Since the more than symbolic loss of the twin towers and the subsequent crises, we have entered into a new phase of globalization. In an evolving cycle, we moved from a market economy to an economy of communities (including ethnic, regional, temporal, virtual …) with the specificity that they are more interconnected than in the past of concentrations. The current economic challenge of maintaining a minimum level of growth and ensuring a suitable rate of employment has required redefinition of alternative solutions for segments of the population with insufficient income; not necessarily low income. This nuance makes the difference! Indeed, this segment can be integrated into the economy. Through various initiatives and business projects geared towards ethnic groups, the relevance of this segment has been highlighted and must be part of the GDP. This information can lead many to wonder how it might impact them and how much interest they ought to be taking.
This alternative dynamic targets diaspora members living outside their birth countries particularly those in economically developed countries and native members of these countries wishing to initiate an informal way of doing business. Quebec is, as such, one of the largest ethnic communities (“nation”) in Canada and with the “visible minorities” (especially Black communities), it faces the same daunting challenge of economic claim based on my analysis. Aboriginal communities themselves being more inclined towards issues of sharing revenues from the exploitation of their lands or estates. Becoming an ethnic entrepreneur is a question of one’s financial environment or circumstances such as barriers to employment. Due to increasing migration for economic reasons, many are driven to follow this path.
The principle of solidarity between entrepreneurs can create a greater impact than the traditional view of competition in the community. Pairing economic structures is an attempt at regulating the imbalances brought about by globalization. With time we will see how to address interactions with those living in their native lands and who are more heavily involved in the informal economy.
Here is a simple example of a situation that will give you an idea of the relevance of this alternative dynamic with respect to your situation. You receive social assistance that is insufficient and face employment barriers perhaps due to an unsuitable professional profile. Aspiring for financial independence, you need time to consolidate your path of integration or social wellness. You have regular work, are temporarily constrained to your home or are looking to improve your income but taking on a second job is not possible. For some time you’ve asked yourself if you should not begin a simple business based on your strengths or a choice made with your heart and to pursue your regular activities at a later date if things should work out well for you. We must associate with this desire a realistic and professional approach to ensure the chances to thrive. Several tools are available to you even if we know that the important thing is rather mastering the elements of its business on the fingertips to reassure or convince a potential investor than to be always able to write a good business plan. Also, the informal economy is not the underground economy; you need to make a tax election at the end of this process by seeking advice from your accountant before you embark on ethnic entrepreneurship. Perhaps just start now!