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Professional Hispano Entrepreneur

4 Tips for becoming a professional Hispano entrepreneur

Entrepreneurship is a popular way for millions of people all over the world to make a living. It allows people to follow their passion, be their own boss and control their own destiny in life. While any type of individual can become an entrepreneur, Latino and Hispanic entrepreneurs are opening new businesses at a rate unlike anyone else. They are the fastest-growing group of entrepreneurs in the USA, and this shows no signs of slowing down.

But no matter your background or ethnicity, starting a business can be quite difficult. There is a lot to handle as an entrepreneur, and trying to juggle everything is often far from easy. Thankfully, there are some things you can do to give yourself a better chance of success. With that in mind, this article is going to go over a couple of helpful tips to become a professional Hispano entrepreneur.

Use online resources

Being an entrepreneur can often feel like a very lonely endeavor. However, it doesn’t have to be. There are plenty of online resources that can provide you valuable information every step of the way in your journey to becoming a professional entrepreneur. Many of these are completely free or very affordable, so you might as well use them.

These can often provide Hispanic career guidance, let you know the various grants and programs in your area, and simply answer any questions you might have about being the best professional Hispano entrepreneur you can be. Also, places like forums and message boards can also be a great option to speak with like-minded individuals and potentially create some important relationships.

Have a plan

Latino and Hispanic people are some of the most passionate people on the planet. As you could imagine, when running a business, this passion is incredibly important. However, in addition to this passion, it is a good idea to have a plan. A business plan should go over the concept of the business, the strategy you hope to employ, touch on the finances and revenue projections and various other things.

Photo by STIL on Unsplash

This plan helps you stay on course and gives you a bit of a blueprint as to how the business should operate. A complete business plan will give you the best chance of success. While things don’t always go according to plan, it’s better to have one than it is to need one and not have one at all.

Figure out the financing ahead of time

Once you have a plan and/or idea for a business, you need to figure out financing. No matter how large or small your business, or what industry you are in, it will cost some money to start and operate your business. There are many options for getting the funding you need, such as getting a loan, taking on investment or handling the costs yourself by bootstrapping the business.

Many Latino and Hispanic entrepreneurs will bootstrap their business and aren’t afraid of a bit of hard work to get it going. While bootstrapping and starting your business without borrowing money is always ideal, it’s not always possible. If you do need to borrow money or take on investment, be sure that the agreement is fair for you. You never want to give away a huge portion of your business simply to get it off the ground.

You might be interested: Best use of PPP and other financing strategies for Latina business owners

It is important to think about financing from the get go. You don’t want to be put on the spot and not know how you plan on getting the financing you need. Think long and hard about which method will work the best for you. If you are stuck, a simple business loan with a relatively low interest rate is generally a decent choice.

Build the right team

While nearly every entrepreneur starts out as a one-person operation, there will eventually come a time where you want to grow your team. In order to ensure you scale correctly and the quality of your business remains up to par, you need to hire the right people. Your team should be made up of individuals that are not only educated or experienced, but also that you can trust and fit the culture of your company.

The products or services you sell are important, but it is often your team that can make or break your success. They should be able to work well together, see and appreciate the vision of the company, and be willing to put in the time to help the company grow.

Of course, be sure to incentivize staff and treat them fairly. A high amount of employee turnover can not only be costly, but can hamper the effectiveness and efficiency of your company. Once you find the right team, treat them well and you should see sustained and continued success.

We hope the information included in this article has been able to help you become a professional Hispano entrepreneur. If you can build the right team, figure out the financing, have a plan and use the right online resources, you should ultimately find success.

Latina presenting colorful modern signs

A Latina innovator on becoming a successful Tech entrepreneur

Commerce has been in my blood since birth. But being a Tech entrepreneur?

Monica Taher, serial Tech entrepreneur and new Tech Talk contributor at LatinasInBusiness.us

Monica Taher, serial Tech entrepreneur and Tech Talk contributor at LatinasInBusiness.us

As a little girl, I would literally sell anything that came my way to my friends. Unused school supplies, gifts my parents gave me (they still don’t know about this) and fruit from the trees in my backyard were hot commodities. Growing up in a tropical country certainly had its advantages.

