Hispanic entrepreneurs hold a confident business outlook for 2019, with the majority anticipating increased revenue, growth and expansion, according to the third annual Bank of America Hispanic Small Business Owner Spotlight.
To better understand one of the fastest-growing segments of the small business sector, Bank of America surveyed more than 300 Hispanic entrepreneurs across the country to gain insights into their aspirations and concerns, as well as similarities and differences with their non-Hispanic peers.
Consistent with prior years, Hispanic entrepreneurs are significantly more optimistic in both their economic and business outlooks compared to their non-Hispanic counterparts. Despite this optimism, Hispanic business owners face new challenges—specifically when it comes to hiring and retaining talent. Over the past year, nearly half of Hispanic entrepreneurs had at least one employee leave their business. To remedy this turnover, more than half plan to hire new employees in the year ahead. However, Hispanic entrepreneurs have been directly impacted by the tight labor market and are finding it challenging to fill vacant roles.
Despite these hiring obstacles, Hispanic business owners remain upbeat and confident, in part due to the significant contributions of employees, family and community. Hispanic entrepreneurs credit their employees as a driving force behind their confidence, and cite their community as an inspiration to succeed. Many also strive to pass a successful business on to their children.
Source: Bank of America