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Top Entrepreneur Talks About Why Immigrants are More Likely to be Attracted to the Business World

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2022 reports released by the American Immigration Council show that nearly 44% of Fortune 500 companies were founded by immigrants or their children. The actual percentage of businesses founded by foreign-born individuals who moved to the US is 20.4%, an exceptionally impressive statistic because immigrants make up only 13.4% of the American population. These businesses cumulatively generate ~7 trillion US dollars for the American economy annually, a figure worth more than the GDP of most other countries in the world.

Several studies in the past decades confirm that immigrants from foreign countries are more likely to delve into entrepreneurship and become business owners than native citizens.

With all the statistics, reports, and figures backing these findings, the motivations behind the immigrant’s entrepreneurial struggle and determination remain unclear to many economic scholars. Despite the social, economic, and systemic inequalities and injustices that are undeniably meted out to immigrants in many foreign countries, these driven individuals still manage to break the limits, adapting and excelling in all forms of society. This phenomenon is not limited only to the United States. According to the Global Entrepreneurship Monitor, the vast majority of developed countries have a higher growth rate in immigrants than native-born citizens. 

“The United States is a country built on the basis of immigrants, a country that has come forward with the efforts of many people who come with the American dream, seeking a better quality of life,” says Katherine Grullon Cuervo, Colombian-American entrepreneur and business lead at Distrivision, an international wholesale distributorship service supplying Shapewear, Lingerie, Activewear, Body & Garment care to business owners.

Most immigrants from third-world or war-torn countries leave their home nations and relocate to advanced countries in search of stability, greener pastures, and fresh opportunities to put roots down and genuinely thrive, as against merely surviving. The odds aren’t always stacked in their favor and the journey is never easy from the get-go, but perseverance is a quality that’s never lacking within the immigrant community. Tenacity and the ability to scour market opportunities with fresh eyes allow them to create unique micro-niches with massive potential in existing and new markets.

Never settling for the minimum

Distrivision is a franchise that was founded by Maria Ruth Cuervo, Katherine Grullon Cuervo’s mother, a versatile serial entrepreneur who came to America from Colombia. Katherine highlights the immigrant’s perspective of entrepreneurial success from Maria Ruth’s inspiring journey.

As a 13-year-old teenager growing up in Manizales, Colombia, Maria Ruth found her passion in enterprise management while working with her own mother and learning the ropes of the family business. Years later, she decided with her husband to sell everything they owned and migrate to the United States with their children, determined to give their girls the best quality of life within their means. Upon her arrival in the US, Maria Ruth wasted no time securing a job as a factory worker, and even then, her passions continued to soar.

“Starting from the bottom always reminds us where we want to go,” Katherine says. “Knowing where we come from and what we had been through, Maria Ruth, with her hard work was able to get promoted to a new position, although the difference in pay wasn’t a lot. Her entrepreneurial spirit flared, and all she wanted at the time was to find a way to generate better income. This is something that’s ingrained into the mind of the common immigrant – never settle for the bare minimum. We come from places and countries where work is sweated and a lot must be sacrificed for a living to be made. Luckily, other members of our Hispanic community with entrepreneurial passions were able to encourage Maria Ruth to start her own business.”

Infinitely grateful to her community for the motivation and unconditional support, Maria Ruth founded Shapewear Central, a boutique importing figure-shaping garments from Colombia. In due time, Shapewear Central set itself apart as a franchise bringing in high-quality useful products at fair and honest prices, and eventually, aspiring entrepreneurs sought out Maria Ruth for assistance to delve into the business.

With her daughter Katherine working actively in marketing and branding to oversee the transition, Shapewear Central became Distrivision, a distributorship and partnering franchise supplying everything from Shapewear and active wear to lingerie and post-op products. The business now offers employment and identity to hundreds of people across its headquarters and partner stores, founded on a legacy of honesty and transparency.

Systemic obstacles birthing a generation of determined entrepreneurs

A major factor attracting immigrants to entrepreneurship in foreign countries is the inadequacy of education for employment prospects in their home countries. In Colombia and many third-world countries, having a university education or degree certificate is not always a sure bet to getting established in the corporate world. Owning a business or accepting lower-tier employment are usually the only options for families without top-tier connections, and this trend forms a strong mindset within migrating citizens.

