’ll delve deeper into this concern in our conversation with guests Jude Arijaje, Owner multiple Minuteman Press franchises and Sylvester Okolo Founder/President of Care to Learn Child Development Co. Inc., Co-Founder Arum Healthcare Services, Inc., and owner of Silicon Realty & Development Co. Inc.
We expect a vibrant conversation and you’re invited to participate.
We’ll also discuss:
- Financing for New Americans
- Specific hurdles
- Dispelling Myths
- Do immigrants really get more resources than native-born Americans?
- Immigrants get a leg up when starting a business here.
- Finding financing resources
- How do we engage immigrants in entrepreneurship?
- How do we organize the community to get resources to move them into entrepreneurial class?
- Deloitte article about dismantling affinity groups
- If the company doesn’t care about me, should I be there? How do I make money if not?