Houston.- Hispanic entrepreneurs have higher expectations of growth of their companies and are more optimistic about the development of the economy than other entrepreneurs in the country, according to a report presented today by Bank of America in Houston (Texas).
The analysis “III Hispanic Focus of the Report of Owners of Small Companies” indicates that almost nine out of ten Latino entrepreneurs plan to expand their business in the next twelve months, compared to 67% of non-Hispanics who claim the same.
Within five years, 79% of Latino owners plan to expand, compared to 55% of non-Latinos.
“There is a lot of optimism and a high level of confidence among Hispanic business owners. (…) Two important points are the optimism for future income and the recruitment section,” said Elizabeth Romero, executive of the Central Division of Small Companies of Bank of America, in a conference in front of business leaders of the Texas city.
In fact, the financial institution noted that 51% of Hispanic entrepreneurs plan to hire more staff in 2019, a figure that doubles 26% of non-Latino owners of companies that plan to increase their number of employees soon.
Bank of America today announced the results of this research with a panel of experts in Houston, in whose metropolitan area live more than 2.11 million Hispanics, one of the highest records in the country.
The study has a sample of 1,067 owners of small businesses, with annual revenues of between 100,000 and 4,999,999 dollars and a size of 2 to 99 employees, as well as more than 300 interviews with Hispanic entrepreneurs.
The index of optimism of the bank that includes the report shows that the Hispanic owners of societies trust more in the advance of the economy, as much to personal level as national.
Thus, 68% of Latinos believe that their economy will improve in the next 12 months, as opposed to the 54% observed among non-Latinos surveyed.
The percentage of entrepreneurs who are optimistic about the development of the country’s economy is more even, although Hispanics also have more confidence: 59% versus 55%.
In contrast to their high confidence, Hispanic business owners are more concerned about economic problems than their non-Latino counterparts.
The cost of medical assistance (70%), the price of basic products (61%) and the tariffs and commercial policies of the Government of President Donald Trump (60%) are the issues that most concern Hispanics.
Faced with this, the availability of credit and the increase in the minimum wage are worrying less than half of the Hispanic participants in the survey.
Experts from one of the largest banks in the country pointed out in the study that the current job market is “so competitive” that it has created an environment “especially difficult to attract and retain talent”.
To address this situation, 70% of Hispanic entrepreneurs have adjusted their hiring strategies compared to 55% of non-Hispanic business owners.
Offering a flexible schedule and workplace, professional development option and discretionary bonuses are some of the tools that Hispanics have chosen to tempt talented workers.
“Entrepreneurs must be more flexible and creative in the way they hire: we recommend offering flexible hours because it is very popular among millennials and young mothers,” argued Irma Diaz, president of the ETC consultancy, which also participated in the panel. (TX), (EFEUSA)
