Why do indians own so much damn business? We need to take notes

[GunRanger]

A nearly mile-long stretch of Oak Tree Road in Edison, N.J. is known as Little India for good reason: Every single store there–grocers, clothing retailers, restaurants, jewelers and even an auto repair shop–is owned by an Indo-American. “Everyone from India knows about Oak Tree Road,” says Bipin Patel, the 55-year-old founder of Speedy Mart Food Stores, which operates 35 convenience stores in New Jersey, New York and Pennsylvania. “It is as well known as Calcutta.”

...

With Patel are three other business owners: Dilip Patel (no relation), a 57-year-old liquor and convenience store owner; Mahesh Shah, a 62-year-old pharmacist who owns a string of drugstores in New York and New Jersey; and Manher Shah (no relation to Mahesh), a 73-year-old accountant. The men all wear smart business suits and shirts open at the collars. All emigrated from India 20 or more years ago and scratched their way up the ladder. And now, with the money they’ve made and the expertise they’ve gained, they’re helping more recent Indian immigrants start their own businesses.


Together these four men have helped fund (sometimes with interest-free loans) more than 200 small businesses owned by fellow Indo-Americans. (For advice on how to invest in friends’ and relatives’ ventures, see p. 126.) Doing so, they believe, makes for a stronger neighborhood and a thriving downtown area, and perhaps creates a bit of good karma. “It is better than investing in the stock market,” says Mahesh. “It lifts everybody up. It’s better to help somebody to be independent so he can support himself. And maybe in the future someone will help you.”

It is, in some ways, the antithesis of Lendingclub.com (see p. 172), where return-hungry investors make high-interest-rate loans to anonymous strangers based on their credit scores.

Bipin, Dilip, Mahesh and Manher prefer the old-fashioned practice of investing in people you know–often by face and name but at least through common cultural norms. Craig Galbraith, a professor at the Cameron School of Business at the University of North Carolina Wilmington, who studies ethnic economies, calls it “social capital.” Says Galbraith: “In economic terms it means the unique cultural attitudes and well-understood behaviors within an ethnic community that encourages people to do business with each other, almost like members of a club.”


The use of social capital is fairly common in immigrant communities, according to Miliann Kang, a professor at the University of Massachusetts Amherst. Sometimes there’s a monthly pot that a group of people pays into. Each month a different participant takes home the pot, using it to fund a business, education or even a wedding.


In the Korean immigrant community these pots are called kyes. In the Mexican community, tandas. The Vietnamese refer to them as hos. Says Kang: “The reason they are so popular is because many in these communities don’t have access to bank loans. The funding functions as the glue that holds these societies together and as a way of helping each other out. There are very few things one person can accomplish alone.”


The Indo-American entrepreneurs of Edison feel the same way but have gone about it in a different manner: They individually help out others in the community. And together, in 2007, they created a federally insured community pot.

http://www.forbes.com/forbes/2012/0...ce-new-jersey-ultimate-neighborhood-bank.html





Those pots sound like Susu to West Indians, but they don't use them for businesses. It's more for bills or whatever.

 

[Fat Kevin]

http://www.forbes.com/forbes/2012/0...ce-new-jersey-ultimate-neighborhood-bank.html





Those pots sound like Susu to West Indians, but they don't use them for businesses. It's more for bills or whatever.

I can't imagine that working with American blacks

 

[MostReal]

I'm a immigrant, so I'll tell you since you're not as familiar with your own country's immigration laws as I am. To migrant into the US for work purposes is done TWO ways: 1 way is through formal education (going to college and hopefully landing a job) the 2nd way is through an investors visa where you have to spend $500,000 and create jobs for at least 10 US citizens. Both of these ways are painfully expensive so if you're doing either one you're well off and can make it in the US without any assistance.

is the 500,000 thou a loan that they apply for? and is this how they get to own the businesses that they own & work.

 

[DIMES]

I can't imagine that working with American blacks

Exactly. This is the problem

 

[TRFG]

is the 500,000 thou a loan that they apply for? and is this how they get to own the businesses that they own & work.

They pay that out of pocket to get an investors visa to come into the US

 

[kevm3]

Here's another aspect. They weren't brainwashed with capitalistic notions of 'proving your independence.' In India, space is nonexistent since there are so many people over there and it's very hard to find jobs. In the culture over there, a lot of kids live with their parents until they are MARRIED. They don't simply get kicked out the house at 18 and get told to 'find your own way.' When they come here, they take a lot of the same concepts. You have no idea how much money is saved because they aren't buying into concepts like having one person living in a massive house. They can use that excess money to start businesses instead of giving it to a landlord.

