Difference between revisions of "Muslim Entrepreneurs (Issue Brief)"
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| − | As Aristophanes wrote in the 5th Century B.C., "A demagogue must be neither an educated nor an honest man; he has to be an ignoramus and a rogue." The United States 2016 presidential race seems to be showing signs of demagogy absent since the time of Ross Perot in the late 90's. Due to a variety of factors, ranging from a marked increase in violent Islamist fundamentalist and extremist actions in the 21st Century(1) to a disproportionately negative portrayal of the culture and actions of their religion as a whole in American media(2), Muslim Americans have disproportionately bore the load of populist pressure in this cycle. As the Bookings Institute's Center for Middle East Policy(3) wisely | + | As Aristophanes wrote in the 5th Century B.C., "A demagogue must be neither an educated nor an honest man; he has to be an ignoramus and a rogue." The United States 2016 presidential race seems to be showing signs of demagogy absent since the time of Ross Perot in the late 90's. Due to a variety of factors, ranging from a marked increase in violent Islamist fundamentalist and extremist actions in the 21st Century(1) to a disproportionately negative portrayal of the culture and actions of their religion as a whole in American media(2), Muslim Americans have disproportionately bore the load of populist pressure in this cycle. As the Bookings Institute's Center for Middle East Policy(3) wisely purports, Presumptive Republican presidential nominee Donald Trump's proposal to ban Muslims from entering the United States “until we figure out what’s going on,” is dangerous, bigoted and "genuinely frightening." As it so happens, its a terrible idea economically as well. |
| − | Entrepreneurship is an incredible boon for the economy. The mere less than 1% of entrepreneurial firms which receive venture capital(4) alone are responsible for 5.3%-7.3% of job growth (5) and 35% of companies which reach an initial public offering(6). In his testimony for the Texas House Investments & Financial Services, Larry Peterson the Executive Director for the Texas Foundation for Innovative Communities, claimed that these high-growth companies will account for nearly all net jobs and GDP growth in the state of Texas, and will be responsible for driving about 60% of necessary economic growth in our state(7). This comes at little surprise, as while Texas under performs in some aspects of its entrepreneurship ecosystem, such as available capital(8), it vastly over performs in one key area: immigration. Immigration has been highlighted by the Small Business & Entrepreneurship Council(9) as a key issue in small business and entrepreneurship. The council cites a 2012 report from the Small Business Administration that reveals higher rates in business ownership, business formation, and business exportation among the U.S. immigrant population as compared to the non-immigrant population(10). The council further quotes a 2014 Kauffman Foundation report(11) in saying that "Immigrants were nearly twice as likely to start businesses each month as were the native-born in 2013," as well as Karen Gordon Mills, the former Administrator of the U.S. Small Business Administration, as saying: “In 2011 alone, immigrants started 28 percent of all new U.S. businesses, despite accounting for only 13 percent of the U.S. population(12)." | + | Entrepreneurship is an incredible boon for the economy. The mere less than 1% of entrepreneurial firms which receive venture capital(4) alone are responsible for 5.3%-7.3% of job growth (5) and 35% of companies which reach an initial public offering(6). In his testimony for the Texas House Investments & Financial Services, Larry Peterson the Executive Director for the Texas Foundation for Innovative Communities, claimed that these high-growth companies will account for nearly all net jobs and GDP growth in the state of Texas, and will be responsible for driving about 60% of necessary economic growth in our state(7). This comes at little surprise, as while Texas under performs in some aspects of its entrepreneurship ecosystem, such as available capital(8), it vastly over performs in one key area: immigration. Immigration has been highlighted by the Small Business & Entrepreneurship Council(9) as a key issue in small business and entrepreneurship. The council cites a 2012 report from the Small Business Administration that reveals higher rates in business ownership, business formation, and business exportation among the U.S. immigrant population as compared to the non-immigrant population(10). The council further quotes a 2014 Kauffman Foundation report(11) in saying that "Immigrants were nearly twice as likely to start businesses each month as were the native-born in 2013," as well as Karen Gordon Mills, the former Administrator of the U.S. Small Business Administration, as saying: “In 2011 alone, immigrants started 28 percent of all new U.S. businesses, despite accounting for only 13 percent of the U.S. population(12)." |
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| + | Muslim Americans are not just disproportionately affected by 2016's revival of demagogy, as it turns out, Muslim Americans are also disproportionately likely to start their own business as well. As Forbes reports,(13) the percentage of Americans involved in start-ups hit a record 13% in 2012. Gallup reports(14) a much higher, more than double, rate of start-up involvement amongst Muslims, with around 27% of Muslim Americans reporting to own their own business. Iran, a nation with 99.7% of its population following the faith of Islam(15) has an incredible rate of immigrant entrepreneurship, with nearly a quarter, 24.4% of all Iranian immigrants in the United States owning their own buiness(16). Other nations with above average rates of Islamic devotees such as India and Canada, also posess higher than average rates of business ownership amongst their American diaspora. There are plenty of less-than-empirical tales of Muslim entreprenuership as well such as the rise of the Somali-entreprenuer powered Karmel Square Mall in Minneoappolis(17), to the billion-dollar yoghurt emporer, Hamdi Ulukaya, founder of Chobani(18). | ||
==References== | ==References== | ||
Revision as of 12:34, 23 June 2016
Abstract
An ongoing project working on the role of Muslim immigrants and refugees on the entrepreneurship ecosystem.
