Business News Today: How Latino Entrepreneurs Helped Florida's Economic Growth
The southernmost contiguous state, Florida, has long been recognized for the large Latino population within its borders.
Latinos represent 23.6 percent of the state's population. And just as the population size increased, as did Latino visibility, Latino-focused business and Latino entrepreneurship.
When the recession hit, Florida's Latino population was devastated. Wealth, jobs and homes were lost, and for years Latinos wadded in financial instability. Then, Latino and non-Latino education partners, local businesses and the state's 9.3 million workers helped to steer Florida toward recovery.
Years later, Latinos are at the forefront of business growth in Florida, bolstering local and national economy. This is due greatly to an inherent entrepreneurial spirit, an inclination toward hard work and the "established" Hispanic immigrant population growing the economy through self-employment. Without Hispanic entrepreneurs' contribution to the job market, the unemployment rate would have likely been 0.4 percent higher in 2010, topping 10 percent, according to a study from The Partnership for a New American Economy and The Latino Donor Collaborative in April 2014.
From 1990 to 2012, the number of Hispanic entrepreneurs of working age in the U.S. more than tripled -- and, again, on a national scale, Hispanic entrepreneur growth occurred at 10 times the rate of U.S. population. Many experts believe that the entrepreneurs of the future will increasingly be of Latino decent, and that will encourage overall economic success, particularly if Latino entrepreneurship is supported and incubated.
Several cities in Florida topped a list that displayed the best cities for Hispanic entrepreneurs in the nation. Those cities include Pembroke Pines, Jacksonville, St. Petersburg, Orlando, Fort Lauderdale and Miami. And, as per a report from the Orlando Business Journal, the Sunshine State ranks third highest in the number of Latina-owned businesses. Women like Yanet Herrero, president and CEO of Kings Service Solutions and Kings Financial Group, and Cristina Calvet-Harrold, founder and president of CCH Marketing & Public Relations, are proof of the continued growth of Latina-owned business that are developing Florida. Only California and Texas has more Hispanic female-owned businesses.
Latinos of multiple denominations and nativity (Puerto Rico, Mexico, Venezuela, Brazil and Argentina) contribute to the state's million dollar industries. And Latinos launch traditional businesses such as restaurants, as well as technology, media and marketing businesses, proving consumer and expert confidence.
Years of experience and apparent knowledge doesn't equal opportunity, however. Barriers and doubts persist, no matter how much intelligence of business awareness one possesses. Some believe that accents undermine business intelligence or an ability to run a business; this is the case in Florida and across the nation.
No matter, Latinos continue to contribute to the evolution of industries and shape retail markets. And that contribution has helped Latino families to establish deeper ties within the U.S. And it will benefit future generations of Latinos looking to develop tech firms, create their own success stories and advertise the capabilities of the community's enormous purchasing power.