Hispanic business owners are more knowledgeable about financial planning than previous research suggests
Posted by Elena del Valle on November 17, 2010
By Dianna L. Stone, Ph.D., professor of Management
Joy Row, MBA, research project manager
Teresa Svacina, M.S., and Julio Canedo-Soto, MBA doctoral students
University of Texas at San Antonio
Dianna L. Stone, Ph.D., Joy Row, MBA, Teresa Svacina, M.S. and Julio Canedo-Soto, MBA
There has been a dramatic rise in the number of Hispanic owned businesses in the U. S. One reason for this is that entrepreneurship often provides a springboard for the economic advancement and social integration of minorities. Despite this growth, little research has focused on the success of Hispanic owned businesses. Studies have shown that minorities are more likely to start small businesses, but are less likely to be successful than Anglos1.
Although there may be a number of reasons for this, researchers have argued that the lack financial skills may be a key source of the problem. Results of other research shows that Hispanics2, and Hispanic business owners3 may have limited knowledge of financial planning. Thus, the primary purpose of this article is to relay results of some recent research on Hispanic business owners’ knowledge and use of financial planning.
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I think Hispanic business owners have had to be smarter than others so it is no surprise to me that they are also knowledgeable about financial planning.