Understanding Hispanic Entrepreneurial Success: An Exploratory Study
Over the past decade, the Hispanic population in the United States has increased from about 12.5% to more than 16.5% of the population (U.S. Census Bureau, 2010). Along with the rise in population, the number of Hispanic businesses has also increased. By 2015, the number of Hispanic businesses is estimated to have climbed to 4.07 million establishments with $661 billion in revenue, a 57 percent increase from 2007 (Geoscape, 2015). As important as this group is and as entrepreneurial as it might be, many studies have recognized that these and other minority businesses still lag in many economic factors. According to the latest research, minorities are more likely to start small businesses, but are not likely to be as successful as other, non-Hispanic, businesses (Canedo, Stone, Black, & Lukaszewski, 2014). Hispanic businesses are increasingly becoming the backbone of the economy of the U.S. Thus, understanding the factors that
