Successful Hispanic Entrepreneurs in America: one of the greatest bets in US Economy
Successful Hispanic entrepreneurs in America represent the tenacity of this community to make a space for itself in this country. As you read in some of our blog articles, Hispanic influence in the U.S. is growing in business, art, and entertainment.
Just look at how in the last 30 years, the American dream has had more and more weight for Latinos. Now, with their path to entrepreneurial success, they are setting a precedent. For example, according to the Census Bureau, one in three Americans will be Hispanic by 2060. As a result, the number of Latino entrepreneurs will surely increase in the country.
On the other hand, Hispanic-owned U.S. businesses have a 40 percent growth rate. Studies continue to confirm that Hispanic immigrants are more likely to be entrepreneurs. Thus, the projection of Hispanic entrepreneurs to make up 29 percent of the U.S. population by 2050, up from 17 percent today.
Let’s see then how successful Hispanic entrepreneurs in America reflect a process of resilience and persistence. Moreover, the businesses they create in this country continue to outpace the post-recession growth rates of other demographic groups.
Successful Hispanic entrepreneurs in
America boost the national economy
There are many stories of Hispanic entrepreneurs finding opportunities where others saw only a bleak outlook. For this reason, successful Hispanic entrepreneurs in America exemplify a tireless entrepreneurial spirit.
For example, studies by the Stanford Initiative on Latino Entrepreneurship highlight the following aspects:
- Hispanic entrepreneurs and immigrants start more businesses than native-born Americans.
- Latino entrepreneurs tend to grow revenues faster than the overall economy.
- From 2009 to 2019, the Hispanic business owners grew 34%, compared to 1% of all U.S. business owners.
- From 2018 to 2019, Latino-owned businesses had an average revenue increase of 14%. In other words, they outpaced the growth of the national economy.
Despite the problems of Hispanic companies and entrepreneurs in accessing investment funds and capital, their situation is improving. What’s more, the number of Latino-owned businesses continues to expand. And, so fast is that expansion that it could add more than $1.4 trillion to the U.S. economy. In other words, it would also add nearly eight percent to the U.S. economy, or $18 trillion.
So let’s take a look at how successful Hispanic entrepreneurs in America overcame the challenges of setting up a business in another country.
Some successful Hispanic entrepreneurs in
America are examples of overcoming
Successful Hispanic entrepreneurs in America exemplify the quality of human capital over financial capital. However, while the failure rates of Hispanic start-ups are higher than those of Americans or Asians, they are twice as likely to be entrepreneurs. So, this is the advantage that the most renowned Latino entrepreneurs in the U.S. have had.
On the other hand, the visible presence of the Latino community in large cities such as Miami, Chicago, and Los Angeles is the result of the discovery of a unique opportunity to reach Spanish-speaking consumers. In addition, one of the reasons for the success of Hispanic entrepreneurs is due in large part to their greater use of digital connectivity. That is to say, compared to other U.S. communities favors the dissemination of their skills and the promotion of their businesses.
Also, the lack of job opportunities among Hispanic groups encouraged them to open their businesses. An example of this is successful Hispanic entrepreneurs in America such as Marcelo Claure, Maria Contreras-Sweet, Beto Perez, and Cynthia Rubio. They represent the strengthening of the Hispanic community and the U.S. business community. Let’s get to know a little about them.
Marcelo Claure, founder of BrightStar
Claure is CEO of Sprint, although his path to that job began with the founding of BrightStar. With this foundation, which distributes mobile devices to more than 200 operators in 50 countries, he managed himself as one of the largest income earners in the U.S. It estimates that BrightStar receives more than $7 billion each year.
Maria Contreras-Sweet, founder of ProAmérica Bank
Contreras-Sweet got her start in small business management and worked with the government and the California Assembly. Her extensive financial experience led her to launch ProAmérica, California’s first commercial-Latino bank. Contreras-Sweet Enterprises have a marketing and research firm with clients such as The Coca-Cola Company, Pacific Gas and Electric Company, and The Walt Disney Company.
Beto Perez, creator of Zumba
This Colombian aerobics instructor came up with the idea of Zumba, a form of exercise with dance that has become a worldwide success. The reach of this company is more than 15 million people in 180 countries who take these classes. That number continues to grow as the company licenses Zumba trainers around the world.
Cynthia Rubio, founder of RFID radiant
Rubio founded this company based on the use of complex technologies and special equipment in natural disasters. As one of the successful Hispanic entrepreneurs in America, she got a degree in mechanical engineering and her experience with Ford. She founded the company with her husband after the birth of their third child. In more than ten years of history, the company has earned more than $4 billion.
Every day they inspire new entrepreneurs in the same way as many successful Latino artists in the United States do it. As a result, they take their place in the local economy. Do you know of other successful Hispanic entrepreneurs in America that you would like to highlight? Please, leave us your thoughts in the comments section below.
If you want to read this same article in Spanish, click here.