Expected Growth in Hispanic-Owned Businesses
Wednesday, 27 January 2010 20:19
When the owner of Concept 100 Realty, Inc. decided to retire in October 2009, Lupita Mitz saw her opportunity. As a broker for the company for the past three years, she felt that she was ready to become an owner.
“I was surprised how easy it would be to take it over,” Mitz said. “Now I’m looking to grow the company.”
Mitz is just one of many members in the Hispanic community taking the plunge into business management.
The number of Hispanic-owned businesses in the United States is expected to grow 41.8 percent in the next six years to 4.3 million, according to a study done by HispanTelligence.
The total revenues will surge 39 percent to more than $539 billion, according to new estimates. Motivated by growing entrepreneurial trends and affluence among the nation's largest minority population, the increase is expected to come at a rate of 8.5 percent over the next couple years.
“There are several factors contributing to the growth of Hispanic-owned business,” said Lea Marquez-Peterson, president of the Tucson Hispanic Chamber of Commerce. “Hispanics are the nation’s largest and fastest-growing minority group and with easier access to education and higher incomes. This equates to purchasing power.”
The Tucson Hispanic Chamber of Commerce is an organization which serves as a resource for nearly 500 Tucson businesses. The THCC serves the public by connecting businesses with information and contacts, serving as a voice in legislation and promoting locally owned businesses, said Marquez-Peterson.
“The Tucson Hispanic Chamber of Commerce has been a big help is showing me how best to promote my business,” Mitz said. “I am planning to use online sites like Facebook and MySpace to advertise. Right now is a great time to try and expand because everyone is being cautious. In a few months people will start to buy again and I’ll be ready.”
The current economic situation the country is facing has led to several factors which have made and will continue to make starting a business easier, said Marquez-Peterson.
These factors include cheap real estate caused by the closure of many stores, a large population of the unemployed and increased help from the government seeking to boost the economy.
“Right now, more Hispanics are realizing that they have buying power, and this power will affect which businesses are growing,” said Vera Pavlakovich-Kochi, senior regional scientist from the Economics and Business Research Center at the Eller College of Management. “The growth of these businesses will lead to greater wealth among Hispanics and greater political power.”
Power is another large motivating factor in the growth of business.
“I am just really excited to get started,” said Mitz. “It is such a great feeling to be your own boss and know that no matter if you succeed or fail, you are in charge.”Written by Samantha S. Easter You are reading Expected Growth in Hispanic-Owned Businesses articles
News
- Tucson Reacts to TUSD Mexican-American Studies Elimination
- Bombing Range Offers Pristine Wilderness
- Alla Frefer: A Libyan-American Experience
- The Gangs of Tucson
- Local Group Asks Residents for City Planning Advice
- 2011 Democratic Election Night Party Live Coverage
- Tucson Elections
- Immigration live blog
Culture
People
Education
Health
Sports
- Former UA Tennis Player Redirects His Passion for the Game
- Soccer: The New Flavor of Tucson Sports
- 2012 FC Tucson Desert Diamond Cup Kick Off
- International Student-Athletes, Bringing More Than Just Competition
- Bikes across borders
- Vacation for Both Sides of the Border
- International Athletes at the UA
- International Tennis Seniors' Final Homestand
Food
- Sushi Chef: Noboru Nakajima
- A Tortilla-Making Family Tradition
- Pin-up Pastries Enjoys Huge Success at Tucson Meet Yourself
- Tucson Eat Yourself: El Guero Canelo
- Tamales for Local Happiness
- A Festival Full of Culture
- Food Vendors Caught on Camera
- Pin-Up Serving Attractive Pastries at Tucson Meet Yourself
Twitter Updates
Related Items
Who's Online
We have 20 guests onlineBorder Beat Blogs
By: Alexandra Newman
This blog compares Mexican and American women in terms of their culture's beauty ideals and traditional gender roles.
By: Audrey A. Fitzsimmons
The Southwest boasts of diverse ethnic backgrounds and a wealth of interesting personalities. Border Personalities is dedicated to the people of the Southwest and their stories.
By: Brett Haupt
A visual exploration of America’s last frontier -- pictures and videos from different areas of the wall and fence that separate two different worlds and insight into what really stands between the United States and Mexico, ramifications of wall building and what it means for the average citizen.
By: Charles Misra
Stories about martial arts and combat sports with a cultural twist, all finding a home in America's southwestern borderlands.
Culture CrossingBy: Chelsey Barthel
American borders are crossed every day by cultures of all kind. These stories tell the personal experiences of people from different lands, offering further insight into the difference of cultures.
By: Emily Kjesbo
Spotlighting Mexico’s top travel destinations, as well as a few of its hidden gems.
By: Hope Jamieson
Explore dance throughout the borderlands.
Border PeopleBy: Jamie Turow
Profiles of English language learners.
MLS Soccer comes to the DesertBy: Jeff Kessler
All about the 2012 Desert Diamond Cup, a 10 day exhibition soccer tournament featuring four Major League Soccor teams coming to Tucson.By: Jessica Hoerth
Meet some of the people in Tucson who have made the journey across the border as they share what they came in search of and what struggles they may have encountered along the way.
Border ShotsBy: Keith Perfetti
A photojournalist looks at how other photographers have viewed the border and shoots lesser known spots of the southwest.
By: Lauren Inouye
A look at Mexican and Latin films that reflect culture, politics, and society -- reviews, research and analysis.
By: Lauren Urratio
Fashion and how it is impacted by the border and international cultures.
Border AthletesBy: Lauren Sokol
Meet international student athletes at the University of Arizona, a look at the recruiting process that helped them find a temporary home in the desert, and culture changes that the athletes might have endured.
Public Safety and Crime near the U.S./Mexico Border
By: Lucy Valencia
Public safety along the border and any crime-related issues. A look at issues that occur within the justice system when Mexican and U.S. laws overlap.
A City of Musical DiversityBy: Maria Teracena
Tucson musicians influence and are influenced by the sounds of the world.
The Border ProjectBy: Melissa Guz
"The Border Project" is an art showcase located in the University of Arizona's Museum of Art. It has over 40+ art pieces related to border issues.
Athletics and the BorderBy: Preston Fawcett
Get to know high school coachs and athletes from Arizona border towns or from Mexico and their struggles to get to where they are.
A Mosaic AmericaBy: Rachel Kolinski
"Exploring Diversity one Face at a Time"
Educación en la FronteraBy: Shannon Maule
A look at higher education in regard to those who have and have not been able to travel from various countries to the United States. Stories from people in the higher education world relating to the border.
Music of the BorderBy: Steven Schiraldi
Music reviews of musical works by Mexican or other ethnic artists.