While corporate America translates advertising messages into Spanish and crafts culture-specific ad campaigns, Hispanics have continued to follow the path of past waves of immigrants and start their own businesses.

The U.S. Small Business Administration reports that there are currently 2 million Hispanic-owned businesses operating in the United States, generating close to $300 billion per year. The number of businesses is expected to grow to 3.2 million by 2010 and generate $465 billion per year.

Furthermore, the U.S. Census Bureau projects that the Hispanic population will grow to 50 million by 2010. It is also estimated that Hispanic purchasing power in the United States will reach $1 trillion by 2010, according to HispanTelligence, the research arm of Hispanic Business magazine.

So it’s no coincidence that university business schools, particularly those that serve a large Hispanic demographic, are tapping into that entrepreneurial spirit.

Miami’s Florida International University (FIU), which graduates the most Hispanic undergraduates in the country overall, according to Diverse’s most recent Top 100 undergraduate degree producers report, and produces the most Hispanic undergraduate and graduate business majors, was ranked No. 4 in the country by the online publication Entrepreneur.com in 2008 for providing the best entrepreneurial programs for Hispanic students.

Entrepreneurship programs are a good fit for South Florida, says Dr. Sally M. Gallion, assistant dean of communications and public relations at FIU. South Florida ranks No. 1 nationally in self-employment, she says. And the greater Miami area has the second largest number of Hispanic-owned businesses in the country, according to the U.S. Census Bureau, with 160,000 businesses currently on record.

Gallion says FIU has a strong entrepreneurial program through its Global Center for Entrepreneurship, funded in part by a $3 million Kauffman Foundation grant.