US Hispanics continue to be the fastest growing minority demographic in the US, followed by African-Americans and Asian-Americans.
Despite the growth of our country continuing to be multiracial and multicultural, communications and services to these consumers continue to fall short.
Could it be that c-suite executives, shareholders and business decision makers refuse to see the value our US multicultural communities contribute everyday?
Or is it possible that these groups lack the voice and representation in the room to prohibit continuing to fail these US multicultural communities everyday?
Those are undoubtedly important and loaded questions, and I do invite my readers to share their thoughts on the subject matter in the comments.
One thing is for sure, the multicultural demographics that make-up our country are vital to its economic success and overall growth.
As it relates to Latino business owners specifically, a Stanford Study shows that Latino business owners:
- Contribute more than $700 billion annually to the economy
- Have 2.3 million employees on payroll
- Make up 1 in 4 new businesses in the country
Despite these statistics, Latino owned firms face significant growth barriers compared to non-Latino owned firms:
- Averse approaches to taking on debt, primarily relying on personal savings, friends and family
- Bearing greater personal financial risks, associating with financial products with higher average interests rates
- Growing up to $1 million or more in annual revenues
The primary goal of the study is to focus attention on potential investments that will advance Latino business growth.
Growth for Latino owned firms is crucial.
Why?
- 12% ownership of ALL businesses in 2012 (4% increase from 2008)
- Fastest growing demographic in the US (nearly 20%)
- Critical source of new jobs in the economy
As Latinos, we must be vocal about the representation and funding needs of our fellow peers and consistently leverage our value and contributions to our country.
Let's no longer be shy.
Let's no longer be ok with the lack of acknowledgement.
Let's unite our voices and collectively demand change.
Leave your thoughts on the comments, I'd love to hear from you.