Education Critical to Meet Business Challenges 

Trends indicate that Hispanic business owners are beginning to take home a bigger slice of the U.S. economy. The U.S. Census Bureau reported in 2007 that there were a total of 2.3 million Hispanic-owned businesses in the United States, up nearly 50 percent in just five years. The receipts generated by these businesses rose over 55 percent in the same time. 

Latino business leaders take these as promising signs and encourage Hispanic entrepreneurs across the country to take the plunge and start their own companies. However, the challenges of owning and operating a company are considerable. They include:

• Operations and production
• Sales
• Human resources
• Accounting
• Marketing
• Information technology
• Networking
• Outreach
• Business strategy
• Business law

Through it all, you need to maintain morale and show confidence in your company for yourself, for your workers and for your customers. Taking classes and going back to school will help you gain the confidence you need to move forward.

Back to School

The most effective option for you to learn all the skills you need to be a high-achieving entrepreneur is to seek your MBA. You can earn your MBA online or offline, full- or part-time. Other options include: 

• Condensed Courses - If you're eager to begin your business sooner, many of the top business schools in the country offer condensed programs that allow you to get your MBA degree in one year rather than two years. This is often substantially less expensive, but it is a heavier workload.

• Take Classes at Your Local Business School - If you've already been in the business world and just need a few targeted courses to round out your knowledge, consider taking classes in specific topics. You may not receive a prestigious degree, but you will learn important practical skills that you need. This is also ideal for entrepreneurs with busy schedules or tight budgets who already have a grasp on most of what they need to know.

• Free Online Courses - Online classes are for self-starting Latino business owners who like to go at their own pace. Many professional and academic organizations offer free lecture notes, videos and exams, including the Massachusetts Institute of Technology's Sloan School of Management, the OpenCourseWare Consortium and Authenticity Consulting.

If you opt to choose a paid option like an MBA or courses at your local business school, you may be able to apply for scholarships and grants. The National Society of Hispanic MBAs may help to finance your education, and other non-profit groups like the Hispanic Scholarship Fund may open doors for you.

Always keep your local Small Business Administration office in mind for counseling, mentoring and support as your business grows. While starting a business may seem difficult, many Hispanic business owners have gone before you. When you have a strong educational background and community support, you will be much more likely to succeed.