UNC student aims to fix Latino entrepreneurship problem

After reading a report about Latino economic impact on North Carolina, Jorge Fernandez came to the realization that it is difficult for members of the Latino community to start their own businesses.

Now he is trying to recruit UNC students and faculty to fix that problem.

His vision is to create a nonprofit consulting organization that would rely on UNC students’ knowledge of entrepreneurship to aid Latinos who might have difficulty in starting their own businesses.

Barriers to Latino small business ownership range from reading complex forms printed in English to attracting money from skeptical investors, said Fernandez, a junior philosophy major born in Venezuela.

“It struck me that there is no formal effort to help them overcome those problems,” he said.

He said the program would draw human resources from UNC more than financial aid, though he would consider applying for University grants once operations were underway.

He also said the organization initially would hope to rely on University faculty for guidance as well as campus buildings for meeting spaces.

In addition to providing a much-needed service to the Latino community, Fernandez noted that the program would be beneficial to the students involved by providing them with real-world consulting experience.

Fernandez said he came up with the idea for the program after reading a 2006 report by the Frank Hawkins Kenan Institute of Private Enterprise, a division of the Kenan-Flagler Business School that helps companies and communities with educational programs and strategic planning.

The report detailed the positive impact Latino spending has on the N.C. economy but noted the potential for more growth if it were easier for Hispanics to become business owners.

“I think it would be a great use of resources,” said Murtado Bustillo, a Latino business consultant, of Fernandez’s idea.

 Fernandez contacted Bustillo for assistance. Bustillo is a consultant for the Durham organization Good Work, which provides economic literacy and leadership training to small businesses and social enterprises in North Carolina.

Fernandez said he has spoken with Bustillo and business school professor Jim Johnson about getting the organization started, but he does not have a concrete plan in place yet.

Although he noted the program has a definite potential to benefit the Latino community, Bustillo said he has not spoken with Fernandez in several months.

Fernandez said eight students have expressed an interest in helping the cause, but he has not made significant contact with them at this time.

Any students interested in becoming involved can send an e-mail to HispanicEntrepreneurship@gmail.com.



Contact the University Editor at udesk@unc.edu.



Read the report by the business school (http://www.kenan-flagler.unc.edu/ki/reports/2006_HispanicStudy/)