More black and Hispanic entrepreneurs open for business

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These courses are especially common in communities and technical colleges such as Hillsborough. Martha Parham, senior vice president of the American Association of Community Colleges, said that community colleges provide services to most students from disadvantaged groups.

For example, historically, Black Bowie State University opened a $42 million entrepreneurial college in August, which includes space for students to start their own businesses and dormitories that can accommodate more than 500 students.

Some entrepreneurial educators say that higher education institutions should focus on helping existing Hispanic businesses expand, rather than encouraging new businesses. Jerry Porras, Professor Emeritus of Organizational Behavior and Change at Stanford University, is responsible for coordinating the Stanford Latino Entrepreneurship Program, which helps established Hispanic companies with at least $1 million in revenue expand.It provides a Seven-week course On how to scale up the business and provide mentors, connections with potential investors (although there are no loans or investment guarantees), and connections with the Hispanic corporate network.

Bolas said that the Stanford Latino Entrepreneurial Initiative (Stanford Latino Entrepreneurial Initiative) has nearly 800 alumni-owned companies with annual revenues of approximately $5 billion, more than 39,000 employees, and operations in 31 states.

Even experienced entrepreneurs face the possibility of not necessarily improving over time.About one-third of new business Failed in two yearsAccording to the US Small Business Administration’s analysis of the survival rate of new businesses from 1994 to 2018, it will be reduced by half within 5 years and by two-thirds within 10 years.

Minority entrepreneurs face more challenges; on average, they have less family wealth, less access to mainstream grants, loans, and equity investors, and they usually serve more communities than white businesses. Not rich.

Entrepreneurship plans can help them obtain loans, grants and investments.82% of Hispanic alumni of Stanford University Obtained an SBA-supported salary protection program loan For example, during the pandemic, although overall only 28% of whites own and 18% of Hispanic businesses Stanford University’s research shows that loans of a similar size have been obtained.

Hillsborough Professor Beth Kerly said that the Hillsborough Entrepreneurship Program in which Tiffany Bell participated has provided guidance and seed funding to Bell and 25 other entrepreneurs in the past two years, including 5 Hispanic students, 7 black students, and 14 Girl student.

These entrepreneurs have one characteristic in common: they are all still in the game. Andy Gold, another professor at Hillsborough University and a former Wall Street investor, said that although the plan was launched before or during the pandemic, there are still 25 startups up and running , One of them has been sold.

He believes that “ridiculously intrusive guidance” is the key to success.

Gold, Kerly and a group of volunteer tutors checked with their students after graduation. “Before we talk about all the good news about your company, you have to tell me what your monthly income is, how it compares to the previous month, year after year, and answer a whole bunch of other financial questions,” Gold said. Say. .

Family traditions led some blacks and Hispanics to start their own businesses. 52-year-old Dewayne Kimble graduated from the entrepreneurship training program provided by Syracuse University’s Veterans and Military Family Institute in cooperation with Hillsborough Community College. He said that after retiring from the Department of Veterans Affairs, Kimble, who is Black, launched a veterans welfare consulting business, which now has nearly 150 customers.

Many of Kimble’s uncles and aunts from southeast Missouri are entrepreneurs. “One of the siblings bought a bus,” he said, “fixed it and started providing bus service… Then he started buying old cars, repairing them, and selling them. Then my grandmother had two other brothers, They own the land and cultivate the land. Another sibling, an older sister, has a boutique selling women’s clothing in the South Side of Chicago.”

Black and Hispanic entrepreneurs also founded businesses aimed at giving back to the community. David Favela quit his job as HP Global Business Manager in 2018 to work full-time on the side business he started in 2013, Border X Brewing in San Diego. Border X brews and serves Mexican-themed beverages in three bars in the Hispanic working-class community of Southern California, such as Blood Saison, a bright red sour beer inspired by Mexican hibiscus tea.

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