There are almost 60 million Hispanic and Latinos living in America, and most of them are believing deeply in the ‘American Dream’. All of our grandparents and parents have come to this great country to pursue their own American Dream, and we all have followed right in their footsteps.
We left our families and our countries to find better lives for not only ourselves but also for exactly the families we left behind. We all arrived with great dreams and the willingness to work hard to realize our goals.
Most of us have started their own new families in this country, and we also adopted lots of things from this land’s culture. Most of us have adapted to this nation’s typical way of life, but we also cherish and keep our own culture.
Our mindset has become more American, but our hearts remain Latino. There have actually been quite a few research studies that indicate that Latinos and Hispanics are far more optimistic when it comes to believing that achieving our dreams is possible here, than non-Latinos. Our dreams may be different, though, than the dreams of non-Latinos.
In America, you always hear that achieving the American Dream is about creating a better and safer future for their families, about building entrepreneurial businesses, and about having control over their destiny. But at the core of realizing the Latino American Dream has always been just their families’ future.
All Hispanics and Latinos I know were telling me that creating a better and safer future for their families actually was the key (or sole) reason they were working so hard to be successful in this country.
We Latinos are also dreaming about buying and owning our own homes, about being able to leave our children enough money so they can live a safe life without worries, and about giving our kids the chance for a good education, something we never had.
A study among Latino business owners on their pursuit of the ‘American Dream’ demonstrated that the main reason of Latinos for starting their own businesses was because they wanted to pursue their own American Dream. They want to be in control of their own lives and be able to support their families.
Almost ninety percent of Latino entrepreneurs in America have started a business to be able to provide financial support for their families, and almost eighty percent of Latino entrepreneurs started their business to become their own boss, versus not even sixty percent across all American business owners. More than seventy-five percent of them started a business so they could control their lives more, versus just over fifty percent all American business owners.
Over fifty percent of Latino business owners say they started their business to come up with something tangible they can pass on to the next generation, while for the average business owner this number is slightly over thirty percent, and almost seventy percent have started a business to pursue their dreams versus some thirty-five percent across the board.
We Latinos are very optimistic and possess an undeniable desire for pursuing our dreams, and this shows in our entrepreneurial inclinations. We are working very hard to be able to fund our children’s education, and we truly believe that it’s our task to give back and support our parents financially. We’ve all had our struggles. We needed to figure out how we could survive in this new country, without any safety net, and with no connections.
We are creative, ingenious, and entrepreneurial persons. We are resilient and scrappy, and we have conquered all the hustle. It is obvious that Latinos really want to control their own destinies and secure the future of their families. If we are able to control our own lives, we also will get the time, the financial independence, and the freedom to enjoy our lives together with our families. It is also obvious that Latinos are far more starting their own businesses in order to pursue our dreams than non-Latinos.
In 2015, the U.S. Hispanic Chamber of Commerce published a report called ‘Hispanic Businesses & Entrepreneurs Drive Growth in the New Economy‘. This report states that the number of Latino-owned businesses in America is growing at an incredibly fast pace, as much as fifteen times faster than the national average growth rate and that this has been going on for the past few decades.
On the other hand, we can also see some serious worries. A 2015 report by the ‘Stanford Latino Entrepreneurship Initiative’ has revealed that more than fifty percent of Latino entrepreneurs have businesses that are shrinking, staying stagnant, or growing slowly, and this reveals an apparent disconnect between their goals and the American reality.
Suppose that all Latino-owned businesses would be averaging the same annual sales per individual business firm as all American non-Latino owned businesses, almost $1.4 trillion would be added to our country’s economy.
The Stanford Latino Entrepreneurship Initiative calls this difference the ‘Opportunity Gap’. It is an indication of the possible economic impact when Latino-owned businesses would be performing at the same level as non-Latino businesses.
This is representing the immense wealth-building opportunities not only for Latino entrepreneurs but also for companies that are helping them scale up their businesses, particularly in the financial sector. It is essential that these companies get to understand the unique Latino entrepreneurial DNA, their aspirations, and mindset.
They need to become more comfortable with the typical aspects of doing business with Latinos. The more flexible they will be, and the more they will tailor their services and products to our Latino entrepreneurial mindset, the better the results will be both for Latino entrepreneurs and for them. When considering win/win wealth growing opportunities in America, it won’t get any better than this….