Challenges Facing Hispanic Entrepreneurs

Posted by Elena del Valle on May 14, 2014

*By Stephanie L. Black, MIM, MBA, doctoral candidate, University of Texas at San Antonio
Julio C. Canedo, Ph.D., assistant professor of Management, Northern Michigan University
Kimberly M. Lukaszewski, Ph.D., associate professor of Management, State University of New York at New Paltz
Dianna L. Stone, Ph.D., affiliate professor of Research, University at Albany, State University of New York

Stephanie L. Black, MIM, MBA, doctoral candidate, University of Texas at San Antonio

Julio C. Canedo, Ph.D., assistant professor of Management, Northern Michigan University

Kimberly M. Lukaszewski, Ph.D., associate professor of Management, State University of New York at New Paltz

Dianna L. Stone, Ph.D., affiliate professor of Research, University at Albany, State University of New York

Hispanic owned businesses have increased rapidly, and there are now more than two million in our nation (U.S. Bureau of Census, 2010). One reason for this is that entrepreneurship provides a springboard for economic advancement and social integration of minorities (Wang & Li, 2007). Also, Hispanic businesses are important contributors to our economy, and have a number of key strengths (Starr, 2012). For instance, many Hispanics have connections to Latin American markets, and meet the needs of the growing Spanish-speaking customer base (Starr, 2012). In addition, Hispanics are adaptable, resilient, and have revitalized the economy of inner cities (Dana & Morris, 2007).

Despite these strengths, Hispanics, not unlike other entrepreneurs, face many challenges. This article reviews existing research on the challenges faced by Hispanic entrepreneurs, and offers some evidence-based guidelines for enhancing their success.

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