As we approach the July 4 holiday, it is important to remember that this country is founded on the pursuit of freedom. On July 2, 1776, Congress voted to dissolve the link between the colonies and Great Britain and declare them free and independent states.
We take these truths for granted, that all human beings are created equal, that they are endowed by their Creator with certain inalienable rights, including life, liberty, and the pursuit of happiness.
“Declaration of Independence” – detail from John Trumbell’s painting. Undated color slide.
On the list of grievances against King George III in the Declaration of Independence cut off our trade with all parts of the world.
One of the freedoms achieved during the American Revolution was economic freedom. Indeed, the American Dream is the belief that everyone, no matter where they were born or what class they were born in, can achieve success and that upward mobility is possible for everyone. The American dream is achieved through sacrifice, risk-taking and hard work, rather than by chance.
This is an attractive concept and has been attracting people to this country for centuries. According to the Census Bureau, there are about 44 million immigrants in the United States, and about one in eight US residents (13.6%) is born abroad. A study by Vox and the Center for Economic Policy Research stated in 2017 that “population diversity is a critical source of long-term wealth in the US”
Millennial black businesswoman addressing colleagues at a corporate business meeting.
Provinces that attracted migrants of very diverse national and international origins more than a century ago are today considerably wealthier than those characterized by a more homogeneous population. Very diverse provinces after the era of mass migration have benefited greatly from the extensive skills and different perspectives and experiences that the arriving migrants brought with them, and from the interaction between those different groups. The result was a wave of new ideas and a renewed dynamism that quickly translated into lofty short-term economic benefits. These gains proved sustainable and, albeit to a lesser extent, are still being felt.
The Report on Population Diversity and Economic Impact concludes that the large, positive and sustained impact of societal diversity on economic development in the US “would be difficult to replicate” elsewhere (in countries with more homogeneous populations).
Additionally, Immigrant entrepreneurs: creating jobs and strengthening the economy, a 2012 study found that immigrant entrepreneurship in the United States creates new wealth and jobs. While many people are familiar with immigrant success stories, such as Google’s Elon Musk and Sergey Brin, few realize how many immigrants have started new businesses. Studies have shown that immigrant entrepreneurs have founded or co-founded more than a quarter (25.3%) of all science and technology companies in the US. international.
Immigrants including myself and my brother Ramit have come here because it is a place where someone can start a business in a garage and create a multi-million or even billion dollar business. In fact, an estimated 45% of the Fortune 500 companies founded by immigrants or their children, including top US companies, including tech giants Amazon (Jeff Bezos), Apple (Steve Jobs), Google (Sergey Brino) and Tesla (Elon Musk†
SpaceX owner and Tesla CEO Elon Musk arrives on the red carpet for the 2020 Axel Springer Award on † [+]
“We should allow the most creative entrepreneurs in the world to stay in our country. They’re going to contribute somewhere and succeed – why wouldn’t it be in the United States? America’s prosperity has always depended on the hard work, sacrifice, drive and dreams of immigrants. Our future will depend even more on them,” said Thomas J. Donohue, CEO of the US Chamber of Commerce, in 2012.
Immigrants often move to low-rent neighborhoods where there is little economic activity and where physical conditions deteriorate. Many start a business as an alternative to working in low-paying jobs, usually within 3 to 10 years of arriving in the United States. These businesses are typically small to medium-sized and include real estate companies, restaurants, food stores, nail salons, and gift shops. Many of these companies offer retail or in-person services for nearby ethnic groups, according to a 2005 report titled: Immigrant Entrepreneurs and Neighborhood Revitalization†
Further, the National Foundation for American Policy Brief in 2016 (Billion dollar immigrants and start-ups) by Stuart Anderson) reported that immigrants have founded more than half (44 out of 87) of US startup companies worth $1 billion dollars or more and are key members of management or product development teams in more than 70% (62 out of 87) of these companies . The survey finds that among the billion-dollar startup companies, immigrant founders have created an average of about 760 jobs per company in the U.S.
Another reason America is the land of opportunity is because of the assistance readily provided to immigrant entrepreneurs, including:
While it may feel right now that America is more divided now than ever before, it’s important to realize what makes this country great. Here one can rise above the circumstances and rise to the highest heights through ingenuity, hard work, planning and investment capital.
