With the economy continuing to be on an upswing it is no wonder that the business community is optimistic but Hispanic owned businesses are especially optimistic.
Hispanic owned businesses are one of the fastest growing segments of the economy and now they are looking to take advantage of a business-friendly environment.
Recently, Bank of America surveyed hundreds of Hispanic business owners from around the country during its second annual Bank of America Hispanic Small Business Spotlight which focused on key aspirations and concerns and used the data to contrasts them with those of non-Hispanic peers.
The survey found that for the most part Hispanic small business owners remain quite optimistic about the business environment. About 77% of respondents say they plan to grow their business over the next five years. This becomes more impressive when compared to non-Hispanic business owners of whom only 50 percent have similar plans. Hispanic entrepreneurs are uniquely confident, as nearly 90% believe that business opportunities will continue to strengthen over the coming decade.
When asked about their outlook regarding the local and national economies, 60 percent of those surveyed believe there will be improvement over the next year. That’s substantially higher than the 48 percent who felt similarly last year.
Although this news seems to indicate that all is good in the eyes of Hispanic business owners, they do have some concerns too. More than 70% are concerned about rising healthcare costs, though that number has actually gone down a little bit form last year. Other concerns include commodities prices, corporate tax rates, consumer spending, interest rates, and credit availability.
Much of this apparent optimism is believed to be related to cultural heritage and its positive impact on business. Hispanic business owners have a strong network of family and friends, which they heavily rely on and in this business environment these networks are proving to be a very positive influence.