Latinos account for nearly half of Miami’s population — and 27% of local small business owners, according to a report released this week from consulting firm McKinsey. Latinos are creating 36% of new businesses overall in the United States, nearly double their representation in the population, the report says.

That phenomenon has been helped by a rise in Latina-owned businesses. From 2017 to 2021, 31 percent of new Latino businesses were started by Latinas. READ MORE AT MIAMI HERALD

Starting a new business is like embarking on a thrilling adventure—filled with opportunities, challenges, and the promise of success. But the path to entrepreneurial triumph is not always clear, and taking the wrong steps early on can derail even the most promising ventures. That’s why it’s crucial to have a solid foundation before you dive in. We’ve tapped into the expertise of top CEOs and founders who have been through the highs and lows of starting a business, and they’ve shared their invaluable insights. READ MORE AT THE PERSONAL BRANDING BLOG

In 2024, two of the three richest people in Latin America were Mexicans. The leader of the rank was the Mexican business magnate Carlos Slim, the 14th richest person in the world. Slim had a fortune of 102 billion U.S. dollars, derived from his multiple businesses and investments. At third place was a fellow Mexican businessman, German Larrea, with a fortune of nearly 27.3 billion dollars.

Within each country's economy, there exists a relatively small segment of wealthier individuals who contribute significantly to the Gross Domestic Product (GDP) of their respective countries. READ MORE AT STATISTA

Only 3% of Latino businesses in the United States have reached and surpassed the $1 million mark. Hispanic entrepreneurs who've achieved that milestone share tips on how they beat the odds. Latinos make up the fastest-growing segment of entrepreneurs, creating new businesses at multiples the rate of other groups.

But of the 4.65 million Latino-owned businesses in the United States, only 3% have hit $1 million or more in revenue. A major barrier is the lack of access to the capital they need to scale up. READ MORE AT US CHAMBER

Latinos are making substantial strides in college degree attainment, according to a report released Tuesday. Hispanic students accounted for the vast majority, 79%, of the 4% overall increase in degree attainment over the last five years, according to an analysis by Excelencia in Education, a nonprofit focused on improving ways to boost Latino college completion. However, Latinos still lag behind other groups in terms of college degree attainment. READ MORE AT NBC NEWS

In recent years, Latine business owners have shown significant growth. But year over year, investment numbers lag behind the trend. While the need to close the representation gap is great, performance should be a big reason why. READ MORE AT FORBES

Latinos are not only early adopters of AI but are also increasingly positioned as leaders in the field. With Latinos making up nearly 20% of the U.S. population and the youngest demographic group, their influence on the future of AI is significant. As AI continues to reshape industries and create new market opportunities, the inclusion of Latino talent becomes a business imperative. READ MORE AT LATINO DATA COLLABORATIVE

On the Latino economic front, there is good news, bad news, and worse news. The overall economic condition of Latinos is improving. The U.S. Department of Treasury reports that between 2013 and 2022, the median wealth of Latino families increased by 252%. However, the Latino wealth gap persists. READ MORE AT FORBES

About 7.1% of the nation’s 5,681,118 employer firms (businesses with at least one paid employee) in the United States were Hispanic-owned in 2021 and the construction sector had the largest number of Hispanic-owned businesses, according to the U.S. Census Bureau. Hispanic-owned firms generated $572.9 billion in revenue, around 3.3% of the total revenue ($17.4 trillion) generated by all employer businesses in 2021.

California had the largest number of Hispanic-owned firms (88,920), but not the largest share (about 11.8%) of that state’s 750,821 employer firms. Around 18.1%, or 85,966 of Florida’s 473,751 firms and about 14.6% or 63,560 of Texas’ 436,808 firms were Hispanic-owned. READ MORE AT US CENSUS BUREAU

A lack of medical coverage is hurting the quality of life for millions of people in America, and Latinos have been disproportionately affected. They are among the least likely to have health insurance, they are more likely to die from diabetes than non-Hispanic white Americans, and they are less likely to have routine medical examinations or get treatment for debilitating conditions. READ MORE AT THE NEW YORK TIMES

Running a growing business is exciting, but it also comes with risks that could disrupt operations or lead to financial losses. Business insurance helps protect companies from unexpected events like accidents, lawsuits, or property damage, allowing them to focus on growth. We’ll explain why business insurance is essential for growing your company and highlight the types of coverage every company should consider. READ MORE AT CORN ON THE JOB

In 2023, 27% of students enrolled in credit courses at community colleges were Hispanic, making them the second-largest demographic in U.S. colleges, according to AACC’s 2024 Fast Facts. With the rapid growth of the Hispanic student population, it is increasingly vital for community colleges across the country to have Hispanic leaders who can support and represent the unique needs of Hispanic students. READ MORE AT AMERICAN ASSOCIATION OF COMMUNITY COLLEGES

Latino children make up one of the fastest-growing demographics in K-12 education. Yet few are likely to grow up and establish careers in technology. For them, there’s obviously a leak somewhere in the school-to-jobs pipeline.

Just one in 10 tech workers are Latino. READ MORE AT EDSURGE

There are more than 65 million Hispanic and Latino people living in the U.S. – the second-largest racial or ethnic minority population in the country. Yet when it comes to heart and brain health, less may be understood about this population than any other. Researchers say the reasons for this are complex, but two stand out. READ MORE AT AMERICAN HEART ASSOCIATION

What cities are the best for Hispanic-owned businesses? Florida dominates. Out of top 20 cities, Florida cities took up 11 of the spots, including the first seven slots. See the top 20 cities for Hispanic entrepreneurs. READ MORE AT TC PALM

Total U.S. household wealth has trended upward over the last 15 years or so, but there is still great inequality along racial lines. According to federal data, the typical white family has almost five times the wealth of the typical Hispanic family. READ MORE AT PBS

Hispanic-Latinos view wealth as a holistic concept that includes money, good health, living a vibrant life, nurturing strong family relationships, and contributing to their community. While Hispanic-Latinos often define wealth as a means of creating independence and stability, many struggle with significant barriers along their path. Here are the barriers these investors faced, along with the strategies used to overcome them. READ MORE AT ETRADE

The Stanford Latino Entrepreneurship Initiative’s Education Scaling Program offers participants opportunities to expand their companies while supporting each other. Since its founding over a decade ago, SLEI — a research and education collaboration between Stanford Graduate School of Business and the Latino Business Action Network (LBAN) — has conducted groundbreaking research about Latino entrepreneurship in the United States, created educational programs for Latino entrepreneurs, and fostered an ecosystem of support for them. READ MORE AT STANFORD REPORT

Biz2Credit’s 2024 Latino-Owned Business Study found that while revenues of Latino-owned companies increased (+11.6%), expenses rose more (+ 22.7%), resulting in lower earnings in 2023-24 than in 2022-23 (-$41.1K).

The annual study examined the performance of Latino-owned small to midsized companies -- from early stage to established companies -- in the U.S. from July 1, 2023, to June 30, 2024. It examines financial indicators including annual revenue, operating expenses, age of business, and credit scores of both Latino-owned and non-Latino-owned companies. READ MORE AT BIZ2CREDIT

Throughout the history of the United States, Hispanic service members have stepped forward to defend freedom and uphold the ideals of democracy. They are pillars within our communities whose commitment to this country continues beyond their time in uniform. From the decorated war heroes of past generations to those returning from service today, their stories remind us that America's spirit is strengthened by diversity and resilience. READ MORE AT LULAC