The Latino market in the United States is predicted to become a full trillion dollar industry in a decade or less. Even when the 2010 census is now outdated, it still shows a significant amount of Latino-owned businesses (LOBs) across the different states, and are expected to increase in the upcoming statistics report.
Many business articles are now starting to notice their growth. But what makes the Latinos and other Hispanics in America great business people? Here are just five reasons why.
Latinos are known for their share of familial love, which comes across in their businesses culture.
Recent studies on why LOBs are growing within the country pointed out that Latinos were primarily moved by their families to start a business -perhaps, something to pass on as an inheritance. In some ways, starting and keeping businesses are part of their upbringing. The Hispanic culture rears members of the family to grow up as employers rather than employees.
While Hispanic entrepreneurs cater to Latinos and non-Latino customers, they tend to get supplies and human resource from their coethnics as much as possible. This practice shows the familial love inherent to Latinos, which even extend to the members of their race.
They use their Hispanic network to start and run their business. These people invest in other people within their race or demographic. Hence, it is easier for them to form a trusted network of suppliers, contractors, employees, and business partners.
Life and Work Balance
Latinos establish an intimate personal connection with colleagues, and would even spend time in small talks after work hours. They make sure they create harmonious relationships in their work areas, but also make an effort to build friendships outside of work.
Hispanics are family-oriented, which means they make sure they spend time with their loved ones as much as possible.
Hispanics rarely back down. Persistence is an important virtue that can bring food to their families’ mouths. Their culture has taught them how to find ways to make a living. If declined from employment or an opportunity, they start their own with their means.
Whatever their status in life is, tenacity is their gift. Nothing can stop them from being successful – education, talent, skills compare little to the Latino determination.
Social Media and Internet
Hispanics are very active on the social media, as their ways of embracing technology and marketing strategies. They find it as an important medium to reach out different demographics, Latinos and non-Latinos alike.
Business owners go all out on Facebook, Twitter, Instagram, and other platforms to promote their business, whatever their business is. For B2B markets, Latinos rely on their LinkedIn accounts, too. While Hispanic small business owners do not necessarily create a website, they get their business listings online.
These are just five reasons why Hispanics in the US, and across the globe, are starting to dominate the business markets. They never stop, and even if they do, they’ll make sure their family or coethnics take over what they have started.