As the population of American-born Hispanics dramatically increases, so does the number of Hispanic-owned businesses. In fact, they are growing at a rate that is twice as fast as the national average. According to the report, Hispanics in Business 2014 study, Hispanic-owned businesses have been growing at this rate since 2007, and it is estimated that by the end of 2014 it will grow to $3.22 million.
What does this mean for the overall American population?
Cesar Melgoza, CEO and founder of Geoscape, argues that “as we baby boomers age and continue to retire, then greater reliance of Latino businesses will be a fact of life. So as we move forward, it becomes everyone’s business that Latinos do well.” It is imperative that they do well because in the upcoming decades the older non-Hispanic population will have to rely on Hispanic-owned businesses to pay for their government retirement fund.
According to the report, part of this growth is based on the fact that Latinos are more digitally connected than other ethnicities in the United States, especially when it comes to smart phones. What being more digitally connected does, according to the report, is provide an outlet for Hispanics to easily promote and disseminate their great ideas. To give you an idea of the amount of Hispanics using mobile devices, a recent Comscore article states that “Two out of five Hispanic Millenials are mobile-only Internet users.” Those numbers are steadily growing as we speak.
Bottom line: It is in every American’s greatest interest to make sure that Hispanic-owned businesses flourish, so that in the near future people in this country have jobs, and consequently, so that every senior citizen has a government retirement fund.
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