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February 2017 Hispanic-Owned Businesses on the Upswing

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February 2017 Hispanic-Owned Businesses on the Upswing A publication of the Indiana Department of Administration Division of Supplier Diversity February 2017 Hispanic-Owned Businesses on the Upswing In This Issue By: Robert Bernstein, International Trade Management Division Originally published on MBDA Web Portal (http://www.mbda.gov), Wednesday, December 7, 2016 Hispanic Business Upswing pg. 1 With the recent conclusion of an- ber of firms they owned outpace • 96.1% of Hispanic-owned Tools for Success pg. 2 other annual celebration of His- the national average: Cuban (up businesses (that reported lan- panic Heritage Month, here are 12.4% to 281,982), Mexican (up guage information) conduct Business Read pg. 2 two sources of business data that 56.8% to 1.6 million), other His- transactions in English, with Business Quote pg. 2 show gains in America’s Hispanic- panic or Latino (up 44.1 percent to 66.9% conducting transactions Subcontractor Opportunities pg. 2 owned businesses. 1.1 million) and Puerto Rican (up in Spanish, potentially in addi- 65% to 258,221). tion to other languages. RFP 17-055 pg. 3 Survey of Business Owners Women In Business Retreat pg. 4 The number of U.S. businesses Additionally, slightly under half of • 13.1% of Hispanic-owned owned by Hispanics grew by more Hispanic-owned firms (approxi- businesses (compared with Female & Minority Legislator than 1 million firms, or 46.3%, mately 1.5 million, or 44.5 percent) 8.9% of all businesses that pro- Directory pg. 5 from 2.3 million to 3.3 million from in 2012 were owned by women. vided the time in businesses Small Business Legislation pg. 8 2007 to 2012. In contrast, the total information) have been in busi- number of all U.S. firms increased Annual Survey of Entrepre- ness less than two years. Business Development Seminar pg. 9 2.0 percent during the same peri- neurs Welcome New DSD Employee pg. 10 od, from 27.1 million to 27.6 mil- More business statistics from the • 57.7% of Hispanic-owned lion. Hispanics owned 12% per- inaugural 2014 Annual Survey of businesses (that provided prof- Purdue Grant Writing Workshop pg. 10 cent of all businesses in 2012, up Entrepreneurs, which provides itability information) were prof- Puzzle pg. 10 from 8.3 % five years earlier. statistics for employer business- itable; another 20.5% had loss- es only, show that among the es, while 21.9% broke even. Newly Certified Businesses pg. 11 The rate of increase in receipts nation’s nearly 300,000 Hispan- Contact Us pg. 11 for Hispanic-owned firms also out- ic-owned firms with paid employ- • 52.4% of Hispanic business paced that of all firms. Hispanic- ees, more than half were located owners (who reported citizen- owned firms totaled $473.6 billion in one of three states: California ship information) were not born Event Calendar in receipts in 2012, an increase of (66,487), Florida (59,987) or Tex- a U.S. citizen. Pay Audit Webinar Feb. 8 35.1% from $350.7 billion in 2007. as (49,722). Among the 50 most Certification Webinar Feb. 15 In contrast, receipts for all firms populous metro areas, Hispanic- • 35.7% of Hispanic business grew 11.7% during the same pe- owned firms were most common- owners (who provided the edu- riod, from $30.0 trillion in 2007 to ly found in Miami-Ft. Lauderdale- cation information) had a bach- $33.5 trillion in 2012. West Palm Beach (44,599), New elor’s degree or higher prior to More details can be found at: York-Newark-Jersey City (28,949) establishing, purchasing, or ac- http://www.in.gov/idoa/mwbe/2749.htm These statistics come from the and Los Angeles-Long Beach- quiring the business. 2012 Survey of Business Owners, Anaheim (28,858). How to Connect which provides a broad socio-eco- • 20.2% of Hispanic business nomic picture of business owners Returning to the nation as a owners (who provided the infor- across the nation and is part of the whole, Hispanic-owned employer mation) spend an average of 60 U.S. Census Bureau’s five year firms were most likely to be found or more hours per week manag- economic census. The Survey of in the accommodations and food ing or working in the business, Business Owners not only identi- services (40,371) and construc- and 48.2% spend more than 40 fies whether business owners are tion (40,340) sectors. hours doing so. of Hispanic origin in general, but also their nationality, or specific The survey also revealed a wide A separate topical module in the Hispanic group. Each Hispanic range of additional findings about Annual Survey of Entrepreneurs group saw the rate of increase be- Hispanic business owners and focused on innovation and