Have you ever thought about starting a business? Do you come from a Hispanic family background? Listen up! If you are one of the millions of aspiring Hispanic entrepreneurs in the United States, you are definitely not alone. The fact is, there is more and more every year.
With that in mind, you may not yet be certain that you want to move forward with your entrepreneurial dreams. If so, that is okay. After all, running a business is a big challenge. Still, you should never let fear hold you back if starting a business is what you want to do. Here are five interesting facts to help inspire you to act on your startup dream today.
- US Hispanic Population Is Growing
Every year, the US population grows, and as it does, so does the Hispanic makeup of it. Currently, Hispanics make up roughly 18.1% of the total population. Given the fact that there are close to 60 million Americans, this number is significant.
- You Can Expect To See an Increase in Hispanic Entrepreneurs
Based on a 2019 Bank of America Hispanic Small Business Owner Spotlight, approximately 87% of entrepreneurs who consider themselves Hispanic have plans to expand their businesses this year. This means that you can definitely expect to see more businesses owned by Hispanic individuals such as yourself. (Will your startup be one of them?!)
Community and Family Are Top Company Values
Within the Hispanic entrepreneurial community, there is a sense of optimism and connection that stem from the strong values of community and family that are closely interwoven into the business strategies of entrepreneurs.
Hispanic-Owned Businesses Face Unique Challenges
Despite sharing values that help businesses thrive, Hispanic-owned companies still face a slew of unique challenges that can make entrepreneurship an uphill journey. For example, today’s job market has become extremely competitive, and as a result, many Hispanic businesses have a difficult time hiring and retaining the right talent.
5. Hispanic Business Owners Are Adapting Along With Everyone Else
Just like all other business owners, Hispanic entrepreneurs will also need to adapt to a new job market as they move forward into the future. Today, an increasing number of Hispanic business owners are turning to the tools like social media and recruiting software to help them achieve their company hiring goals. This kind of adaptation will continue to be necessary.
What do you think? Are you ready to jump into the path of entrepreneurship? Put together a business plan today to join a growing number of others.