The Importance of Latino Entrepreneurship in the US
The Latino community is now one of the largest ethnic groups in the US. Unfortunately their economic power is not what it should be. A big part of the reason for that is that they don't have anywhere near the level of business ownership that they should. In order to improve the lot of the Latino community it is going to be necessary to increase their business ownership. This requires that Latino entrepreneurs be able and willing to start their own business.
The reason that Latino entrepreneurship is important in the US is that it is the way that Latinos are going to raise their standards of living. The sad fact is that a large percentage of Latinos live in poverty and many more while not in poverty are low wage earners. While improved opportunities at better jobs would help to alleviate this situation ultimately it will take owning and operating their own businesses to make a significant change. The reality is that as long as you are relying on somebody else for your employment opportunities you will always be at a disadvantage.
Latino entrepreneurship is also important because it provides both opportunities within the Latino community. Most of the time the community is underserved by most businesses because the large companies don't think that it is worth their time to set up shop in the area. In the cases where they do it is often done in a predatory way. This means that people who live in the community don't receive the same kind of opportunities as people who live in other areas. This situation can be changed by Latino entrepreneurs starting their own businesses to meet the demand in the local community.
Having businesses owned by Latinos also means that the money will stay in the local community. When most businesses are set up in the Latino community they are owned by people who live elsewhere. That means that the money that gets spent at those businesses is being transferred out of the Latino community. Having the money stay in the community through Latino ownership would allow for significant improvements in the community. The local income would be raised, more taxes would be collected and the infrastructure and services in the community would be improved.
Perhaps the biggest reason that it is important for Latinos to own their own business is that it gives them the opportunity to demonstrate their economic power. The more economic power a group has the better they will be treated and the more opportunities they will be presented with. The first step in doing this is to have successful businesses that are owned by Latinos. When this happens other businesses will be eager to do business with the Latino community. That means that things like getting a bank loan will become easier for Latinos as a group.