Live Your Dream - Mike Barrera

Mike Barrera, President and CEO of the U.S. Hispanic Chamber of Commerce, discusses why there's never been a better time for Hispanics to explore the opportunities of entrepreneurship.

Founded in 1979, the U.S. Hispanic Chamber of Commerce promotes the economic growth and development of Hispanic-owned businesses across the country, and serves as the umbrella organization for 200 local Hispanic chambers.

Q: How widespread are Hispanic-owned small businesses today?
A: Hispanic-owned businesses represent a very dynamic area of the U.S. economy. There are now more than two million Hispanic-owned businesses, running the gamut from engineering, legal, financial, contracting, retail and many other types of businesses. Even more encouraging is the rapid growth of women- or Latina-owned businesses. By the end of the year, we expect there will be 800,000 of them.

Q: Given recent Hispanic population growth, is it easier to go into business?
A: Being in an area with a large number of Hispanic residents does present new opportunities to serve that market. But to get started, a Hispanic entrepreneur must still go through the same steps as any other small business owner—do the necessary planning and research, follow all the state and local rules, have financing for six to eight months and hire employees.

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