Findings on Hispanic entrepreneurs is taken from Business Owner Wellness Study unveiled at the 2011 National Convention for the Association of Latino Professionals in Finance and Accounting (ALPFA). The research is a comprehensive review of multicultural business owners’ dreams, opinions and overall financial health conducted by GfK Custom Research North America from March-May 2011 for Massachusetts Mutual Life Insurance Company (MassMutual).
Key Findings include:
- 89 percent of Hispanic entrepreneurs started their business to provide financially for their family vs. 77% of the general population
- 31% wanted to provide jobs for other family members (versus 19% of the general population).
- 70% of Hispanic business owners plan to pass their business on to family members vs. 54 percent of the general population. Yet only 1 in 4 Hispanic entrepreneurs have a formal succession plan.
The U.S. Census reports that Hispanic-owned businesses are growing at double the national rate. While Hispanics are leading the way in this country as entrepreneurs, the new study reveals contradictions and gaps in Hispanic business owners’ fiscal knowledge and usage of tools available to them to help them create a more solid future for themselves, putting achievement of their “American Dream” at risk.
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