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3 reasons the American Dream is not dead for Latina entrepreneurs

“The American Dream is dead”, according to recent studies cited by the New York Times. These studies reveal that more than half of Americans believe the American Dream is dead, never existed, or is unachievable. And nearly 6 in 10 people who responded to CNNMoney’s American Dream Poll, conducted by ORC International, feel the dream — however they define it — is out of reach.

Calling all Latina entrepreneurs and Latina biz owners in the Northeast rehhttps://latinasinbusiness.us/2017/09/04/american-dream-latina-entrepreneurs/gion to participate at our Latina SmallBiz and Pitch your Biz Competition November 9 in Newark NJ. For registration and details https://latinasbizexpo.eventbrite.com/ or call 848 238 6090

Latina entrepreneurs at GWHCC Biz Expo American Dream

Latina entrepreneurs at GWHCC Biz Expo

Despite the gloomy statistics there is one notable exception – Latinas. According to the U.S. Small Business Administration, Hispanic women are defying the trend and with great optimism starting businesses at a rate six times faster than the population at large. Along with their Latino hermanos, Hispanic-owned businesses have grown by over 43 percent in the last decade and now number over 2.3 million strong.

There are good reasons for the average American to feel they will never reach their dreams. Despite the recent economic recovery, lower unemployment and a stabilization of housing prices, the public continues to feel insecure about the future and their financial stability. This anxiety is palpable and exacerbated by the widening gap between rich and poor in America today. In terms of wealth inequality, we are the fourth highest in the world (trailing Russia, the Ukraine, and Lebanon).

According to recent studies upward mobility in the U.S. has stayed the same in the past 50 years despite skyrocketing inequality. Surprisingly, these studies reveal that it is actually harder to move up in America than it is in most other advanced nations. Today it is easier to rise above the class you’re born into in countries like Japan, Germany, Australia, and the Scandinavian nations, according to research from the University of Ottawa and others.

Americans’ pessimism about their future is reinforced by the realization that “upward mobility”, the bedrock tenet of the American Dream principle, is an illusion. It is widely accepted that for the dream to be real, everyone –regardless of their circumstances of birth, race, religion or gender–, should be able to reach their highest potential if they followed society’s rules, got a good education and worked hard and long enough. Yet, the reality seems much different today.

Ivette Monney and Ana Tellez Claros American Dream

Ivette Monney and Ana Tellez Claros, Housing and Comm Services Northern Virginia Inc.

“Latinas are one of the most resilient demographic groups I’ve met in business,” said Susana G Baumann, editor-in-chief of LatinasinBusiness.us. “Although we might not achieve the higher ranks in terms of wealth other groups do –such as white males– we are extremely consistent with our activity, provide employment for family members and other people in our communities, sustain our families as head of household in many cases –even supporting extended family–, all of it without letting negative circumstances or obstacles defeat us, and keeping our dreams alive,” she said.

While there are many individual reasons why Latinas continue to defy the odds and are confidently pursuing their dreams, the central reasons revolve around three core cultural values that define what it means to be Latino …Faith, Family and Frijoles.

Faith

Reaching for your dreams requires faith. And while it is true that most Latinos are religious, 68% identify as Roman Catholic according to the Pew Hispanic Project, faith means much more than adhering to religious doctrine or a belief in God. Faith is what inspires Latinos to be the first in our family to attend college, start a business or run for public office when money is scarce and the odds are against you. Faith is what sustains us when times are hard and the dream seems out of reach. For many Latinos, faith alone is the reason we believe in the American Dream instead of a life of struggle.

Family

Family is the heart of the Latin soul. Family, our extended family, is central to Latino identity and is where we get the inspiration, love and support to achieve our dreams. Every major decision Latinos make, like whether to start a business, is done not in isolation but is weighed against the impact on the family as a whole. According to a study by MassMutual, the reason 55% of Latinos start a business is to have something to pass on to their children.

Cecilia

Cecilia Arce, Verde Cleaning Services

Frijoles

Frijoles, of course, literally means beans. However, because of regional variations, Frijoles is the catchall term I use to describe Latino culture in its many wonderful manifestations. And it is Latino culture, including a strong work ethic and a desire to achieve success for our family, which sustains our belief in the American Dream.

Daniel Ortiz (Don Daniel) is the Award-Winning Author of How to Achieve the American Dream without Losing Your Latin Soul, an Inspirational Speaker and Host of the popular TV show “American Dream – Latin Souls.”