Text
As Aristophanes wrote in the 5th Century B.C., "A demagogue must be neither an educated nor an honest man; he has to be an ignoramus and a rogue." The United States 2016 presidential race seems to be showing signs of demagogy absent since the time of Ross Perot in the late 90's. Due to a variety of factors, ranging from a marked increase in violent Islamist fundamentalist and extremist actions in the 21st Century(1) to a disproportionately negative portrayal of the culture and actions of their religion as a whole in American media(2), Muslim Americans have disproportionately bore the load of populist pressure in this cycle. As the Bookings Institute's Center for Middle East Policy(3) wisely purports, Presumptive Republican presidential nominee Donald Trump's proposal to ban Muslims from entering the United States “until we figure out what’s going on,” is dangerous, bigoted and "genuinely frightening." As it so happens, its a terrible idea economically as well.
Entrepreneurship is an incredible boon for the economy. The mere less than 1% of entrepreneurial firms which receive venture capital(4) alone are responsible for 5.3%-7.3% of job growth (5) and 35% of companies which reach an initial public offering(6). In his testimony for the Texas House Investments & Financial Services, Larry Peterson the Executive Director for the Texas Foundation for Innovative Communities, claimed that these high-growth companies will account for nearly all net jobs and GDP growth in the state of Texas, and will be responsible for driving about 60% of necessary economic growth in our state(7). This comes at little surprise, as while Texas under performs in some aspects of its entrepreneurship ecosystem, such as available capital(8), it vastly over performs in one key area: immigration. Immigration has been highlighted by the Small Business & Entrepreneurship Council(9) as a key issue in small business and entrepreneurship. The council cites a 2012 report from the Small Business Administration that reveals higher rates in business ownership, business formation, and business exportation among the U.S. immigrant population as compared to the non-immigrant population(10). The council further quotes a 2014 Kauffman Foundation report(11) in saying that "Immigrants were nearly twice as likely to start businesses each month as were the native-born in 2013," as well as Karen Gordon Mills, the former Administrator of the U.S. Small Business Administration, as saying: “In 2011 alone, immigrants started 28 percent of all new U.S. businesses, despite accounting for only 13 percent of the U.S. population(12)."
Muslim Americans are not just disproportionately affected by 2016's revival of demagogy, as it turns out, Muslim Americans are also disproportionately likely to start their own business as well. As Forbes reports,(13) the percentage of Americans involved in start-ups hit a record 13% in 2012. Gallup reports(14) a much higher, more than double, rate of start-up involvement amongst Muslims, with around 27% of Muslim Americans reporting to own their own business. Iran, a nation with 99.7% of its population following the faith of Islam(15) has an incredible rate of immigrant entrepreneurship, with nearly a quarter, 24.4% of all Iranian immigrants in the United States owning their own buiness(16). Other nations with above average rates of Islamic devotees such as India and Canada, also posess higher than average rates of business ownership amongst their American diaspora. There are plenty of less-than-empirical tales of Muslim entreprenuership as well such as the rise of the Somali-entreprenuer powered Karmel Square Mall in Minneoappolis(17), to the billion-dollar yoghurt emporer, Hamdi Ulukaya, founder of Chobani(18).
References
@article{ferrero2005radicalization,
title={Radicalization as a reaction to failure: an economic model of Islamic extremism},
author={Ferrero, Mario},
journal={Public Choice},
volume={122},
number={1-2},
pages={199--220},
year={2005},
publisher={Springer}
citation={1}
} @article{mishra2008islam,
title={Islam and Democracy Comparing Post-9/11 Representations in the US Prestige Press in the Turkish, Iraqi, and Iranian Contexts},
author={Mishra, Smeeta},
journal={Journal of Communication Inquiry},
volume={32},
number={2},
pages={155--178},
year={2008},
publisher={Sage Publications}
citation={2}
} @article{hamid2016trump's,
title={Trump's proposed ban on Muslims},
author={Hamid, Shadi},
journal={Bookings Institute's Center for Middle East Policy},
year={2016},
publisher={Brookngs}
citation={3}
}
(4)Hellmann, Thomas F., Manju Puri, and Marco Da Rin. 2011. "A Survey of Venture Capital Research." NBER Working Paper No. 17523. doi:10.3386/w17523
@article{manju2012on,
title={On the Life Cycle Dynamics of Venture-Capital- and Non-Venture-Capital-Financed Firms},
author={Puri, Manju, and Rebecca, Zarutskie},
journal={The Journal of Finance},
volume={67},
number={6},
pages={2247-2293},
year={2012},
publisher={Sage Publications}
citation={5}
} (6)Hellmann, Thomas F., Manju Puri, and Marco Da Rin. 2011. "A Survey of Venture Capital Research." NBER Working Paper No. 17523. doi:10.3386/w17523
(8)http://bakerinstitute.org/research/?research_focus=44&research_type=27
(9)http://sbecouncil.org/2014/07/21/entrepreneurship-immigration-reform-and-the-economy/
(10)https://www.sba.gov/sites/default/files/rs396tot.pdf
(12)https://www.sba.gov/blogs/nation-immigrants-and-entrepreneurs
http://srcircle.org/briefcase/muslimbusinesses.pdf
http://www.tandfonline.com/doi/abs/10.1300/J051v16n01_05
http://www.jstor.org/stable/136376?seq=13#page_scan_tab_contents
file:///C:/Users/DylanDickens/Downloads/5988-18811-1-PB.pdf
http://hum.sagepub.com/content/62/3/403.short
https://www.entrepreneur.com/article/276559
http://www.huffingtonpost.com/michael-wolfe/muslim-biz-entrepreneurs-_b_9548540.html
http://srcircle.org/briefcase/MuslimBusinesses.pdf
http://www.ingentaconnect.com/content/intellect/jammr/2010/00000003/F0020001/art00001
http://www.mostresource.org/storybank/muslims-influence-on-global-digital-economy-climbs/
http://www.startribune.com/women-drive-success-of-somali-mall-in-minneapolis/323386601/
http://www.brookings.edu/blogs/markaz/posts/2016/06/18-trump-banning-muslims-hamid
