| The purpose of this phenomenological study was to explore the lived personal and professional experiences of Hispanic entrepreneurs. The overwhelming majority of new businesses fail within the first 5 years (Kaplan, 2003) and Hispanic-owned businesses fare worse (Robb, 2002). This study sought to uncover skills of Latinos and the actions they took to successfully acquire and maintain their businesses. Hispanics comprise 15% of the U.S. population and the number of Latino-owned businesses topped 1 million in 2003 (U.S. Census Bureau, 2003). The growth of these two factors necessitated further study to understand the implications for future Hispanic business owners. Twenty business owners who were members from the Columbus, Ohio, Hispanic Chamber of Commerce and from various industries and ethnicities participated in this qualitative study. Nine major themes emerged from in-depth interviews and a business demographic survey that may be the key factors regarding how Hispanic business owners acquire and successfully operate their businesses for 5 years or longer: (a) family and the influence of family, (b) autonomy, (c) service, (d) being actively involved in the running of the business and having goals, (e) being visible and having a presence within in the local community, (f) tenacity and perseverance, (g) opportunity recognition and exploitation, (h) optimism, and (i) personal sacrifice. Recommendations for future study are discussed, along with recommended actions. |
