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Even though America has been a melting pot of many cultures for over a century, business limitations for other cultures haven’t changed much. Sikhs, those of Asian descent, and even black business owners have been pigeonholed to remain in a specific field, their upward growth and expansion stifled.
But, since the turn of the new century, those dynamics have changed. The markets show a decided influx of new business owners that have reached beyond their original resignation. And while Chinese-speaking entrepreneurs were only offered opportunities to open restaurants, now they have footholds in everything from finance to hospitality.
The March Toward Change
America is the land of opportunity. And while Hong Kong might be the city of the future, the cramped spaces and busy lifestyle are not conducive for new businesses unless these interested entrepreneurs have lots of startup capital and know someone influential. And that is why many Chinese-speaking people have flocked to America to make their mark on the world.
In the last 20 years, the Chinese population in America has spiked to the north of 5 million people, and that includes Canada. With over a billion people in China, opportunities to venture into any business without an overly saturated market within the same people group are slim. Consider all the Chinese buffets out there. There are quite a few, all jockeying to keep their limited customer base.
But what if you wanted to start an investment firm, a rental company, or a product market? There are already plenty of Chinese-speaking business owners in each of these, but the percentage is minute in comparison to the same statistic in China. The chance for Chinese-speaking businessperson to stake their brand and make themselves an entity worthy of notice is more viable in the American marketplace.
Current Metrics for Chinese Business Owners
To fully grasp the influx of Chinese businesses opened in America, you have only to look at the numbers. Between 2007 and 2012, U.S. businesses owned and operated by Chinese-speaking people went from 1.5 billion to 1.9 billion. And along with this substantial five-year-jump, the percentage of Chinese businesses, even apart from all other Asian-owned businesses in America soared to 27.6 percent of the whole.
These numbers speak to a substantial rise in a drive to inject a Chinese-speaking business influence that will only improve the American markets, while also increasing revenue for Chinese investors. American businesses only saw a 2 percent jump within the same 5-year period.
In China, the government for the longest time had a stranglehold on the business market, unwilling to allow privately owned companies licensing. Communism gave the government all the power and a budding business was immediately crushed unless it played by the rules, which were never in the business owner’s favor.
Since the communist economy dissolved, things have improved, and the government loosening its grip. But the change is slow and is never easy, especially after such a long and sordid history of economic and financial oppression. In America, capitalism breeds the need for new business opportunities, allowing business owners to make money, their only government expense being taxes.
Why Chinese Speaking Business Owners Are Great for the Economy
In Chinese culture, working hard is part of everyday life. In a country that is only slightly bigger than the U.S. but with three times the population, the only way to survive is to hit the ground running, make your daily dollars, and keep the wheels turning. Which makes the reality of job scarcity even more tragic.
In America, these Chinese businesspeople work just as hard, but have the opportunities to start a business, franchise, grow, change, and do it all at a premium. They can afford to be picky about their clientele, they can market their own way, and even only cater to other Chinese-speaking people to keep their business pure from rude, entitled Americans that do not speak the language.
They often have two or three businesses at once, involve family to keep the businesses solvent and lower overhead, and find creative ways to organize their finances to not upset the tax man. They get up early and leave long after many Americans have finished dinner and gone to bed. In short, they are a powerhouse of modern ingenuity, drawing on the teachings of traditional business practices.
Final Thoughts
If you are thinking about starting your own business, Canada is ripe for new Chinese-speaking companies and will welcome the new revenue to their economy. Visit Calgary – Chinese to collect all the information you need to get your own entrepreneurial venture underway. Montreal, Calgary, and Vancouver would certainly benefit from a different business acumen and point of view.
Chinese businesses are on the rise, soon to outpace American-born business owners. They are smart, savvy, and have a work ethic that should be mirrored, admired, and adopted by anyone struggling to succeed. They know what it is to struggle and have found the path to becoming a force worth noticing.
And other Asian-speaking businesses have already added themselves to the ranks, following China’s example. Japanese, Filipino, Korean, and Vietnamese businesses are popping up rapidly, each with a niche that the American people can’t get enough of with their own take on business, but all following the hard-working principles of the Chinese-speaking business owners.
The bottom line is, the numbers show an incremental steady increase in the Chinese population in America, and they need to work to pay bills, feed their families, and be contributing members of society, just like we all do. It is in our best interest to give them more opportunities in greater financial fields that will promote synergy between the American customer and these invested entrepreneurs.
