Cultural and Ethnic Factors of First-Generation Hispanic Entrepreneurs: A Qualitative Exploratory Stud

In the United States, Hispanic-owned businesses are the fastest growing in the nation. The growth of Hispanic entrepreneurship activity in the United States contributes significantly to job creation and business venture. Despite this growth, the survival of Hispanic-owned businesses is low. Thus, the researcher used an exploratory qualitative approach to investigate the ethnic and cultural factors that contribute to the success or failure of Hispanic entrepreneurs. The participants in this study were first-generation Hispanic entrepreneurs who currently operate enterprises. There were no specific requirements regarding the industry or entity the participants operated, age, or country of origin. The data collected for this study were analyzed using NVivo. NVivo was utilized to organize and classify the results of interviews and field notes and to examine the relationships found in the data. The data analysis resulted in the identification of four themes: knowledge of the industry, cultural awareness, access to financial resources, and working through challenges. The results of this study also revealed information concerning the impact the current sociopolitical and economic environment has on Hispanic-owned businesses in the United States. The interpretation of the identified themes produced enough information to determine that ethnic and cultural factors of first-generation Hispanic entrepreneurs coupled with noncultural factors such as education and training play a significant role in the success of Hispanic business owners. Additionally, this study revealed that, apart from cultural factors, the struggles and experiences of Hispanic entrepreneurs in the United States are similar to the struggles and marginalization experienced by other minority business owners.