Also, many analysts claim employment difficulties are only faced by undocumented immigrants, but in reality, the discrimination spreads wider and also affects fully documented people, including those with permanent residencies.

The immigrant’s eagerness to make an honest and sufficient living is often taken advantage of by dishonest employers. They may be forced to work longer hours at reduced pay, work without employee benefits and insurance, show up on holidays, be kept in the dark about their rights and entitlements, and be subjected to racial discrimination and harassment.

This harsh reality becomes a strong motivation to establish their own businesses, be their own bosses, and provide better opportunities for their community members and other people.

As Katherine recalls, Maria Ruth built her business from scratch on the foundations of honesty, transparency, decency, and trust between the brand, its patrons, and partners. Despite the language being a barrier at first and other trials she faced as a young Hispanic woman in America running an importation business, Maria Ruth was determined to succeed. Holding onto her principles and values, today, she continues to run a business built on passion, grit, and communal love.

Katherine says: “We focused on creating an image that will identify more with what we do, which is wholesale distribution as a company. We focused on the transparency, love, and care with which we work together, along with the tireless effort we put into helping our business partners grow — both the business owner and our suppliers to maximize their results by being transparent and trustworthy.”

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Microsoft’s Strategic Shift: Exiting OpenAI Board Amid Regulatory Scrutiny on AI Dealmaking

Ashley Waithira

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In a surprising move, Microsoft has decided to step down from its position on the board of OpenAI, a leading artificial intelligence research organization. This decision comes amid increasing regulatory scrutiny on big tech companies, particularly concerning their AI dealmaking practices. As regulators tighten their grip on the tech industry, Microsoft’s exit from the OpenAI board signals a strategic shift and a response to the evolving landscape of AI governance. This article explores the background of Microsoft’s partnership with OpenAI, the reasons behind this decision, and its implications for the AI industry.

Background of Microsoft and OpenAI Partnership

Microsoft and OpenAI have had a long-standing partnership that has significantly contributed to advancements in artificial intelligence. The collaboration began with a substantial investment from Microsoft, which provided financial backing and cloud computing resources through its Azure platform. This partnership aimed to accelerate the development of AI technologies and ensure their safe and ethical deployment.

Over the years, the collaboration has led to several groundbreaking achievements, including the development of advanced language models and AI-driven applications. Microsoft’s support enabled OpenAI to scale its research efforts and bring innovative AI solutions to the market. This partnership also allowed Microsoft to integrate cutting-edge AI technologies into its products and services, enhancing their capabilities and competitiveness.

Reasons Behind Microsoft’s Decision to Leave the OpenAI Board

The decision to step down from the OpenAI board is primarily driven by the growing regulatory scrutiny on big tech companies. Regulatory bodies worldwide are increasingly concerned about the concentration of power within the tech industry and the potential for anti-competitive practices. AI dealmaking, in particular, has come under the spotlight, with regulators examining whether these collaborations stifle competition and innovation.

Specific regulatory concerns related to AI include issues of data privacy, ethical use of AI, and the potential for AI technologies to be used in ways that could harm individuals or society. By exiting the OpenAI board, Microsoft aims to mitigate potential conflicts of interest and align itself more closely with regulatory expectations.

From a strategic perspective, Microsoft’s decision also reflects its desire to focus on its internal AI development efforts. By redirecting resources and attention to its proprietary AI projects, Microsoft can innovate more freely and adapt to the regulatory landscape without the constraints of external partnerships.

Implications for the AI Industry

Microsoft’s exit from the OpenAI board is likely to have significant implications for the AI industry. For OpenAI, the loss of Microsoft’s board-level support could impact its strategic direction and access to resources. However, OpenAI’s established reputation and continued backing from other stakeholders may help it navigate this transition.

On a broader scale, this move may signal a shift in how tech companies approach AI collaborations. As regulatory pressures mount, companies may become more cautious in forming high-profile partnerships and instead focus on in-house development. This could lead to a more fragmented AI landscape, with companies prioritizing proprietary advancements over collaborative efforts.

