Startup funds?

Question

No offense to foreigners from 3rd world countries is intended (honestly) but how is it so many Indian people are able to come here and within a few years, own their own hotels, gas stations and convenience stores? I don't get it. 6 years ago my Indian friends came here and they now own 2 independent hotels and one franchised property. After hearing them tell me how life was in their village and the poverty there, how is it they can come up with all this "startup" money to buy million dollar + properties /businesses?

Answer 1

This is often true for people of certain ethnic backgrounds, and not just Indians.

Often their families and friends will pool funds and/or offer loans to get the businesses off the ground.   These are often informal arrangements, by which I mean they are taken quite seriously but are person-to-person instead of routed through banks or other firms.

Also, people from a background of poverty do not find it as difficult to cut costs and do without, during the critical startup phase.  By the same token, they are willing to work quite hard to make their financial future more secure.

When they are successful, we should admire them for their success.  I do.