 For more information visit www.LatinoSuccess.com

AccessLatinas finalist with co-founders Lucienne Gigante and Marta Michelle

8 Latina business owners finalists for AccessLatina accelerator

AccessLatinas finalist with co-founders Lucienne Gigante and Marta Michelle

AccessLatina finalists with co-founders Lucienne Gigante and Marta Michelle-Colon

AccessLatina announced the names of eight Latina business owners chosen as finalists for its accelerator competition. Together, they generated more than $1.2 million in revenue during the last two years.

AccessLatina, the first multi-market accelerator program designed to help Latina business owners in various sectors reach their entrepreneurial and economic potential, announced its last round of eight finalists competing for $25,000 grants.

Chosen by a panel of over 40 judges, the selected Latinas in business have already shown success with the help of technology and a positive impact in building opportunities for underserved community around their served geographical areas.

AccessLatina co-founder Lucienne Gigante told LIBizus that she is very excited about this opportunity to work with a diverse group of Latina business owners with high growth profiles. “We were impressed by the level of innovation and creativity of these Latino women,” she said. Although the group has generated $1.2 million in revenue in the last two years, the companies’ scale remains small –less than 25 employees.

“Latina-owned businesses have increased nearly 200 percent over the past decade and we want to help them grow through access to mentorship, networks and opportunities,” added co-founder Marta Michelle Colón.

In fact, renowned global entrepreneurship and innovation professor Antonio Dávila hosted a one-day seminar on the challenges in managing startup growth for the finalists of the 501(c)3 accelerator. The seminar was hosted at District Cowork in Manhattan, New York.

Francesca Kennedy, AccessLatina finalist

Francesca Kennedy, AccessLatina finalist

They discussed examining the management challenges of a startup as it moves from the entrepreneurial to the growth stage, similarly to the stage of their business. The seminar, based on Professor Dávila’s book, “Building Sustainable High Growth Startup Companies: Management Systems as Accelerators,” examines how to best address the management needs of a growing business.

“It is very interesting to work with people like these Latina business owners who are enthusiastic about building companies and organizations that are helpful to society, said Professor Dávila. “It has been a pleasure to be a part of a non for profit helping women achieve their goals,” added Dávila.

And the selected Latina business owners are:

Francesca Kennedy’s artisan sandals donate clean drinking water to children in Guatemala for every purchase made. Francesca has been featured by Vogue and Harper’s Bazaar. Her sandals have been worn by A-listers such as Gwyneth Paltrow, Amanda Seyfried, and Rachel Roy, among others, and has collaborated with top brands such as GAP, Anthropology, and J Crew.

Victoria Flores, AccessLatina finalist Latina business owner

Victoria Flores, AccessLatina finalist

Victoria Flores, a former Morgan Stanley executive, and Leslie Namad’s launched the first ever affordable and luxury hair extension and beauty product subscription box. They are also the founders of Press On Hair by SOBE Organics, sold at mass retail, and have pitched on Shark Tank. Flores is on-set for the 2016 Housewives of New York of Bravo.

Michelle Perez Kenderish’s e-commerce platform feature independent designers, makers, collectives and local brands. She’s also the founder of ChicaPReneurs, a monthly meetup and platform for collaboration that brings together creative entrepreneurs and cultural innovators from Puerto Rico living abroad.

Trina Bardusco’s digital branded content company specializing in women. She’s also the creator of the documentary series, Wanderlust. Her original web series’ for Yahoo Mujer that ran from 2008-2014, boasted 25 million unique monthly visitors, and came in second to People en Español’s most trafficked site by Latinas in the U.S.

Catherine Lajara’s clinical and pharmaceutical research company aims to reduce disparities in clinical trials and runs trials for pharmaceutical companies looking to develop new treatments. Lajara had very few connections and savings when she launched her business. The company today has five clinical studies. Lajara is passionate about health equity, women’s leadership, entrepreneurship and community development.

Matilsha Marxuach, AccessLatina finalist Latina business owner

Matilsha Marxuach, AccessLatina finalist

Matilsha Marxuach’s marketplace for fair-trade, environmentally responsible, and local artisanal tote bags has a mission of practicing sustainability.  Marxuach is a designer and entrepreneur who’s inspiration comes from local culture as well as from traditional lifestyles and knowledge. She also serves as an avid advocate of the concepts of fair trade and local consumption.

Cindy Cruz’ agricultural business to export exotic and natural goods grown locally in Puerto Rico. Cruz has made it her mission to use innovation and sustainable agriculture to advance local crops.

Sacha Delgado’s full immersion and cultural language school. Delgado is an educational entrepreneur and is the Co-Founder of a Waldorf Inspired School.

