Immigrants are more likely to become entrepreneurs, proved a research paper published in the Journal of World Business. It is because those who leave their countries to start a new life elsewhere are more willing to take risks, observed the author of the paper, Peter Vandor, a senior researcher and lecturer at the Vienna University of Economics and Business.
He found that the tendency to set up a company was high among immigrants compared to native-born residents. Individuals with certain personality traits are more likely to migrate and these traits also make them more likely to start a business, he said in the paper. “Results showed a clear link between (voluntary international migration) and entrepreneurship as measured by behavioral intentions, preparatory activities, and long-term actions,” he wrote.
Newcomer entrepreneurs in Canada
Earlier, a study conducted by the Business Development Bank of Canada had also found that newcomers to the country were more likely to start a business and create jobs compared to their Canadian-born counterparts. The entrepreneurial rate among newcomers is more than double the rate for people born in Canada, found the study. Between the years 2006 and 2018, the number of newcomer entrepreneurs in Canada grew to 251,600, a 22 per cent increase. It is estimated that immigrants will account for 80 percent of Canada’s population growth by 2032. It means Canada is going to have more newcomer entrepreneurs in the coming years.
The study found that though running a business in Canada was highly stressful, it was highly rewarding as well. Eighty percent of the entrepreneurs are professionally satisfied according to the study. They enjoy managing their business, they are motivated to work every day and they feel satisfied with their business progress. Independence, autonomy, flexibility, passion and fulfillment are the factors other than money that motivate newcomer entrepreneurs in Canada.
Canada has a Start-Up Visa Program to help newcomer entrepreneurs. Provincial Nominee Programs also offers several immigration pathways for entrepreneurs. Immigrants may also think about starting a business after settling down in the country.
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