Entrepreneurship is an increasingly popular trend in the United States, and Hispanics are leading the way in this field.
According to the National Small Business Owners Association (NSBA) Business Trends Report, the number of Hispanic-owned businesses in the US has increased by 46% since 2007, making them the leader in entrepreneurship among minority groups.
There are several reasons behind this growth in Hispanic entrepreneurship. First, they often face obstacles in the traditional job market. Therefore, they see entrepreneurship as a way to control their economic destiny and create a better life for themselves and their families.
Because of Hispanic Entrepreneurship
According to Pew Research Center projections, Hispanics will represent 29% of the total US population by 2060, making them the fastest growing racial or ethnic minority in the country and contributing to their growing purchasing power.
With this demographic growth comes an increase in Hispanic purchasing power, which is an ever-growing market for Latino entrepreneurs.
Additionally, many Hispanics have business and entrepreneurship experience in their home countries, giving them an advantage in the US market. Many Hispanics also have strong community networks, which help them obtain financing and assistance in starting and growing their businesses.
Regarding business start-up trends, Hispanics are leading the way in establishing businesses in many sectors, including the vibrant food and beverage industry. One of the main reasons behind this is the richness of its offerings.
According to the University of Florida Food Research Institute, between 2010 and 2019, Hispanic food sales in the US grew 80%.
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As a sideline, Nielsen reported that by 2019, Hispanic food and beverage already accounted for 10% of all retail sales in this category in the US.
Hispanic entrepreneurship not only benefits individual entrepreneurs but also has a positive impact on the country’s economy.
Hispanic-owned businesses generated more than $700 billion in revenue in 2019 and employed more than 3.5 million people, the U.S. Chamber of Commerce reports.
The rise of Hispanic entrepreneurship in the United States is an exciting and ever-growing trend. An indispensable element is the creation of brands that support and distinguish each enterprise, transmitting the identity and essence of the project in a direct and close way.
A grounded, focused and meaningful brand will be a valuable tool for consolidation in the mind of the consumer because of the familiarity and uniqueness it creates.
With an ever-growing market and a strong business community, the future looks bright for Hispanic entrepreneurship.