Latinos in the US: workers, entrepreneurs, or a bit of everything?

By Adriana Gallardo

Latinos in the US: workers, entrepreneurs, or a bit of everything?

As a proud Latina businesswoman, I am pleased to share that, according to the “State Of Latino Entrepreneurship 2022” report conducted by Stanford Latino Entrepreneurship, Latina-owned businesses are the fastest-growing segment in the US. From 2007 to 2019, the number of LOBs (Latino-owned employer businesses) grew by 34%, while WOBs (White-owned businesses) decreased by 7%. LOBs outperformed WOBs in revenue growth.

It also indicates that Latinos represent an economical production of 2.8 trillion dollars. We are almost five million companies throughout the country, generating more than 800,000 million dollars in annual revenue. In other words, we continue to strengthen the US economy through the creation of employer companies at a faster rate than the WOBs.

In addition, 350,000 companies owned by Latino entrepreneurs generate jobs for more than three million people in the US, with more than 120,000 million dollars in annual payrolls. This shows that we are not only involved in agriculture or construction but that we are entrepreneurs and business owners.

Despite this, the Stanford report reveals that it is more difficult for Latino entrepreneurs to access financing, as LOBs have lower approval rates than WOBs when applying for more than $50,000.

But our resilience has taken us further and further. One key to achieving this is a strong mentality, which allows us to find solutions and opportunities where the rest see limitations.

Here are three critical points to adopting a success-focused mindset:

-Clear vision: the team must know the company’s objective and how it plans to achieve it. This vision will guide decisionmaking.

-Create a support system: a safe space where you can talk about expectations, and concerns, as well as what is expected of each collaborator and how it can be achieved.

-Prepare for risk: Success involves stepping out of your comfort zone and implementing new ideas and creative solutions to overcome business challenges and continue to grow.

A correct mindset, motivation, and the desire to improve ourselves have led us Latinos to stand out in the business world. We will continue to grow thanks to our capacity for resilience, strength, and charisma.

Adriana Gallardo is an international speaker, author, and leader of Adriana’s Insurance emporium. Business and Life Coach, author and producer. She is the creator of “Chingona Circle”, a group that empowers women and the series of conferences “Empodérate”, which help entrepreneurs and business owners to achieve their goals. She lives in California. IG @ adrianagallardo1