How Immigrants Can Help Your Small Business Grow
While immigration has become a hot topic in global news, Canada continues to embrace multiculturalism by welcoming more immigrants. At Lendified, we pride ourselves on having a diverse team from countries including China, Ireland, Guyana, USA, Russia, India, Egypt, Columbia, England, and more. We also believe that the experiences our team members bring has greatly influenced our success today. In fact, a Harvard Business School study concluded that many of the qualities immigrants bring to small businesses allow businesses to grow exceptionally well. Below we describe some reasons why you should employ immigrants to help your small business grow.
Immigrants Have a Growth Mindset
There are two types of mindsets people have: fixed and growth.
With a fixed mindset, people believe their talents are fixed and cannot change. In contrast, people with a growth mindset have a belief that their talents can grow with time and experience.
Often, immigrants have a growth mindset because they are willing to uproot their lives in search for something better.
The eagerness to take on new challenges makes immigrants and a growth mindset very important for small businesses. Business owners who understand that the importance for their employees to embrace obstacles will enable their small business to remain competitive.
Immigrants are Very Adaptable
Immigrants need to quickly learn and adapt to thrive in a new country.
"I am constantly impressed with the adaptability and work ethic of the immigrants in Canada”, said Cristina Wadhwa from CEW Legal, a Toronto-based law firm that helps immigrants get visas, work permits, residency, and citizenship. "Settling in a new country can be a big adjustment that requires perseverance and flexibility, both of which are important in business."
Successful business owners know that rapid adaptation is necessary to succeed in today's competitive market. Thus, hiring immigrants can help your business be more receptive to change.
Immigrants Bring a Diversity of Experience
Immigrants bring a variety of experiences to the workplace, which research shows leads to better financial performance. This is because working with people who are different from you may challenge your conventional way of thinking. However, it's not enough to just hire immigrants. It's important to give them equal chances to participate and contribute.
Immigrants Bring a Global Perspective
The international perspective that immigrants bring will benefit businesses that are ready to expand into a different country. Most companies are only suited to handle the needs of their home market and going global can be a painful process. Immigrants tend to have a more global outlook on life itself and are able to bring this perspective into their daily work.
The qualities and experiences immigrants have to offer can greatly help a small business succeed and outperform the competition. However, with Canadian market labour shortages, small businesses may find it difficult to find diverse talent. That's why we've created a guide on how you can attract and retain top talent.
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About the Author
Lendified is Canada's premier online lender for small businesses. The company was founded by former bank executives dedicated to provide businesses with fast, easy, and affordable financing. The Lendified team regularly produces blogs and guides to help small business owners succeed.