All Americans, no matter what their path to American citizenship looked like, can agree on one thing: We all chase the ever-elusive American dream. We badly want to believe that irrespective of birthplace or socioeconomic class, we can all achieve our own version of success. We want to believe that upward mobility is possible for everyone. In fact, the idea of the American dream drives many from countries all around the world to set out to America in hopes of a better life for themselves and for future generations.
Despite many bemoaning that the American dream is now dead (and I can certainly some people believe that is true) immigrants still view America as a beacon of hope, a place to start over for a better life. For them, the American Dream is still very much alive. 70% of people, across race, political party, gender, and income, also believe that the American dream is still achievable.
First, it is already established that immigrants are more likely to foray into entrepreneurship than native-born people, a fact that remains true even across a sample of 69 countries.
Peter Vandor, of the Harvard Business Journal, theorizes that more risk-tolerant people emigrate and are therefore more likely to participate in other risk-tolerant activities, such as entrepreneurship.
Immigrants continue to be at the forefront of business and entrepreneurship, with 44% of Fortune 500 companies having at least one founder who is an immigrant or the child of immigrants, according to stats provided by the New American Economy, founded by Michael Bloomberg.
Furthermore, upward mobility exists! A study conducted by Princeton found that even the children of immigrants who fall in the poorest quarter of the U.S. end up becoming middle class. 80% of America’s millionaires, regardless of if they were foreign or U.S. born, are self-made. These stats aren’t just for large businesses either. As of 2019, immigrant business owners accounted for 21.7% of all small business owners in the U.S. It’s not just the business owners that benefit, either. A recent study found that workers employed by immigrant-owned businesses earn 4.1% more than workers employed by non-immigrant-owned businesses.
Despite the challenges, immigrants continue to dominate American entrepreneurship and create their own opportunities, and it is the American economy that continues to benefit from this hard work.
The bottom line? America contains 20% of the world’s immigrants, according to Pew Research Center, and America remains the number one destination for immigrants with big dreams. The real bottom line? The American dream is for everyone.
Scammers are out to prey on MLM victims and small businesses
(ENTREPRENEUR) MLM pyramid schemes are already predatory enough, but for victims trying to get out of the cycle, scammers are waiting on the sidelines.
Predatory, scam, rip-off, shady, trap… all of these may be words that rightfully come to mind when I mention pyramid schemes, multi-level marketing campaigns, or “MLM.”
It probably conjures images of annoying messages from the one gullible high school friend you haven’t quite had the heart to unfriend on Facebook. Perhaps you know someone who got put through the wringer themselves. The one thing victims of these predatory marketing schemes have in common is being in the hole of a lot of money. Usually money the victims can’t afford, since these scams prey on the economically vulnerable. Truly, there are few things more universally detestable than MLM pyramid schemes… but I found one.
Did you know there is an entire secondary scammer market to recycle victims of MLMs?
A new spin on the idea of ambulance chasers, there is an entire demographic of scammers out there that trawl social media such as Facebook and Reddit to find recently victimized people looking for a way out of the pyramid-shaped hole they’ve found themselves in, offer services to these victims to “assist” them in recovering lost investments or liquidating their almost valueless inventory, and then ghosting the victims – taking them for their non-existent money a second time. They often pose as legal representation or consumer relief of one flavor or another.
Here is an example posted on the subreddit r/antiMLM:
That website doesn’t exist. That is not a real law firm. The premise is a scam looking to make a sucker twice out of the same victim. One commenter using the user name ‘lemontest’ shared the following account:
After my relative got scammed by a company that promised to help her set up a drop-shipping business, another business magically appeared that promised to get her money back. She gave them money and never heard from them again. I’m sure there’s a lot of money to be made selling contact lists of people who fall for get rich quick schemes.
How incredibly filthy toxic is that? Be vigilant out there, the scammers are creative.
If you (asking for a friend of course) or anyone else you know has fallen victim to any online scam, I recommend this light-hearted, and a little bit cheeky, recovery guide found on the Federal Trade Commission website and authored by Jon M. Taylor, MBA, Ph.D. of the Consumer Awareness Institute.
Any stories to share about MLMs or other comments? I’d love to hear from you.
The BEST report to gain perspective on all sides of the media (bye bias!)
(ENTREPRENEUR) We all want to stay informed, but American media has both obvious bias and hidden agendas. Sign up for these reports to see all sides.
Especially near elections, politically-charged business decisions, and on highly controversial topics, it’s hard to find non-bias media nowadays. Every news site or TV show seems to have a hidden agenda, but this new report aims to show all sides.
Ground News aims to give readers an opportunity to reduce their own media bias by aggregating news from many different sources in a way to showcase stories across the political spectrum. The Blindspot Report identifies news stories from both sides of the arena, helping readers see how bias is impacting the information they receive. This newsletter can give you a different perspective to understand both sides of the issue.
Is media bias even a thing?
Technology may have revolutionized the way we share information, but it has also exacerbated the divide between different views. Americans seem to be more polarized than ever before. It feels as if there isn’t any common ground for civil discourse. Although most Americans are getting better at identifying fake news, media bias often gives us a slanted perspective on the news. Media bias occurs when journalists or producers allow their own opinions to impact the way they report the news. A study out of UCLA found that media bias is real. When you get all your news from one source, you may not be getting the entire picture.
Sign up for the Blindspot Report
We’re all biased, regardless of where you sit on the political spectrum. We want information that supports our morals and ethics. We want someone to confirm what we believe. It’s human nature to want to listen to people who agree with us. Reading alternate sources to get your news isn’t about changing your own point of view. It’s about helping you compare different perspectives to let you think more clearly.
Ground News has three newsletters that help you stay informed. Sign up for the Blindspot Report to see what you’re missing.
Small businesses angry at depletion of COVID-19 relief funds without warning
(ENTREPRENEUR) Small businesses are in shock when they find out COVID-19 relief funds are no longer available, with an email update from the SBA.
In May, the Small Business Administration (SBA) sent out an update to borrowers of the Economic Injury Disaster Loan (EIDL) for COVID-19 relief. The EIDL program is now out of funds, according to an email sent to borrowers.
The loan program formally closed back in December 2021, but there was a period when small businesses who had already received funding could request additional money. That period is now officially over, and the $345 billion that was allotted for COVID-19 relief is gone.
The impact of EIDL
Many owners and entrepreneurs are outraged and frustrated with the lack of transparency from the SBA. There was no warning that the funds were almost depleted and many businesses were relying on that loan money to keep their businesses afloat as the economy rebounds. However, SBA Administrator Isabella Casillas Guzman praised the program,
“The SBA has delivered historic economic relief to millions of America’s small businesses through the COVID Economic Injury Disaster Loan program…”
According to an SBA press release, over $390 billion in aid was distributed to nearly 4 million businesses.
Small businesses still need help
In May, Tedros Adhanom Ghebreyesus, Director-General of the World Health Organization (WHO), told health ministers that COVID-19 and its effects are not over. Here in the United States, life seems to be getting back to normal, if you discount the horrific inflation and gas prices, which are further impacting the recovery of small businesses.
Congress has been wrangling with legislation (H.R. 3807) that would offer more funding for those that were hit hard due to covid. Getting the House and Senate to agree on this legislation is expected to be difficult. So, no guarantees that more help is coming.
The SBA recommends that businesses who need more resources contact their local SBA office. Virtual appointments can be made for those who wish to avoid contact.
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