12 5 percent of small businesses are made up of immigrants from other countries diversity is essential for innovation in the workplace

12.5 Percent of Small Businesses are Made Up of Immigrants from Other Countries: Diversity is Essential for Innovation in the Workplace

When it comes to small businesses in the United States, immigrants play a significant role in contributing to the economy. According to the American Immigration Council, approximately 12.5 percent of small businesses are composed of immigrants from other countries. This fact not only highlights the entrepreneurial spirit of immigrants but also emphasizes the importance of diversity in the workplace.

Diversity can be defined as the inclusion of individuals from different backgrounds, cultures, and experiences. Having a diverse workforce offers numerous benefits to businesses, one of which is innovation. When people from various cultures and backgrounds work together, they bring different perspectives, ideas, and solutions to the table. This rich tapestry of experiences fosters creativity and drives innovation within the organization.

One reason why immigrants make such valuable contributions to small businesses is their unique skill set. Many immigrants possess specialized knowledge, expertise, and experiences that can greatly benefit their industries. They bring diverse skills, such as technological proficiency, multilingualism, and intercultural competence, which can open doors to new markets, establish international connections, and drive business growth.

Furthermore, immigrants often start businesses that cater to specific ethnic communities or offer products and services from their home countries. These enterprises not only fulfill the needs of their own communities but also attract diverse customers, providing opportunities for cultural exchange and increased customer loyalty.

A study conducted by the National Bureau of Economic Research found that immigrant-owned businesses have a high propensity for innovation, resulting in increased productivity and job creation. This research supports the notion that diversity and immigrant contributions are essential for maintaining a competitive edge in the global market.

The impact of immigrant entrepreneurs in the United States is undeniable. They have created millions of jobs and contributed significantly to economic growth. According to the New American Economy, immigrant-owned businesses generated $405.5 billion in annual revenue in 2018. These statistics demonstrate the invaluable role immigrants play in the country’s economic landscape.

In conclusion, the fact that 12.5 percent of small businesses are comprised of immigrants from other countries speaks volumes about the importance of diversity in the workplace. Immigrants bring a wealth of skills, ideas, and experiences that foster innovation and propel businesses forward. Their entrepreneurial spirit and economic contributions deserve recognition and support. By embracing diversity, businesses can position themselves to thrive in a rapidly evolving global marketplace.

Source: immigrationforum.org/article/immigrants-as-economic-contributors-immigrant-entrepreneurs/