Latina Entrepreneurship; Rapidly Growing in the US
Latinas are the fastest-growing group of entrepreneurs in the US, with over 1.5 million.
Latina-owned businesses are generating $65 billion in revenue. SCORE Meta-Analysis Reveals that Hispanic Entrepreneurs Launch Small Businesses at over Eleven Times the Rate of Non-Hispanic Counterparts. Over the last decade, the percentage of small businesses started by Hispanic/Latino entrepreneurs has been on the rise, outpacing their non-Hispanic counterparts by an incredible 44% compared to 4%. This data comes from a meta-analysis conducted by SCORE, a resource partner of the U.S. Small Business that provides mentorship to America’s small businesses. Nielsen reports that Latinx consumers in the US currently have an annual buying power
of $1.5 trillion. Latinas-owned enterprises have experienced a growth rate of at least 87% over the past five years. However, Latina business owners, especially in the Inland Empire region of Southern California, still require support in business education, capacity-building, and networking. Despite these obstacles and lack of support, Latina entrepreneurs continue contributing significantly to the local and US economy and are rapidly embracing careers in various industries.
Latinas are starting businesses at a record rate, making them one of the fastest-growing
groups of entrepreneurs in the US. Earning advanced degrees at a higher rate than
ever, Latinas also significantly contribute to their success in the workforce. Additionally, Latinas are making strides in traditionally male-dominated fields, such as science, technology, engineering, and math (STEM). In the political arena, Latinas are becoming more politically active and are making their voices heard on issues that affect their communities. Latinas are breaking barriers and shattering stereotypes, paving the way for future generations of Latina women to succeed.
“The best training course I could have was just me starting my own business and having that hands-on experience” –Shannon Morales, Shannon Morales, founder and CEO of Tribaja, at her office at CIC Philadelphia, a coworking space in University City.
Building a Solid Network
Building a solid network can help entrepreneurs connect with other professionals.
Networking can lead to job opportunities and career advancement. Latinas can benefit from mentoring relationships that provide guidance and support. Networking events and
conferences can provide valuable learning and development opportunities. It can also help entrepreneurs and professionals break through barriers and overcome cultural biases in the workplace. Networking can help build their confidence and assertiveness in professional settings. Latina entrepreneurs can find support, professional growth, and inspiration from other successful Latinas. Networking can help Latinas establish themselves as leaders and role models. Building a diverse network can help Latinas learn about different industries and career paths.
“Networking is a lot like nutrition and fitness: we know what to do; the hard part is making it a top priority.” — Herminia Ibarra, London Business School
Latina Entrepreneurs in the IE
The Inland Empire region of Southern California still requires support in business
education, capacity-building, and networking. Business Education, Capacity Building, and Networking Support Needed in the Inland Empire. The Inland Empire region of Southern California requires continued assistance in business education, capacity-building, and networking. Here are some key points to consider: Despite progress, the region still needs support in these areas. Focusing on business education can help entrepreneurs and business owners develop critical skills. Building capacity can help businesses grow and thrive. Networking is essential for making meaningful connections and collaborations within the business community.
- Business education: There is a need to provide local businesses with training and education to help them develop their skills and knowledge in areas such as marketing, finance, and management.
- Capacity-building: Many businesses in the Inland Empire region may need support in building their capacity to take on larger or more complex projects. This could involve providing access to funding, resources, and mentorship programs.
- Networking: Building solid relationships with other businesses and organizations can be crucial to the success of any company. Networking events and programs can help local enterprises to connect with others in their industry and build valuable partnerships.
- Collaboration: Encouraging business collaboration can help foster regional innovation and growth. This could involve creating community programs that bring together local entrepreneurs and business owners to share ideas and resources.
- Diversity: The Inland Empire region is home to a diverse range of communities and businesses, and supporting diversity in the local business community can help promote economic growth and development for everyone
NLBWA-IE meeting the Needs
National Latina Business Women Association – Inland Empire Chapter (NLBWA-IE) is dedicated to meeting the needs of all entrepreneurs. The NLBWA-IE Institute provides professional development designed for local businesswomen interested in taking their businesses to the next level. Its mission is to enhance local businesses’ culture, contribution, and profitability by creating an environment of success through mentoring, education, training, and networking.
Here are a few ways in which NLBWA-IE helps entrepreneurs:
- Business Education: NLBWA-IE provides access to business education resources to help entrepreneurs develop and refine their skills. This includes training sessions, workshops, marketing, finance, and business planning seminars.
- Capacity-Building: NLBWA-IE helps entrepreneurs build capacity by providing access to resources that can help them grow their businesses, such as funding opportunities, mentorship programs, and business incubators.
- Networking: NLBWA-IE allows entrepreneurs to connect with other business owners, potential clients, and industry leaders. These networking events can help entrepreneurs build relationships, gain exposure, and learn from others in their fields.
- Latina Study: NLBWA-IE, in partnership with UCR, participates in a Latina Study for the needs of Latina entrepreneurs and provides a platform for their voices to be heard. The organization collaborates to promote small business growth and address Latina entrepreneurs’ unique challenges.
Latina Study in Partnership with UCR
The National Latina Business Women Association in the IE, in partnership with UC Riverside’s School of Public Policy, is leading an effort to understand better the drivers that influence the success and growth of Latina Business Owners. The first step towards greater understanding is to conduct a study examining the experiences of Latina-Owned Businesses (LOBs) in the Inland Empire (IE), including Riverside County and San Bernardino County in Southern California.
The inspiration for this study is the need to revitalize the grassroots movement of Latina
business owners in the IE. As the fastest growing sector of small business, they have the potential to provide substantial gains in jobs and commerce for our region.
The study aims to address the following three overarching questions:
- What are the general profiles of Latina Business Owners and their businesses in the IE region?
- What are essential strategies and best practices for Latina business development?
- What are the challenges Latina business owners face, and what are the implications of promoting Latina entrepreneurship?
NLBWA-IE is a valuable resource for entrepreneurs looking to start or grow their businesses. The organization’s dedication to education, capacity-building, networking, and advocacy can help entrepreneurs achieve their goals and succeed in their ventures.
Please find out more about how NLBWA Inland Empire works hard to fulfill its goal of empowering Latinas in the Inland Empire to develop their business and professional goals through education and collaboration.