Celebrating Hispanic Entrepreneurship Twitter Chat Recap
In celebration of National Hispanic Heritage Month, we co-hosted a Twitter chat with Women's Business Development Center (WBDC), Support Latino Businesses and America’s Small Business Development Center (ASBDC) to share opportunities and challenges facing Hispanic and Latino small business owners.
Below is a brief recap of the questions and a sample of the great tips and information shared during the chat.
Q1: Why is it important to recognize the contributions of Hispanic entrepreneurship?
Venturize @VenturizeOrg
Latino & Hispanic entrepreneurs are starting #SmallBiz at a faster rate than other groups, accounting for 44% of growth in the past decade. They create jobs, bring innovation, enrich our culture & contribute more than $800 billion annually to our economy. #HispanicBizChat
Alliance for Entrepreneurial Equity @AEEquity
Hispanic entrepreneurs make vital contributions in their community and the greater economy. Nearly 1 in 4 new businesses, which provide new jobs, are Hispanic-owned. Also, Hispanic-owned businesses contribute over $800 BILLION to the U.S. economy each year #HispanicBizChat
If Hispanic-owned businesses were proportionate to population, there would be:
- 885k more Hispanic-owned businesses
- 7.5M more jobs at Hispanic-owned businesses
- $1.2T more in sales and revenue from Hispanic-owned businesses.
Q2: This year’s theme for #HispanicHeritageMonth is Unidos: Inclusivity for a Stronger Nation. How can business organizations and technical assistance providers implement inclusive practices into their daily work?
America’s SBDC @ASBDC
Showcase that your organization is home to diverse talent by showcasing those employees in your recruitment marketing tactics. You can share their experiences working for your organization through quotes, videos, personal stories or recruiting case studies. #HispanicBizChat
Support Latino Business @SupportLatino
Businesses can begin with sourcing diverse talent for varied positions so that the Latino/x perspective is represented in all operations of an organization, from the c-suite to marketing and operations. #HispanicBizChat 1/
Businesses can also start with listening to diverse employees. What are their wants and needs? Can you address them with tangible actions? #HispanicBizChat 2/
They should also take a hard look at recruiting practices. Do you have talent that represents today’s reality in terms of diversity? If not, then the recruiting and promotion process should evolve. #HispanicBizChat 3/
Q3: What are some key resources that can help spur and support Hispanic entrepreneurship?
Women's Business Development Center @WBDC
Blanca Berthier: #HispanicBizChat Training, access to capital, mentorship. Find resources at https://wbdc.org and follow us on our social platforms.
America’s SBDC @ASBDC
SBDCs are located all over the country and offer free advising and low-cost training. Many have Spanish speaking Advisors and resources in Spanish if needed. Find your local #SBDC here --> https://americassbdc.org/find-your-sbdc/ #HispanicBizChat
Cal Coastal SBDC @CalCoastalSBDC
There's great resources (our example is the @CenCalSBDC regional team available to help #entrepreneurs connect with #technical assistance through 1-on-1 assistance or #webinars!
Q4: How significant is business ownership for Hispanic and Latino communities?
Women's Business Development Center @WBDC
Hispanics are entrepreneurial. Generations of Hispanics have learned from their immigrant parents or grandparents about running a family business. Contributions to their communities through their businesses also preserve cultural values.
Alliance for Entrepreneurial Equity @AEEquity
#Entrepreneurship can help generate wealth for Hispanic and Latino families and communities. Our recent research showed that new business applications in 2021 were almost 2.5x higher in majority Hispanic counties than in 2005. https://aeequity.org/product/who-is-behind-americas-startup-surge
#HispanicBizChat
Q5: What is a common barrier Hispanic or Latino entrepreneurs face that should not be overlooked?
Venturize @VenturizeOrg
Access to capital is a major barrier for Hispanic & Latino entrepreneurs, especially during the pandemic. But an often-overlooked barrier is access to educational content that can help them navigate the ins & outs of biz ownership: https://venturize.org #HispanicBizChat
Support Latino Business @SupportLatino
Venture capital is a key driver of business growth and scalability, yet Hispanic business owners, especially Latinas, have historically been unable to access these funding opportunities at the same rate as other entrepreneur groups. #HispanicBizChat
Cal Coastal SBDC @CalCoastalSBDC
Whenever language is a barrier, it's appreciated when acknowledged and addressed. #multilingual
Q6: What are some solutions policymakers can take to better address these needs?
Alliance for Entrepreneurial Equity @AEEquity
Policymakers should focus on technical assistance and finding ways to expand participation in government programs which support diverse entrepreneurship. #HispanicBizChat
John Arensmeyer @JohnArensmeyer
We have a pool of candidates that can help us alleviate the workforce shortage that we’re currently in. But, to tap into this pool, we must reassess exclusive policies & eliminate outdated immigration laws. 1/ #HispanicBizChat
It’s commonsense. When more people work, productivity increases. To keep this population engaged in the #smallbiz ecosystem, it's necessary that we pass comprehensive immigration reform guaranteeing eventual citizenship for those who contribute to our economic success. 2/
Q7: Tell us about a Hispanic or Latino entrepreneur who inspired you in the past year.
Support Latino Business @SupportLatino
The SLB directory & network is also full of such inspiring Latino/x business owners that we are proud to get to celebrate and feature all year long! http://supportlatino.biz #HispanicBizChat