It wasn’t about having the extra cash in my pocket. I just loved interacting with people. I still do!

Ironically, I didn’t major in business when I left for college. Instead, I chose to embrace my love for film. While I wholeheartedly support women who are interested in studying business, it’s important to know that you CAN become a tech entrepreneur without a business degree.

Becoming a tech entrepreneur was a matter of feast or famine for me, meaning, I had to put food on the table. Ok, maybe I’m being a bit dramatic. Or maybe not. If you haven’t read my story, you can do so here.

I’m not crazy. I have a comfortable job. Worse: I don’t know how to become a Tech entrepreneur!

Yes. If you are thinking of becoming a Tech entrepreneur, all of the above are correct. However, here are a few insightful points to consider:

A. Tech is the future

You are either in the digital era – or you’re not. Some of you might think you need to know how to decipher all of those weird computer languages to become the next Mark Zuckerberg. You don’t.

While I am a fervent supporter of women who code (go STEM majors!), you don’t have to be 100 percent literate in computer code to launch a tech startup.

How do I know? Well, if you are reading this blog, you probably already have a special idea you’ve been pondering in your head. You just don’t know how to go about executing it.

Furthermore, if you’ve always felt for any reason that you wanted to launch your own business, then you have it in you. And if tech is the future, you want to start thinking about that special idea in tech terms: an app or a platform (a service or product) and how it can serve consumers. Become a Tech entrepreneur!

By 2020, entrepreneurship and the need for innovators will be more important than ever. In 2013, men made up 74 percent of the tech workforce in our country. The rest (26%) were women. We need to change this ratio. Now it is your chance!

B. Knowledge is power

Click. Read. Repeat.

Who said that business news is boring? It’s just like watching an episode of the Kardashians. There’s plenty of drama to roll your eyes at and keep you entertained. Don’t believe me? Just ask the guys at Tinder. Anyway, you need to stay on top of trends, new ideas, and what other people are doing and developing by reading and reading and reading.

Yes, but where should you start?

Try getting accustomed to a daily dosage of fun tech articles on Business Insider, Forbes Woman, Entrepreneur Magazine and even the different sections (tech, business, women, etc.) in the Huffington Post. Also follow updates and topics here at the Tech Talk section in LatinasInBusiness.us.

If you want to be cool, create a group on your Facebook or Twitter feeds that contain these publications. Your feed will show you headlines with easy-to-read links.

Latina presenting colorful modern signs Tech entrepreneur

C. You enjoy dealing with people – Even when they are sometimes, Eh, annoying

Let’s be honest. It takes some finesse to deal with people – especially when one single person seems to have multiple personalities. I’ve met a few of those.

Instead of thinking you need to “sell your idea,” believe in your idea fiercely and love it passionately. Be smart and flexible enough to shift gears if something isn’t working quite right. In tech terms, this is called “pivoting.”

Become a “connector.” Don’t sell. Instead, share knowledge. People will appreciate that.

PEN 2014 Literary Gala ©Aslan Habib Chalom Tech entrepreneur

Malcom Gladwell at PEN 2014 Literary Gala ©Aslan Habib Chalom/PEN American Center www.aboutadollar.net

If you still haven’t read Malcolm Gladwell’s The Tipping Point: How Little Things Can Make a Big Difference, then you must. It is an inspiring book that can help you shape your perspective on entrepreneurship.

D. Get in there and make it happen

As a woman and single mother, I cannot express to you how fulfilling it is to run a startup. If you have always dreamed about owning a business, there’s no better time than now.

In future posts, I will be blogging about the basics: How to launch a startup, where you can find seed and investment funding, and other provocative topics to help you navigate the world of tech entrepreneurship.

Remember, tech is the future. You are a woman – and you are invincible.
 

Did you miss my CNN en Español segment about women & leadership in the tech industry? You can watch it here.

Follow Monica’s blog at http://www.monicataher.com/