In just a few years, America will go through the biggest population revolution. From work culture to daily lives, we will soon witness a change that most of us are not ready for.
So, what is that change?
Well, the American population is aging and getting diverse at the same time. This means that people from different ethnicities, religions, social values, and cultures will be seen in major business positions.
As the biggest minority in the USA, the Latino community will soon turn things around in the US business scene as well.
Previously Latino businesses were facing a lot of challenges like securing projects, business capital, lack of network, and discrimination as well.
Regardless of all these challenges, JPMorganChase declares, Latino-owned businesses to be the U.S. Economy’s Best Bet. Reason? Latino cultural values are perfect for raising a business owner.
If you are curious, keep reading as we explore and list all the cultural values together.
Latino Cultural Values That Help Kids Become Business Owners
- Staying True to Traditions
Latino traditions sit at the core of the community. While most Hispanics adopt modernness with time and submerge into American culture, they still stay glued to their roots. Some of the primary examples of this are Latino music, movies, food, fashion, and aesthetics.
Latino audiences, customers, and business owners understand the importance of Hispanic traditions and prefer Hispanic music and food. Now businesses are leveraging this opportunity to broaden their horizon and reach a much wider audience.
For instance, businesses are now incorporating the Spanish language in marketing, customer service, and business communication. Cox is an excellent example of this. The company has dedicated website pages and 24/7 support from Cox en español where customers can easily reach out and seek guidance.
- Family Comes First
Latinos are extremely family and community-oriented, which works in their favor when they step into the business world.
Within the Latino community, when a new Latino-owned business is launched, most people see it as their own. In fact, most Latino business owners end up making most of their profit from their own community, and that too without using any marketing budget.
Moreover, while designing a product or service, most business owners focus on a Latino audience, which offers them an edge over their competition. This strategy has been so popular that even non-Latino businesses are stepping up trying to accommodate and customize products for the Latino community and other minorities in the USA.
- Personal Connections
Networking in business plays an important role. This is the reason business events and inner circles are considered golden opportunities for networking. When Latino business owners first entered the US business market, they faced a lot of discrimination due to their limited knowledge of the US market, language barrier, and financial limitations.
However, Hispanics have one of the strongest communities in the country. People within the community work as brand ambassadors of the local business, making sure they get the right audience. Moreover, marketing by word of mouth is fairly popular in Hispanics which has helped them not just secure more customers but also more investors and business partners.
Most Latino-owned businesses today rely on community support, which has helped these businesses become resistant to a lot of issues. Even in struggling times like COVID, Latino businesses were the first to bounce back due to the unwavering community support.
- Love for Self-Improvement and Education
Most Hispanics in the USA are immigrants with a language barrier and somewhat compromising financial situation. Now that these immigrants have their families here, they see education as the only feasible way to improve their financial situation.
This is the reason, why education businesses or businesses catering to kids do exceptionally well. Apart from this, families encourage their kids to opt for business and degrees that can help kids secure a better future.
Considering all these things, it is no surprise that according to Census Bureau data reports from 2023, Latinos accounted for 36% of the new business launches. This also indicates that as new generations are entering the workforce, we will notice educated Latinos taking over the business scene in leadership positions.
- Focus On Bargain and Value
Hispanics are very value-oriented. They prefer buying products that offer high value. However, this does not mean they will buy a cheap product while compromising on quality. Hispanics have always been considered a community with low purchasing power. But as the new, more educated generation is entering the workforce the overall purchasing capacity has improved.
In fact, the current spending power of Hispanics has reached up to $1.3 trillion. This remarkable improvement in their buying capacity has not affected their love for thrifting and being value-focused. Moreover, Latinos have a few categories (food, apparel, and phone service) where they spend a huge chunk of their money while compromising on the rest.
These stats indicate that regardless of the day and age, the primary needs will always outsmart the secondary and territory needs. Taking inspiration from this, Hispanic business owners are also focusing more on these niches.
Top Hispanic Business Owners Who Are Immigrants
- Marcelo Claure
- Matias De Tezanos
- Federico Jose Ronstadt
- Jose Andres
- Jordi Munoz