 

[MostReal]

They pay that out of pocket to get an investors visa to come into the US

you edited you post to substantiate your initial point...

but what you're referring to underscores my initial point...financial literacy (i.e. saving and investing) and knowing how to grow your money is a key factor in order to obtain the capital to get that small business loan...

heck, there are ear marked small minority business loans and programs just dying for some folks to take advantage of them...

who awards these loans? Is it the County Administrator?

I do agree that this is the key & foundation. You also have to remember this is no different than playing Monopoly. You can't play if you don't start the game with 200 dollars while passing GO.

We all know the root cause. But, what's done is done, breh. We've got to start making moves to fix this shyt. Our culture is the exact opposite of what we need to be a competitive group.

We don't have or encourage strong families.
We don't value education.
Our entertainment is negative
We embrace consumerism

People won't make the moves if they don't have the inspiration or reason why they need to do such things. Right now, most Black Americans see no reason to invest in their own or change our ways. We are caught up in individualism...so what would you tell them to make them change that type of mindset & why they should change it?

Great Thread guys...love the discussion

 

[bouncy]

Man, all you people who are talking about all these other groups being more successful than African-Americans are seeing things half assed.

First, there is less of them here, and they have no choice but to work with each other due to language and cultural barriers. African-Americans been here and have nothing to learn besides how to counteract the subtle racism that is constantly trying to work against us be it physically or mentally. The only time we stuck together and did the same thing all these other groups do, was when we had to stick together because of jim crow.

Second, the ones who are competitive are the first ones to come here and be successful. The same thing happened with blacks when a lot left the south and went to the north.

Third, they didn't have a war waged against them. When they, what did they do?. They left their country and came here. We are still here and recovering from the war, while still trying to grow.

Now, compare all of the populations of each group that is claimed to be so successful, and hardworking, to African-Americans.

INDIAN POPULATION-2.84 million people

AFRICAN IMMIGRANT POPULATION- 1.6 million in 2010

ASIAN POPULATION-17.3 million

AFRICAN-AMERICAN POPULATION-44.5 million

LATIN POPULATION-52 million

Out of all of these groups, the ones who live in the highest poverty are in the following order:
1-Hispanic
2-Blacks
3Asian-Americans

If you are born in the u.s.a, the rate of being poor increases for non-white immigrants who have a significant number of people here. So, what does that tell you?. If you are white you are all right, if you are not, your ass better hit the block! I say that because whites are the majority in this country yet they have the lowest rate of poverty at 9.3%(18.9 million with a population of 197.7 million) !. How is it that all groups that are here in high numbers who aren't white have high poverty rates, while the group with the most people have the lowest?. This is why I don't understand why immigrants just dis blacks who try to let them see the bullshyt, instead they argue with us, dis us, and talk some fake nonsense that is not how things truly are for them and others.

http://www.demos.org/blog/7/19/13/i...nd-pacific-islanders-and-danger-positive-ster
"Increasing Poverty Among Asian Americans and Pacific Islanders and the Danger of "Positive Stereotyping"

• 
  
  
  • The AAPI poverty population is increasingly native born. Almost 60% of the net increase in AAPI poverty was in the native born segment of the population. The proportion of native born poverty is higher for NHPIs than for AAs; however, for both populations, the rate of increase and the net numeric increase was higher for native born poor than for immigrant poor.
  • This is in contrast to the AAPI non-poor population—particularly for AA non-poor—where immigration accounts for the majority of net population growth.

http://www.npr.org/templates/story/story.php?storyId=185534666
Asian-Americans: Smart, High-Incomes And ... Poor?



http://www.nclej.org/poverty-in-the-us.php

• 
  
  
  • Blacks and Hispanics are more likely than whites to be poor, and to be in poverty and deep poverty.

Census figures reveal a stark contrast in the percentages of non-Hispanic whites living in poverty as compared to Hispanics and blacks. In 2012, 9.7% of non-Hispanic whites (18.9 million) were living in poverty, while over a quarter of Hispanics (13.6 million), and 27.2% of blacks (10.9 million) were living in poverty.

The figures are more dismal when looking at the rates for deep poverty. Compared to non-Hispanic whites, Hispanics are more than twice as likely to live in deep poverty, and blacks are almost three times more likely to live in deep poverty. In 2012, 12.7% of blacks (almost 5.1 million), 10.1% of Hispanics (almost 5.4 million), and 4.3% (8.4 million) of non-Hispanic whites were living in deep poverty.

 

[GetInTheTruck]

Man, all you people who are talking about all these other groups being more successful than African-Americans are seeing things half assed.

