Last week the Stanford Latino Entrepreneur Initiative had their 2023 State of Latino Entrepreneurship Summit, where they released the State of Latino Entrepreneurship. I have been following them since the beginning and witnessed first-hand the impact this program has had on many Latino Businesses.
Six years ago, I was present at Stanford University for the second Cohort of the Latino Business Action Network Scaling Program. I remember when the extraordinary professor emeritus Jarry I. Porras asked us to close our eyes. By the way, I was recording the event, not participating, but I closed my eyes as all the entrepreneurs from around the country did. The room was full of first or second-generation Latinos entrepreneurs with businesses ready to scale. Professor Porras asked us to imagine how much we envision our company will make in 5 years. I did not have a business then, but I knew I wanted to build one. After each of us thought of a number, he asked us to multiply that number by 2. What about that? How does that number sound? The entire room made the same kinds of noises expressing excitement. Then he asked us to multiply that number by 2 again. Wow! I never even thought about that possibility! Then he asked us to open our eyes and told us: That is the number you have to work for!
That moment touched me deeply. It changed my mindset. I started to think that more things are possible, and I can make them happen. When I look back and compare the moment, four years ago, when I was trying to find the best organic potty training underwear for my son Kian with the moment we are in now, even though I have yet to reach the first number I thought of that day at Stanford University, I am so grateful to professor Porras inviting me to dream bigger and bigger.
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This report gives a lot of important information about latino Business, our performance, and reality accessing capital. If you want to learn more about the State of Latino Entrepreneurship research made by Stanford University please click here: https://www.gsb.stanford.edu/sites/default/files/publication/pdfs/state-latino-entrepreneurship-2022.pdf
Some important points from the report:
- Latino-owned businesses continue to outpace the growth rates of White-owned businesses–and U.S. businesses in general–in terms of number of businesses and revenue.
- Latino-owned businesses are recovering from the pandemic and have expanded their customer base
- Although fewer businesses are seeking funding relative to last year, Latino-owned businesses are 50% more likely to request financing than White-owned businesses.
- Latino-owned businesses seeking loans from national banks have stronger business metrics than White-owned businesses, yet have lower approval rates for loans over $50,000.
- Latino-owned businesses use more marketing strategies to advertise and sell their products and services.
The report ends stating: “We hope the findings of this report help inform policymakers, lending institutions, business owners, organizations supporting U.S. businesses, and the American public about the challenges and opportunities that LOBs face in the United States. Besides sparking dialogue, we intend to inform data-driven policies, programs and decisions related to Latino and minority businesses in the United States.”
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