Don't try and do everything by yourself. Try and connect to people and resources.
While Hispanics entrepreneurialism is fueling economic growth in other cities and outpacing other demographics, Milwaukee is dead last for the rate of Hispanic business ownership. According to research by the Latino Donor Collaborative and Stanford University, Latino -owned businesses are responsible for:
86% of all net new businesses in the United States
33,000 new start-ups per year
$701Billion more in real GDP annually
The number of Latino owned businesses is important to our goal of becoming a Top 10 city because a high rate of Latino entrepreneurs is correlated with overall higher Hispanic positive outcomes across all variables that we track on the Hispanic Well-Being Index. The Entrepreneurship & Innovation Committee is actively working on improving the rate of Hispanic Owned Businesses through various tactics.
Despite Milwaukee's poor showing in terms of the number of Latino businesses, the entrepreneurialism of our Latino community is still alive and well. Approximately 40% of our Latino workforce has a "side hustle", and 29% of them wish entrepreneurship was their full time job. 12 out of every 100 Latino workers is a few steps away from being a business owner.
Money, mentorship and other risk reducing strategies are key to help those bubble entrepreneurs take the plunge and join the ranks of business owners. The entrepreneurial support ecosystem is strong and has been growing in the region, but Latinos still are not adequately connected or leveraging the programs and dollars that are out there. The Bank Roadshow program takes front line bankers and other likely inner circle resources for would-be entrepreneurs and does a monthly learning session with them to help them better understand how they can help their clients through connection to other programs.
ARE YOU A LATINO BUSINESS OWNER?
Join mercadoMKE! Our team will help you onboard and set you up with training. Everything you need to do, we will be with you at every step. There is NO COST to participate. CONTACT US TODAY!
WANT TO SUPPORT LOCAL LATINO OWNED BUSINESSES?
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