The second annual Bank of America Hispanic Small Business Owner Spotlight survey was released earlier this month showcasing the environment of Hispanic entrepreneurial confidence nationwide. According to the report, the majority of Hispanics believe the national economy and their local economy will improve in 2018. Their response numbers of 60% and 67% respectively came in much higher than their non-Hispanic counterparts of 46 percent and 48 percent, respectively.
When broken down over several facest including growth in 2018versus a five year period, Hispanics were more positive on both outlooks versus non-Hispanic business owners in America. “Seventy-one percent believe their revenue will increase in 2018” along with “Seventy-seven percent of Hispanic small business owners report[ing] growth plans over the next five years.”
These incredibly high marks seem to stem from Hispanics usage of social media, community network, and the belief that Heritage will be a key differentiator over the next decade. According to Business Wire, Hispanics believe heritage provides an advantage with respect to business growth, customer retention, and networking. In addition, “Hispanic entrepreneurs lead their non-Hispanic peers by 20 percentage points in the use of digital tools to run their business (93 percent, compared to 73 percent of non-Hispanics). Three-quarters also report they are reliant on social media in running their business, versus just 40 percent of their non-Hispanic counterparts.”
We’ve consistently reported the expansion of the Hispanic market, and this only continues to support the belief that, for America’s future, the largest growing demographic seems positive in their future of potential wealth creation. This is good for the nation and good for the community as well.