On the rise: Immigrant entrepreneurs
By Jose Pagliery, CNNMoney
NEW YORK (CNNMoney) –– Working for a new company? There's a more than one-in-four chance your new boss wasn't born here.
Immigrants created 28% of all new firms last year. They were also twice as likely to start a new business when compared to those born in the United States.
It's a notable shift. Nearly all new firms are small, and many are hiring new workers, seeking small business loans and shaking up established industries.
What's behind the rise of immigrant entrepreneurs?
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For one, immigrants are over-represented in lower wage sectors like construction, which was hard hit during the economic crisis, according to Rob Fairlie, a professor at the University of California-Santa Cruz.
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That's not because the educational systems are necessarily better than they are here, but because out parents and society in general hold us to higher standards of performance in order to allow us privileges and upward mobility.
One thing for sure, the average of these new immigrant bosses is better, in fact much better, educated than an average American.