Immigrant entrepreneurs create about a quarter of new businesses in the United States, with the numbers varying widely by location, according to a National Bureau of Economic Research working paper. There are some professionals supporting them to success and also helping the U.S economy to overcome the pandemic: The Business and Finance Consulting.
Business and Finance consultants work with companies or individuals to plan for their business and financial futures by offering information and guidance on topics that include taxes, investments, and insurance decisions. For the immigrants that are now opening more companies than ever in the U.S, this is very important to keep their business alive and profitable. In the U.S, 60 percent of the most highly valued tech companies were co-founded by first or second-generation immigrants.
A professional category is being essential for this new immigrant workforce in the U.S. The Business and Finance Consulting, Julio Cesar Vera Negrete, that is a professional in this area in Florida, says the support of his career is helping many immigrant entrepreneurs to understand the U.S business rules and also to avoid mistakes. According to him, this year, because of the pandemic, they were essential to keep the immigrant new business alive.
“As a Business and Finance Consultant, I saw the number of immigrant entrepreneurs increase this year. Our career is helping them to keep their business and jobs safe during this pandemic time”, explains Julio Vera Negrete. “Our work is being so important to help the immigrant community to stand up and keep the U.S economy strong”, says the Business and Finance Consultant.
Julio Vera explains that immigrants play an increasingly pivotal role in the U.S. economy. They are overrepresented in our labor force, relative to their share of the population, but they also have a higher propensity to launch businesses, compared to those born in the United States. It highlights research illuminating the role of immigrant entrepreneurs in starting businesses, creating jobs and revitalizing communities.
Immigrants are much more likely to start businesses than U.S.-born. The percentage of adults, both U.S.-born and immigrant, who became entrepreneurs in any given month during 2019, was .31 percent, or 310 out of every 100,000. The entrepreneurship rate for immigrants during the same time period was higher at .52 percent, about twice the rate of the U.S.-born (.26 percent). In other words, for every 100,000 immigrants, 520 became entrepreneurs in a given month.
Of all new entrepreneurs in 2016, 29.5 percent were immigrants. More than 20 percent of new and established business owners in the U.S. were immigrants in 2014. This representation is far above the immigrant community’s 13.2 percent of the U.S. population. The expanded immigrant report also shows that as of 2007, 25 percent of all companies are founded by immigrants, and Entrepreneur reports that more than 40 percent of businesses in the U.S.
The number of immigrants from the Dominican Republic, the Philippines, Cuba, Venezuela, and El Salvador has also increased between 2010 and 2018. By contrast, there were more than half a million fewer Mexican immigrants in the United States in 2018 than in 2010. In 2018, 44 percent of U.S. immigrants (19.8 million people) reported having Hispanic or Latino origins.
“It is very important to understand that our work is helping the U.S economy to overcome the pandemic at the end of the line”, explains Julio Vera. “Understand the immigrant population in the U.S gives us a chance to accept these people is opening a new business and need attention. A bunch of those immigrant companies creates thousands of jobs, that is so important to the U.S economy now”, says the Business and Finance Consultant.
Recent data shows that the majority of U.S. Hispanics are native-born. Of the 59.8 million people in 2018 who self-identified as Hispanic or Latino, 33 percent (19.8 million) were immigrants and 67 percent (40 million) were native-born. “We are giving our best to help this country. As professionals, our goal is to overcome the pandemic scenario and keep our faith in the U.S as a safe home for many people”, says Julio Vera.