Entrepreneurs have to navigate one of the most challenging career paths in the US. Failure rates are high, with the vast majority of the 27 million entrepreneurs failing to last more than five years. Entrepreneurs need to find inspiration from somewhere. Immigrant entrepreneurs are using their routes as a source of inspiration. Their different upbringings present them with a set of skills that can help them stand out from the crowd.
Matthew Daniel is one entrepreneur who has done just that. He runs a rental and property management and design business. It has led him to build a multi-million-dollar business empire. And Daniel continues to diversify his interests.
His story is one that demonstrates how much of an impact immigrant entrepreneurs can make through looking at where they came from. This guide is going to show you how they succeed in the business world.
Entrepreneurship is about being able to fail hard and fail fast. There are too many entrepreneurs sticking with ideas that don’t work, even when they have seen the warning signs. When they give up they don’t climb back on the horse. And that’s because they lack the hunger needed to keep going.
Many young immigrant entrepreneurs don’t fail because they have the hunger to succeed. Daniel, for example, grew up as a middle-class Indian in Tamil Nadu, India. Although he was never poor he was disadvantaged when compared with the average American.
When he moved to Florida in 1999 he moved to a new culture and a place with entirely different living standards. The hunger he had to move half way across the world to succeed drove him forward.
That’s exactly why so many young immigrants reflect on their roots. A lot of immigrants are from much poorer nations. They’re determined to succeed because they want to make their families proud.
The Concept of Hard Work
Ask anyone and they would love to run their own business. Daniel runs Tropical Escape Vacation Homes and turned it into a multi-million-dollar business in just ten years. He worked hard to do that because that’s the only thing that counts in the world of entrepreneurship.
Hard work and passion are the two ingredients that every successful entrepreneur has to have. They’re no guarantee of success, but it can take you a long way. One of the huge problems is that many people would love to experience the rewards of entrepreneurship but are unwilling to actually work hard to get it.
Daniel looked back at his hard working Indian roots and used them as inspiration to drive him to work harder than everyone else. Any entrepreneur can do this if they want to.
Knowing How to Expand
Expansion and innovation is critical for entrepreneurs. You need to constantly reinvent your business and pivot if you’re going to keep things fresh. This could include changing your target audience or opening a completely new business.
This is what Daniel did. He opened another company called Design2Rent. It was still in the same industry as his vacation rentals business, but he sidestepped into another niche. This company is an interior design studio that helps to increase the value of investment homes.
It was a business expansion in order to diversify. That’s something every entrepreneur needs to learn from. There’s no value in standing still and waiting for something to happen. You have to be willing to expand and innovate if you’re going to stay relevant.
And many immigrants can look back at their roots. They uprooted themselves (and in some cases their families) to move half way across the world for a better opportunity.
Using Your Roots as a Business
There are many immigrant entrepreneurs in the US using their roots as a business idea. People want to experience a different side of the world. And they want to be able to experience that without flying for twelve hours. Many entrepreneurs are using the charm of their family background to do just that.
Daniel has opened the Blue Ginger Modern Indian Grill. He seeks to deliver authentic Indian cuisine to local people in Florida. He’s infusing good old-fashioned Indian cooking with a modern dining area and bar. The main selling point is the roots he has in Tamil Nadu.
Entrepreneurs who’re out of business ideas might want to look closer to home for some good ideas.
Conclusion – Your Roots Are Important
Immigrant entrepreneurs might not have been born with the same advantages as US entrepreneurs, but they have a set of unique experiences that can set them up for a successful business career. Think about how your immigrant roots contribute to your success.