The opinions expressed by Entrepreneur authors are their own.
As a financial skilled and Latino entrepreneur, I know firsthand that the path to financial independence is not only about numbers; It’s about balancing the whole lot that makes you human when running a business. Your vision, story, and overcoming the possible financial traumas that many people face are a part of the mix.
What matters is asking the right questions, creating your own path, and sharing what you learn with others so that we will establish a recent established order and grow as a community. What insights can successful Latino founders and CEOs provide you with to support you on your path to financial growth?
Choose authentic storytelling
We all have stories to tell – so it is time to bring them to our businesses. In fact, that is exactly what it is Fabian Newton’s standardsfounder Fabian Floresshares a key element of her success: “One tip I would give to other entrepreneurs is storytelling. Authentic storytelling is key to standing out, establishing yourself as a thought leader and creating connections.”
Newton began her business to amplify Latinx stories in the traditional book publishing industry and help create greater equity in the literary landscape. But storytelling is essential, even if you do not need to change into an creator or public speaker. It plays a role in the way you relate to your business, your employees, your customers and ultimately your money. Having our voices heard is an inevitable a part of success.
Check your market and invest in yourself
The path to financial growth is greater than just luck. It’s about pondering, planning, testing and adapting. Katarzyna Riverafounder Blindish Latina LLChe considers this precise knowledge to be the key to his success. He says: “First test your offer in the market. Do people want to buy it? Once you have these essentials, invest in yourself.”
Rivera built her business on her personal journey with disability, and through public speaking and consulting, DEIA strives to break down stigmas and create more inclusive workplaces.
As Latino entrepreneurs, we sometimes hesitate to share our creations with the world or imagine that we will do all of it ourselves. But, as Rivera noted, combining the two takes us further – and faster. “I have a business coach, a brand partnership coach, a therapist, a team of part-time contractors, an accounting firm and a chartered accountant. When starting a business, it is important to invest in yourself in the most effective way.”
Diversify your revenue sources and take control
Soto timeCEO Creative Housejournalist and entrepreneur, says: “You cannot put all your eggs in one basket. I learned that in order to have control over my future and ensure stability, I have to diversify my sources of income. That’s how I founded a PR agency and joined the cosmetics industry. You have to get out of your comfort zone and create multiple sources of income.
She learned this lesson after an unexpected layoff, which made her realize the importance of diversification. This decision led her to start a recent company and add beauty entrepreneurship to her portfolio. The truth is: if you wish financial stability, relying on just one source of income is not sustainable. Whether you are diversifying with different products or services in your company or building multiple revenue streams, having options is crucial.
Know when to switch and handle your well-being
Juan Galan, CEO IG Creator Academybegan his entrepreneurial journey as a content creator with the goal of becoming an influencer. Along the way, he realized that what he was building was greater than just content – it was a business. However, the transition to full-fledged business owner and CEO got here with its own challenges.
It highlights the importance of knowing when to make these changes and prioritizing your well-being in the process. He says, “You need to take care of your mental health, identify what lifestyle you want, and not get caught up in the pressure to scale if it doesn’t align with your goals.”
Get interested and don’t stop learning
(*7*)Karina Martinezfounder DEVELOPEDshares critical insight on how to succeed while building the first Latino sports media company: “The best leaders are the most inquisitive students who are constantly learning and evolving. In the early stages of building a business, the key is to be constantly inquisitive – read widely, listen to podcasts, attend seminars, and research people you admire.”
Curiosity and continuous learning are often neglected by recent entrepreneurs who can get caught up in the day-to-day tasks of running a business. But to grow, you have to continue learning. This will pull you out of setbacks and open up recent strategies for your business, helping you get closer to your goals.
Lift others up along the way
White Biancafounder This Latina is travelinglaunched her platform with the mission to encourage women of color to explore the world. For Alba, this journey is about creating a supportive community where we lift each other up. “If we stopped seeing each other as competition, I really imagine all of our businesses would achieve success. Each of us brings something recent,” he says.
And I wholeheartedly agree with her. We often imagine that business and entrepreneurship take us away from our values, but as Latino entrepreneurs, our identity and the values we share inside our community – comparable to unity and uplifting each other – truly make us stronger.
Say “yes” to recent challenges
Nadine Ramos, CEO and Founder Latium AND Blessed bananasshe shares that saying yes to recent challenges got her to where she is now: “Become the style of one who says yes to recent challenges. When I say “yes” to challenges, I’m actually saying “yes” to myself to grow and take responsibility for myself.
Ramos first introduced Brazilian keratin treatments to the United States through her company without financial backing, connections or experience, and later founded a second company, Blessed Bananas, to push the boundaries of hair care by combining nature and science with banana oil-based products. For Ramos, taking on recent challenges is the key to unlocking growth and getting to where you wish to be.