September 15th to October 15th is Hispanic Heritage Month. As a thank you for the entrepreneurial contributions and innovations in the Hispanic community, Teach a CEO and CEO Blog Nation would like to provide some statistics related to the Hispanic community:
- According to the U.S. Census, Hispanic-owned businesses are growing at double the national rate. (HispanicPR Blog)
- Growing at double the national rate, the study found that 89 percent of Hispanic entrepreneurs started their business to provide financially for their family vs. 77 percent of the general population and 31 percent wanted to provide jobs for other family members (versus 19 percent generally). Seventy percent of Hispanic business owners plan to pass their business on to family members vs. 54 percent of the general population. And yet only 1 in 4 Hispanic entrepreneurs have a succession plan. (HispanicPR Blog)
- Two-thirds of Hispanic entrepreneurs said they wanted to follow their dreams, a much larger percentage than with the general-market business owner at only 36 percent. This is more prominent among 1st generation owners. (HispanicPR Blog)
- 79 percent of Hispanics said they wanted to be their own boss vs. 57 percent of the general-market business owners. (HispanicPR Blog)
- Approximately 54 percent reported that “giving back to the community” was a driver of opening their businesses compared to 21 percent of the general population.(HispanicPR Blog)
- The Hispanic population is the largest and fastest growing minority group. According to the U.S. Census Bureau, the U.S. Hispanic population was 46.9 million in 2008, a 3.2 percent increase from 2007, meaning almost one in six American is of Hispanic descent. (The National Puerto Rican Chamber of Commerce)
- 69 percent of Hispanic enterprise owners have high expectations for strong sales and performance results heading into 2013, even though a sizeable number (23 percent) feel pessimistic about their local and state economic conditions and the broader national economy (31 percent). (PNC Financial Services Group)
- 71 percent of Hispanic enterprise owners either “definitely” or “probably” will save cash in the coming six months as a hedge against the prospect of a national economic downturn. (PNC Financial Services Group)