re- www.in.gov/idoa/mwbe tween 2007 and 2012 in the num- their firms. For example: search and development activi- (Continued on page 2) Tools for Success Business Read By: Terrie Daniel spectacular portrait with each Division of Supplier Diversity color and hue being unique in "The Power of Broke" Deputy Commissioner itself while still complimenting By: Daymond John the beauty and uniqueness of I envision diversity as a brand all the others. new box of crayons freshly opened displaying many vari- I encourage each of us to not ations of color and hue. Some lose focus but to concentrate of them dark and robust, and on ways we can continue to some pastel with others be- compliment and celebrate the ing bright and vibrant. Each uniqueness of all we encoun- creates a uniqueness of its Terrie Daniel ter. own when swiped across a canvas. Thank you for reading this month and may Inclusion exists when all of those colors and each of you prosper and be fulfilled in all you The instant New York Times bestseller from hues work together to create one beautifully do. Shark Tank star and Fubu Founder Daymond John on why starting a business on a limited Hispanic Upswing (cont.) budget can be an entrepreneur's greatest ties of businesses. Responses to the survey • 20.5% have made a significant improve- competitive advantage, showing how brands, from Hispanic-owned businesses revealed, ment in a technique or process by increas- companies, and start-ups can leverage the for instance, that 34.4 percent have upgraded ing automation, decreasing energy con- power of broke to achieve success, fame, a technique, equipment or software to signifi- sumption or using better software. and profit. cantly improve a good or service. Here are a few other interesting facts: • 15.9% have decreased production costs Daymond John has been practicing the power by improving the materials, software or of broke ever since he started selling his home- • 29.7% have improved performance for a other components. sewn t-shirts on the streets of Queens. With good or service by making changes in ma- no funding and a $40 budget, Daymond had to terials, equipment, software or other com- • 16.0% have changed a delivery method to come up with out-of-the box ways to promote ponents. be faster or more reliable. his products. Luckily, desperation breeds • 13.7% have developed a new use for a Please note that the statistics from the two sur- innovation, and so he hatched an idea for a good or service. veys referenced in this blog are not directly creative campaign that eventually launched comparable due to methodological differenc- the FUBU brand into a $6 billion dollar global • 23.9% have applied a new way of purchas- es. This is just a small snapshot of data about phenomenon. But it might not have happened ing, accounting, computing, maintenance, America’s economy collected by the Census if he hadn’t started out broke - with nothing inventory control or other support activity. Bureau and available at census.gov. but a heart full of hope and a ferocious drive to succeed by any means possible. • 20.6% have reduced costs by changing This is a cross-post from Random Samplings, the way a good or service was distributed. the official blog of The U.S. Census Bureau. When your back is up against the wall, your bank account is empty, and creativity and • 30.7% have made it easier for customers passion are the only resources you can afford, to use a good or service. success is your only option. Here you’ll learn how to tap into that Power of Broke to scrape, Subcontractor & Other Business Opportunities hustle, and dream your way to the top. Due Project Name Contact Information Date Business Quote "Rarely do we find men who will- Design Development Implementation John Helmer 3/1/17 ingly engage in hard, solid think- (DDI) 17-001 goo.gl/Ryymse ing. There is an almost universal quest for easy answers and half- Mental Health Funds Recovery Fiscal Teresa Deaton 3//2/17 baked solutions. Nothing pains Agent RFP-17-072 goo.gl/ZxbTM5 some people more than having to think." Jennifer Mayfield Digital Content 17-055 3/15/17 goo.gl/gHETh5 -Dr. Martin Luther King, Jr. More business opportunities can be found at http://www.in.gov/idoa/mwbe/2488.htm 2 Community Announcement STATE OF INDIANA RFP 17-055 INDIANA DEPARTMENT OF ADMINISTRATION On Behalf Of: DEPARTMENT OF CORRECTION Solicitation for: Tablet Based System of Delivering Digital Content and Electronic Services to Offenders in Correctional Facilities Response Due Date: March 15, 2017 Part of the Division’s mission is learning about and promoting business opportunities for diverse firms. To that end the Division would like to draw attention to RFP 17-055: Digital Content.
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