First, there is less of them here, and they have no choice but to work with each other due to language and cultural barriers. African-Americans been here and have nothing to learn besides how to counteract the subtle racism that is constantly trying to work against us be it physically or mentally. The only time we stuck together and did the same thing all these other groups do, was when we had to stick together because of jim crow.

Second, the ones who are competitive are the first ones to come here and be successful. The same thing happened with blacks when a lot left the south and went to the north.

Third, they didn't have a war waged against them. When they, what did they do?. They left their country and came here. We are still here and recovering from the war, while still trying to grow.

Now, compare all of the populations of each group that is claimed to be so successful, and hardworking, to African-Americans.

INDIAN POPULATION-2.84 million people

AFRICAN IMMIGRANT POPULATION- 1.6 million in 2010

ASIAN POPULATION-17.3 million

AFRICAN-AMERICAN POPULATION-44.5 million

LATIN POPULATION-52 million

Out of all of these groups, the ones who live in the highest poverty are in the following order:
1-Hispanic
2-Blacks
3Asian-Americans

If you are born in the u.s.a, the rate of being poor increases for non-white immigrants who have a significant number of people here. So, what does that tell you?. If you are white you are all right, if you are not, your ass better hit the block! I say that because whites are the majority in this country yet they have the lowest rate of poverty at 9.3%(18.9 million with a population of 197.7 million) !. How is it that all groups that are here in high numbers who aren't white have high poverty rates, while the group with the most people have the lowest?. This is why I don't understand why immigrants just dis blacks who try to let them see the bullshyt, instead they argue with us, dis us, and talk some fake nonsense that is not how things truly are for them and others.

http://www.demos.org/blog/7/19/13/i...nd-pacific-islanders-and-danger-positive-ster
"Increasing Poverty Among Asian Americans and Pacific Islanders and the Danger of "Positive Stereotyping"

• 
  
  
  • The AAPI poverty population is increasingly native born. Almost 60% of the net increase in AAPI poverty was in the native born segment of the population. The proportion of native born poverty is higher for NHPIs than for AAs; however, for both populations, the rate of increase and the net numeric increase was higher for native born poor than for immigrant poor.
  • This is in contrast to the AAPI non-poor population—particularly for AA non-poor—where immigration accounts for the majority of net population growth.

http://www.npr.org/templates/story/story.php?storyId=185534666
Asian-Americans: Smart, High-Incomes And ... Poor?



http://www.nclej.org/poverty-in-the-us.php

• 
  
  
  • Blacks and Hispanics are more likely than whites to be poor, and to be in poverty and deep poverty.

Census figures reveal a stark contrast in the percentages of non-Hispanic whites living in poverty as compared to Hispanics and blacks. In 2012, 9.7% of non-Hispanic whites (18.9 million) were living in poverty, while over a quarter of Hispanics (13.6 million), and 27.2% of blacks (10.9 million) were living in poverty.

The figures are more dismal when looking at the rates for deep poverty. Compared to non-Hispanic whites, Hispanics are more than twice as likely to live in deep poverty, and blacks are almost three times more likely to live in deep poverty. In 2012, 12.7% of blacks (almost 5.1 million), 10.1% of Hispanics (almost 5.4 million), and 4.3% (8.4 million) of non-Hispanic whites were living in deep poverty.

Most Indians know english before they come here, the only ones who don't are the seniors who never went to school.

You can't progress within the Indian education system without learning english, it is required.

 

[bouncy]

Most Indians know english before they come here, the only ones who don't are the seniors who never went to school.

You can't progress within the Indian education system without learning english, it is required.

I see you picked what you wanted, as usual. You left out the cultural part.

I also stated the group with the HIGHEST populations numbers. Indians are only over 2 million. Read everything in its proper context and don't take it apart to be what YOU want it to be.

 

[BrothaZay]

There's no real money to be made in the franchisee fast food business. More than 50% of the profit goes to the franchiser and you have to pay taxes. OP has no business mindset. The local hood wing spot makes more money than the businesses you listed.

/thread

 

[DeuceZ]

Indians stay owning subway franchises brehs



that steady income

 

[Sunalmighty]

State of mind man. A lot of our people don't stick together. It's a mentality. If you want to go into biz, get with some brothers who have their heads on right. Avoid family if possible. Bu that's a mentality thing

 

[Sunalmighty]

There's no real money to be made in the franchisee fast food business. More than 50% of the profit goes to the franchiser and you have to pay taxes. OP has no business mindset. The local hood wing spot makes more money than the businesses you listed.

/thread

You have statistics to back that up

 

[IAmGettingAMailOrderBride]

I think it's more of an American thing it's just that whites were given the better start, it's like monopoly when you pick up the chance card and it say go to jail or something