Last year, the Stanford Graduate School of Business released a report on the state of Latino entrepreneurship in the United States. Since September 15h to October 15th is Hispanic Heritage Month, we decided to take a look at the report and pull out some of the most interesting findings regarding the demographics of Latino-owned businesses and the types of businesses that are being started.
Recently, we took a look at the top five cities for Hispanic entrepreneurs in the United States based on resources available. That list consisted of three cities in Texas and one in Florida. So, the data found in the Stanford report is not surprising with 18% of Latino-owned businesses being located in Texas and 12% being located in Florida. However, the largest state for Latino-owned businesses is California with 22% of the total number being located there. The top cities were unsurprising based on that data, however, since all five are located in the top four states — the other state being New York.
One last interesting piece of data is the number of firms serving non-latino clients. 74% of Latino-owned firms serve mostly non-Latino clients.
29% of Latino-owned businesses were started by immigrants, that’s certainly impressive considering nationally 27.1% of all entrepreneurs are immigrants. Additionally, 32% have immigrant parents. Interestingly, Latino entrepreneurs are generally younger than the national average. 43% of Latino entrepreneurs are younger than 35 — nationally, 29% of entrepreneurs are under 35.
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