2019 Hispanic Small Business Owner Spotlight by Bank of America
According to a recent study by Bank of America, Hispanic small business owners are confident about their 2019 business outlook, with strong majorities planning for increased revenue, growth and expansion, according to our third-annual Hispanic Small Business Owner Spotlight. This year’s Spotlight finds that Hispanic entrepreneurs are significantly more optimistic than their non-Hispanic counterparts when it comes to both their business and economic outlooks. Similarly, Hispanic business owners report greater confidence in the direction of the national economy, as well as their local economies. These high optimism levels persist despite lingering economic concerns and new operational challenges. Contrasting with their overarching confidence, Hispanic entrepreneurs are more concerned about many economic issues compared to their non-Hispanic peers. Additionally, the ultra-competitive job market has created a challenging environment for Hispanic entrepreneurs looking to attract and retain talent. Hispanic business owners are much more likely to have had employees leave over the last year compared to their non-Hispanic peers. As a result, they are also more likely to adjust their hiring strategies to increase their chances of retaining and landing top talent. Despite these obstacles, many Hispanic entrepreneurs report that their business has grown beyond their original expectations and identify family, community and employees as their primary sources of motivation and success. With an eye toward future generations, many hope to pass their business on to their children.