Migrant entrepreneurs in New Zealand
Interim Research Results, August 12, 2018
More details at www.culturalconnections.co.nz/entrepreneurs/
Cultural Connections is currently running “Migrant Entrepreneurs in New Zealand” research, an initiative led by Auckland Regional Migrant Services (ARMS) in partnership with Auckland Council, and Immigration New Zealand.
The purpose of this research is to help us better understand how migrants start their businesses and the challenges that they face. Migrants are defined as those who are born overseas but currently living in NZ.
Based on the interim results, respondents indicated that they need support in sales and marketing. Hence we are now adding the following prize draw to help migrant business owners:
1 x half page advertisement in Multicultural Times newspaper valued at $590.
1 x sales and marketing plan from MultiMarketing valued at $380.
If you are a migrant business owner, we would love to hear from you. With just 10 minutes of your time, you can help others to have a better chance in running a successful business.
Here are just some of the research findings from the interim results:
Insight #1: We found that 91% of migrant business owners started their business from ground up.
Implication: Many migrant business owners need to ensure they have all the right business and technical skills in managing a startup.
(Based on Q2.4 - How did you start your business?)
Insight #2: Migrant entrepreneurs scored Financial Management as the lowest skill that they have in running a success business, followed by Sales and Marketing.
Implication: Stakeholders in small business ecosystem should consider offering courses and seminars in upskilling migrant entrepreneurs in these areas.
(Based on Q2.16 - How do you score yourself in the following skills required to run a successful business?)
Insight #3: In the early years, migrant entrepreneurs rely on private sector for Accounting and Tax, Legal, Funding, and Mentoring; internet for Hiring, and business association for Seminar.
Implication: Stakeholders in small business ecosystem to consider reallocating budget to ensure efforts are not overlap and resources are optimised for maximum impact.
(Based on Q2.18 - In the early years of your business, where did you go for the following?)
Insight #4: Migrant entrepreneurs are currently most concerned about cashflow, followed by Business profitability and Competition.
Implication: Can banks provide better products (eg large overdrafts) to bridge cashflow?
What insights can be provided to migrant entrepreneurs to stay ahead of competition?
(Based on Q2.20 - Please rank which area of the business are you most worried about currently?)
Disclosure - Cultural Connections is owned by Eric Chuah, who is also the co-founder of Multicultural Times.