Ethnic Minority Entrepreneurship: A Perspective on Hispanic Entrepreneurship

Date

2023-05

Authors

Amador, Cristhian

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Abstract

Embarking on new ventures has been an important factor in U.S. economic growth and will continue to be in the foreseeable future. Minority entrepreneurs, however, have not received as much attention as their counterparts. One common denominator for minority entrepreneurs is a life that consisted of a tough upbringing with a substantial amount of sacrifice that was needed to get to where they are in the business world. There is an ethnic group that has not been predominantly studied in the U.S. and if done accordingly, can better inform us of the entrepreneurial mindset at a micro level, as to know such concept requires information gathered from all race groups. Therefore, we will focus on Hispanic business owners and how each of their backgrounds affects their perspective of what it means to be an entrepreneur. So, in this qualitative study, we use self-determination theory to view interview data and make the best effort to explain how opening a business and the strategic approach used by Hispanic entrepreneurs allows them to fulfill their aspirations and goals. (Fox and Rayburn, 2022). By taking such approach, we believe that that our research answers questions related to 1) Hispanic venture launch; 2) the strategies Hispanic entrepreneurs use to position their business into the competitive market; and 3) the metrics by which Hispanic entrepreneurs measure the success of their business (Fox and Rayburn, 2022). Similar to Fox and Ryburn (2022) research on everyday entrepreneurship (more on this topic in the introduction), we find that Hispanic entrepreneurs self-fulfill their needs of independence, purpose, and use of their skills/abilities by launching their ventures and establishing a competitive advantage over the competition (Fox and Rayburn, 2022). More thoroughly, we find that Hispanic entrepreneurs mainly rely on top quality standards of the products they sell, as well as outstanding customer service to differentiate themselves from other businesses. We conclude with a discussion of the implications for theory and practice (Fox and Rayburn, 2022).

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Hispanic entrepreneurship, self-determination theory, entrepreneurial mindset, competitive advantage, Honors College

Citation

Amador Ayala, C. (2023). Ethnic minority entrepreneurship: A perspective on Hispanic entrepreneurship. Honors College, Texas State University.

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