New Bank of America Survey Finds Hispanic
Entrepreneurs Overwhelmingly Optimistic About What the Future
Holds; Cite Heritage, Technology and Community as Keys to
Success
Hispanic entrepreneurs are increasingly optimistic about the
future – what lies ahead in the next year and even the next decade
to come – and see their heritage as an important advantage to their
success.
According to the second annual Bank of America Hispanic Small
Business Owner Spotlight, surveying Hispanic entrepreneurs
nationwide, the majority believe the national economy (60 percent)
and their local economies (67 percent) will improve in 2018 – much
higher than their non-Hispanic counterparts (46 percent and 48
percent, respectively).
Hispanic entrepreneurs are also more bullish on revenue and
hiring in the year ahead. Seventy-one percent believe their revenue
will increase in 2018, compared to just half of non-Hispanic small
business owners. They are also more than twice as likely to plan to
hire more employees in the year ahead (37 percent, versus 16
percent of non-Hispanic small business owners).
“Hispanic small business owners expect robust economic growth,
higher revenue and increased hiring in 2018,” said Elizabeth
Romero, Small Business Central Division executive, Bank of America.
“As one of the fastest-growing segments of the small business
sector, Hispanic entrepreneurs also anticipate strong long-term
growth, and are leveraging digital tools, social media and their
community to ensure they continue to flourish in the evolving small
business climate.”
These optimistic sentiments appear to extend well into the
future. Seventy-seven percent of Hispanic small business owners
report growth plans over the next five years, while only half of
non-Hispanic entrepreneurs cite the same. A strong majority (89
percent) also believe the business environment for Hispanic
entrepreneurs will strengthen in the next decade.
Hispanic business owners see heritage as a key
differentiator
While two-thirds of Hispanic small business owners believe they
face unique challenges, many say their heritage provides an
advantage with respect to:
- Business growth (43 percent say their
heritage helps, versus 16 percent who say their heritage harms; 41
percent say it has no impact).
- Customer development and retention (42
percent say it helps, versus 15 percent who say it harms; 43
percent say it has no impact).
- Networking (39 percent say it helps,
versus 23 percent who say it harms; 38 percent say it has no
impact).
Hispanic small business owners trailblazing in social media
use, reporting a positive impact on their bottom line
According to the survey, Hispanic entrepreneurs lead their
non-Hispanic peers by 20 percentage points in the use of digital
tools to run their business (93 percent, compared to 73 percent of
non-Hispanics). Three-quarters also report they are reliant on
social media in running their business, versus just 40 percent of
their non-Hispanic counterparts.
In addition, a solid majority of those Hispanic entrepreneurs
who are active on social media use it to connect with clients and
peers – including to market their business (78 percent, compared to
49 percent of non-Hispanics), network (76 percent, compared to 46
percent of non-Hispanics) and share updates with customers (74
percent, compared to 39 percent of non-Hispanics).
The heavy use is paying off, as 53 percent say social media
engagement has a positive impact on their bottom line (versus 29
percent of non-Hispanic entrepreneurs), and 86 percent say the
feedback they receive on social media channels is important to the
success of their business (versus 47 percent of non-Hispanic
entrepreneurs). Social media is also helping Hispanic businesses
get off the ground, with 66 percent saying it was important when
starting their business, versus 21 percent of non-Hispanic small
business owners.
Employee talent and in-person community networks driving
success
Hispanic entrepreneurs value their employees as an integral part
of business success, and view in-person communities as a
significant contributor to business and professional growth.
Eighty-one percent of Hispanic small business owners believe
their ability to attract and retain quality employees directly
impacts their growth. Additionally, Hispanic entrepreneurs (87
percent) are much more likely than their non-Hispanic counterparts
(54 percent) to take specific actions to reward and motivate their
employees, including:
- Forty-one percent provide employees
flexible hours or the option to work remotely, compared to 34
percent of non-Hispanic small business owners.
- Thirty-three percent offer employee
perks, compared to 16 percent of non-Hispanic entrepreneurs.
- Twenty-seven percent have employee
reward or bonus programs, compared to 14 percent of non-Hispanic
small business owners.
Sixty-four percent of Hispanic entrepreneurs rely primarily on
in-person interactions when connecting on matters relevant to their
business growth, while 36 percent prefer to connect virtually.
Similarly, 59 percent of Hispanic business owners say they receive
more support to run their business from those in their physical
community, while 41 percent lean more on virtual communities.
For a complete, in-depth look at the insights of the nation’s
Hispanic small business owners, read the full 2018 Bank of America
Hispanic Small Business Owner Spotlight.
Bank of America Hispanic Small Business Owner SpotlightGfK
Public Affairs and Corporate Communications conducted the Bank of
America Hispanic Small Business Owner Spotlight survey between
August 8 and September 28, 2017, using a pre-recruited online
sample of Hispanic and non-Hispanic small business owners. GfK
contacted a national sample of 1,013 small business owners in the
United States with annual revenue between $100,000 and $4,999,999
and employing between 2 and 99 employees, as well as 394 interviews
among Hispanic small business owners, 149 of whom were primary
Spanish speakers. The final results were weighted to national
benchmark standards for size, revenue, and region, and, for the
Hispanic augment, whether the respondents were primarily
English-speaking or Spanish-speaking.
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Reporters May Contact:Don Vecchiarello, Bank of America,
1.980.387.4899don.vecchiarello@bankofamerica.com
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