4 Cultural Forces Driving Latino Economic Success
As an LA native and local entrepreneur, I've seen firsthand how Latinos continue to emerge as a powerful economic force in the US. In 2021, the U.S. Latino economy grew to $3.2 trillion dollars, and reports showed that the California Latino economy alone would rank as the 21st largest economy in the world, between Poland and Switzerland.
Behind this steady surge of Latino buying power and contributions to national GDP, I believe, are the deeply-rooted cultural values of our community, including:
A strong work ethic
Our community is known for being hardworking - both in our countries of origin and after we’ve migrated to the US. Many of us, like me, are the children or grandchildren of immigrants who came to this country with a dream and a determination to work hard for a better life. This value has been passed down through us, manifesting in the dedication and perseverance that so many Latino entrepreneurs demonstrate today. We’re willing to put in the long hours, take on multiple jobs, and push through challenges to achieve our goals. This resilience is a key driver of our success in business, no matter the industry or cause we dedicate ourselves to.
The importance of family
Family is at the core of our culture, and this value extends to our approach to business. Many Latino-owned businesses, like ours, are family-owned and operated, with multiple generations contributing to the success of the venture. This collective effort not only strengthens the business but also instills a sense of responsibility and pride in continuing the family legacy. The support system provided by family members can be a crucial factor in overcoming the obstacles that every entrepreneur faces, and encouraging us to keep aiming for more, hoping to build generational wealth for those who come after us.
Commitment to communidad
One of the most beautiful aspects of our culture is how committed we remain to giving back. We believe in lifting each other up, and this extends to our business practices. Many Latino entrepreneurs are motivated by a desire to give back to their communities, whether it’s by providing jobs, supporting local causes, or mentoring the next generation of business owners. Personally, I invest in the neighborhood I’m from, Boyle Heights, as a tribute to how it's shaped me all these years. Our commitment to community creates a ripple effect, strengthening not only our businesses but also the economic health of our neighborhoods.
1st Street in my beloved Boyle Heights neighborhood
Photo by Laurie Avocado
Cultural pride
Latinos are proud of our heritage, and this pride is reflected in the businesses we create. From food and fashion to media and technology, Latino entrepreneurs are infusing our cultural identity into all our offerings, creating unique value propositions that not only reflect ourselves, but also resonate with a broad audience. This cultural pride not only differentiates our businesses in the marketplace but also helps preserve and promote our traditions in diverse markets like the US.
As I continue to mentor and support aspiring entrepreneurs, I’m inspired by the cultural values that drive our community's success. We are indeed an economic powerhouse, and the future looks bright as more and more Latinos step into the role of business owners and leaders. Together, we are not only building businesses but also shaping a stronger, more vibrant economy for all.