Additionally, other tech giants may reassess their own AI partnerships in light of Microsoft’s decision. The industry’s response to regulatory scrutiny will likely shape the future of AI development, with companies balancing the need for innovation with compliance and ethical considerations.

Regulatory Landscape and Its Impact on AI Development

The regulatory landscape for AI is becoming increasingly complex, with governments and regulatory bodies around the world implementing measures to oversee AI development and deployment. Key regulatory actions include:

  • Data Privacy Regulations: Laws such as the General Data Protection Regulation (GDPR) in Europe impose strict requirements on how companies handle personal data, affecting AI systems that rely on large datasets.
  • Ethical AI Guidelines: Regulatory bodies are establishing guidelines to ensure AI is developed and used ethically, addressing concerns about bias, transparency, and accountability.
  • Antitrust Investigations: Regulators are scrutinizing mergers, acquisitions, and collaborations within the tech industry to prevent anti-competitive behavior and maintain market fairness.

These regulatory measures are designed to protect consumers and promote responsible AI development. However, they also pose challenges for tech companies, which must navigate compliance while continuing to innovate.

Microsoft’s Future in AI

Despite stepping down from the OpenAI board, Microsoft remains deeply committed to advancing AI technology. The company continues to invest in AI research and development, focusing on areas such as natural language processing, computer vision, and autonomous systems. Microsoft’s AI initiatives include enhancing its cloud services with AI capabilities, integrating AI into its productivity tools, and exploring new applications in healthcare, finance, and other industries.

To navigate the regulatory landscape, Microsoft is likely to emphasize transparency, ethical AI practices, and collaboration with regulatory bodies. By aligning its AI strategies with regulatory expectations, Microsoft aims to foster trust and ensure the responsible deployment of AI technologies.

Conclusion

Microsoft’s decision to exit the OpenAI board amid regulatory scrutiny marks a significant moment in the AI industry. This strategic shift highlights the growing influence of regulatory bodies on tech companies and their partnerships. As the industry adapts to these changes, the focus will likely shift towards in-house AI development and compliance with ethical guidelines.

For AI enthusiasts and stakeholders, staying informed about regulatory developments and their impact on AI dealmaking is crucial. Microsoft’s continued commitment to AI innovation, coupled with a proactive approach to regulatory challenges, sets a precedent for the industry’s future direction.

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Samsung’s AI Revolution: Driving Record Profits in Q2 2024

Ashley Waithira

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Samsung Electronics has recently unveiled its impressive financial performance for the second quarter of 2024, showcasing a remarkable surge in profits. This growth is largely attributed to the company’s strategic investments and advancements in artificial intelligence (AI) technologies. As AI continues to reshape the technological landscape, Samsung stands out as a key player harnessing its potential to drive significant financial gains.

AI-Driven Growth

The integration of AI across Samsung’s product lines has been a game-changer for the company. In Q2 2024, AI-driven innovations played a crucial role in boosting profits, marking a thirteen-fold increase compared to the previous year. This surge can be traced back to several key areas where Samsung has effectively leveraged AI.

One of the standout segments is semiconductor manufacturing, where AI algorithms optimize production processes, enhancing efficiency and yield rates. Additionally, Samsung’s consumer electronics, particularly smart home devices and AI-powered appliances, have seen increased demand. These products offer enhanced functionality and user experiences, making them highly attractive to tech-savvy consumers.

Moreover, Samsung’s advancements in AI have significantly impacted its mobile division. AI features in smartphones, such as intelligent camera systems and voice assistants, have set new benchmarks for innovation and user engagement. These AI enhancements not only differentiate Samsung’s products in a competitive market but also command higher price points, contributing to overall revenue growth.

Market Reactions

The financial community has responded positively to Samsung’s robust performance. Following the earnings announcement, Samsung’s shares experienced a notable uptick, reflecting investor confidence in the company’s strategic direction and AI capabilities. Market analysts have lauded Samsung’s ability to capitalize on AI trends, positioning it favorably against competitors.

This positive market sentiment underscores the belief that Samsung’s investments in AI will continue to yield substantial returns. Comparisons with other tech giants reveal that while the industry as a whole is benefiting from AI advancements, Samsung’s comprehensive approach and diverse product portfolio give it a competitive edge.

