Letter to the Editor: Hispanics are starting more small businesses in America

The Power of Hispanic Entrepreneurship

The Hispanic community is a driving force behind the growth of small businesses in the United States. In recent years, the number of Hispanic-owned businesses has increased significantly, and this trend is expected to continue in the coming years.

There are many reasons why Hispanics are starting more small businesses. One reason is that they are more likely to be self-employed than other groups. According to the U.S. Census Bureau, 13.4% of Hispanics are self-employed, compared to 9.8% of non-Hispanic whites.

Another reason why Hispanics are starting more small businesses is that they are more likely to have entrepreneurial skills. A study by the Pew Research Center found that 63% of Hispanics believe that they have the skills to start their own business, compared to 49% of non-Hispanic whites.

The Benefits of Hispanic Entrepreneurship

The growth of Hispanic-owned businesses is benefiting the economy in a number of ways. First, these businesses are creating jobs. According to the U.S. Hispanic Chamber of Commerce, Hispanic-owned businesses employ over 3 million people.

Second, Hispanic-owned businesses are generating revenue. In 2019, Hispanic-owned businesses generated over $700 billion in revenue.

Third, Hispanic-owned businesses are helping to revitalize communities. These businesses are often located in underserved areas, and they can help to bring new life to these communities.

The Challenges of Hispanic Entrepreneurship

Despite the many benefits of Hispanic entrepreneurship, there are also some challenges that these businesses face. One challenge is access to capital. Hispanic-owned businesses are less likely to have access to traditional sources of financing, such as bank loans.

Another challenge is language barriers. Many Hispanic entrepreneurs do not speak English fluently, which can make it difficult for them to navigate the business world.

Finally, Hispanic entrepreneurs often face discrimination. They may be less likely to be taken seriously by potential investors and customers, and they may be more likely to be denied access to resources.

The Future of Hispanic Entrepreneurship

Despite the challenges, the future of Hispanic entrepreneurship is bright. The number of Hispanic-owned businesses is expected to continue to grow in the coming years, and these businesses will continue to play an important role in the economy.

There are a number of things that can be done to support Hispanic entrepreneurship. One is to provide access to capital. Another is to provide language assistance. Finally, it is important to combat discrimination against Hispanic entrepreneurs.

By supporting Hispanic entrepreneurship, we can help to create a more vibrant and prosperous economy.