Managing Growth By A Hispanic Entrepreneur

One way we minimized mistakes, other than simply paying attention, was to have someone else check your work. I had my work checked and I checked others’ work as well, and we steadfastly maintained a “Good Catch” approach rather than a “Gotcha” attitude. Teamwork will get you much farther than a big fat ego.

3.   The Banks

Again, the banks. We believed, naively, that as our revenues grew and our longevity increased, that the banks would be interested in us in the form of a line of credit for just one tenth of our annual revenues.

Negative.

We instead had to rely on a State program that guaranteed small business loans and they assigned a local bank to handle our account. Of course this bank was in Orange County, a good hour and a half away, and of course the program had tons of punitive reporting requirements, along with the inevitable requirement for monthly P&L’s and more, and of course the woman assigned to our account was unforgiving.

Yet times changed and we ultimately developed a relationship with a wonderfully sweet and competent woman at a different and nearby bank, and when it was acquired, we followed her to her new employer. She could get anything done fairly, honestly so we stuck with her and she with us.

Fortunately I sold my house at a reasonable profit (after having been upside down on it for years), I was able to pay off the State loan and get rid of the banker from OC and move on.

Related articles:

Hispanic Business Rooted In Passion and Tradition

Hispanic Businesswomen Are Baking Up Goodness

Hispanic Entrepreneur Carlos Bernard Tackles Important Issues Outside of Work

 

Carlos Garcia
Carlos Garciahttp://www.garciaresearchops.com
Carlos E. Garcia, was born to Mexican immigrant parents, grew up in East Los Angeles and attended Pomona College, UC Berkeley and National University (BA, MA and MBA respectively).  He has over thirty years of experience in the field of US Hispanic consumer research, twenty one years at the helm of his own company, Garcia Research.  Most recently  SVP at GfK: Knowledge Networks, where he headed up their Hispanic research efforts. He's gone full circle and now back at the helm of Garcia Research, a Hispanic market and Multicultural-focused research firm. Website

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