Future Outlook

Looking ahead, Samsung’s commitment to AI innovation promises continued growth and opportunities. The company is poised to further integrate AI across its business units, driving efficiency, creating new revenue streams, and enhancing customer experiences. However, with these opportunities come challenges, such as ensuring data privacy and addressing ethical considerations associated with AI.

Samsung’s strategic plans include expanding its AI research and development efforts, partnering with leading tech firms, and exploring new applications for AI in emerging markets. These initiatives are expected to solidify Samsung’s leadership in the AI space and sustain its financial momentum.

Conclusion

Samsung’s Q2 2024 financial results highlight the transformative impact of AI on its business operations and profitability. As AI continues to evolve, Samsung’s proactive approach and strategic investments position it at the forefront of this technological revolution. By leveraging AI to enhance product offerings and operational efficiencies, Samsung not only boosts its financial performance but also sets new standards for innovation in the tech industry.

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Tesla’s Impressive Q2 2024 Vehicle Production and Delivery Performance

Ashley Waithira

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Tesla remains a leading force in the electric vehicle industry, demonstrating impressive growth and adaptability. The company’s vehicle production and delivery numbers for the second quarter of 2024 have gained wide attention, indicating Tesla’s expanded operations and response to increased customer demand. These data matter not only for Tesla’s shareholders but also for the broader car market, which views Tesla as an important benchmark indicating shifts towards electric vehicles.

In the second quarter of 2024, Tesla reported a significant boost in vehicle production, with a total of 479,000 units made. This is a considerable increase from the previous quarter and shows clear growth from last year. The figure is indicative of Tesla’s improved manufacturing capabilities as well as efficient lines of production. Tesla’s continuous boost in production aligns with its broader growth objectives.

Q2 2024 Delivery Figures

Delivery statistics for this period are equally striking, with the company delivering 466,000 vehicles globally. This marks a noticeable upturn from both the previous three months and the same period last year. The large delivery volume emphasizes Tesla’s well-run logistics and shipping networks that have been shaped to answer growing demand for its vehicles. The high delivery figures also underscore high interest amongst consumers attracted by the innovation and superior quality associated with the brand.

Factors Influencing Production & Delivery Success

Several key aspects have influenced the successful production and delivery results seen by Tesla during Q2 2024. Manufacturing process innovations, such as the use of state-of-the-art robotics and automation, form an essential part driving improvements in production proficiency.

The increase in the number of factories has significantly amplified their manufacturing capacity, including new gigafactories that they set up recently. Tesla has also optimized supply chain operations to ensure a constant supply of items required for production, which has helped manage any possible disruptions, ensuring a regular rate of production.

Impact on Market and Stocks

The declaration of Tesla’s Q2 2024 production and delivery statistics has had a positive effect on its stock market performance. Investors reacted favorably to these strong results, which in turn pushed up Tesla’s stock value. Specialists have further supported this by pointing out Tesla’s strong position in the market alongside its potential ability to sustain growth under competitive economic pressures.

The favorable figures have further strengthened investor belief in Tesla’s long-term capacity. The company’s consistency in meeting or surpassing production and delivery expectations is viewed as an essential sign of its ongoing successful performance in the electric vehicle industry.

Future Expectations and Goals

In the future, Tesla has set high targets for the rest of 2024, with plans to boost both production and delivery volumes using upgraded manufacturing capabilities and ongoing innovation. Additionally, they plan on introducing new vehicle models along with improvements in autonomous driving technology.

Tesla maintains a strategic approach focused on sustainability, leading their mission ahead. Forthcoming projects, like the rollout of novel battery technologies and energy storage systems, are projected to expand their product range as well as their industry presence.

Conclusion

The vehicle production and delivery performance for the second quarter of 2024 by Tesla validates its leadership status in the electric vehicle sector. Dramatic hikes in both production and delivery figures demonstrate operational efficiency, innovation mastery, and firm customer demand for Tesla. As they continue growing while leading innovation, their influence remains substantial on car manufacturing broadly and impacts efforts towards sustainable transport significantly. Tesla’s journey is impressive, narrating technological development progress coupled with continued industrial leadership and having an optimistic outlook for future possibilities.

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