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“Between one-third and one-half all students at Stanford, MIT, University of Pennsylvania, University of Chicago and UC Berkeley come from abroad. These schools are training camps for immigrants transitioning into careers as American entrepreneurs.
Equally important, immigrant commerce also thrives at the grassroots level. It manifests most visibly in the proliferation of small stores, restaurants, food-processing businesses, garment factories and trucking lines. Overall, immigrants are 60% more likely to start a new business than native-born Americans. The number of self-employed immigrants has grown even in New York City, where the number of self-employed among the native-born has dropped.
Immigrant businesses have thrived by providing basic services, such as banks, insurance agents, funeral homes and grocery stores. Some of these businesses arose because the mainstream community had failed to identify opportunities in these markets or had consciously decided to exclude them.
This diversity will allow Americans to tap the global market, and culture, in ways other countries and their state-based enterprises just can’t match.”
You find the complete comment on Forbes: America’s 21st-Century Business Model.
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Tags: Berkshire Hathaway, Business, China, Food processing, Li Lu, New York City, Stanford University, Tiananmen Square, United States, University of California Berkeley, University of Chicago, University of Pennsylvania, Warren Buffett
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