In addition to the finalists, and as part of AccessLatina’s alliance with Puerto Rico’s entrepreneurship show hit3001.com, AccessLatina awarded a spot in the Advanced Education Module, for Decennia Vega’s Semila, LLC- a company dedicated to the wholesale of clones of cocoa trees. 

Selection criteria for AccessLatina accelerator

AccessLatina’s criteria for selection included owning at least a 20 percent share in businesses within STEAM (Science, Technology, Engineering, Arts, Math), social innovation and urban agriculture industries (including ag-farm and ag-tech) that are headquartered in New York, Washington, D.C., Florida and Puerto Rico.

The finalists will receive three Advanced Education Modules with top global leaders. Then, the judges will select up to five winners that will receive a $25,000 grant and a crowd-funding round, publicity, mentoring and access to a high-profile network of professionals including entrepreneurs and investors.

AccessLatina is composed of a group of dedicated social and business entrepreneurs and is supported by Georgetown University’s McDonough Graduate School of Business, Kiva Zip, Athena Center for Leadership Studies at Barnard College, Golden Seeds, Guayacán, the Manhattan Chamber of Commerce, Oriental Bank and the Stanford Latino Entrepreneurship Initiative, among others.

 

LatinasInBusiness.us photo gallery

New survey shows US Latinas in business creating jobs and wealth

LatinasInBusiness.us photo gallery

LatinasInBusiness.us photo gallery

Hispanic Women-Owned Businesses NWBC 2012 Survey of Business Owners

We did it again! Although we knew that Latinas were the fastest growing demographic opening businesses in the USA, nothing better than facts to drool over! According to the National Women’s Business Council (NWBC) 2012 Survey of Business Owners, Latinas are leading the ranks with 1.5M businesses owned, and these were the years of the Great Recession! Latinas almost tripled the national rates of women opening businesses at 87.3% compared to all women at 27.5% between 2007 and 2012.

Here are the facts:

As of 2012:

  • There are 1,475,829 Hispanic women-owned businesses1 in the United States. This reflects an 87.3% increase since 2007. In comparison, Hispanic men-owned businesses grew at 39.3%since 2007.
  • Women-owned firms make up 44.4%of all Hispanic non-farm and non-publicly-held businesses.
  • Hispanic women own 14.9%of all women-owned firms.
  • Hispanic women-owned firms generated a total of $83.6 billion in receipts, an increase of 50.3%since 2007.
  • 95.4%of these firms are non-employer firms, with average receipts of $19,537.
  • The remaining 4.6%of the firms have paid employees, employing 502,008 people in addition to the owners, with an annual payroll of $14 billion. These employer firms have average receipts of $824,301.

 

BY GEOGRAPHY:

 

States with the highest number of Hispanic women-owned firms Hispanic women-owned employer firms by numbers employed Highest number of Hispanic women-owned employer firms by average receipts
 

1. California (366,997 firms)

2. Texas (290.997 firms)

3. Florida (263,163 firms)

4. New York (137,400 firms)

5. Arizona (41,843 firms)

 

 

1. New York (502,008)

2. Arizona (137,814)

3. New Jersey (84,875)

4. Illinois (72,197)

5. Georgia (35,794)

 

 

1. Kansas ($2,056,502)

2. Connecticut ($1,799,482)

3. Alaska ($1,705,514)

4. Massachusetts ($1,580,958)

5. Indiana ($1,327,868)

 

 

 

BY INDUSTRY:

The top industries with the highest representation of Hispanic women-owned businesses include: The industries with the lowest representation of Hispanic women-owned businesses include:
 

1. Administrative Support and Waste Management and Remediation Services (310,286 firms, 21.02%)

2. Other Services (except Public Administration)2 (300,324 firms, 20.35%)

3. Health Care and Social Assistance (282,157 firms, 19.12%)

4. Retail Trade (126,797 firms, 8.59%)

5. Professional, Scientific, and Technical Services (119,117 firms 8.07%)

 

 

1. Management Companies and Enterprises (49 firms, less than .01%)

2. Mining, Quarrying, and Oil and Gas Extraction (812 firms, .06%)

3. Utilities (1,132 firms, .08%)

4. Agriculture, Forestry, Fishing and Hunting (4,468 firms, .30%)

5. Information (10,935, .74%)

 

 

 

1Women-owned businesses, as defined by the US Census, are businesses in which women own 51 percent or more of the equity, interest, or stock of the business. Men-owned businesses are defined as men owning 51 percent or more of the equity, interest, or stock of the business. Equally men-/women-owned businesses those in which the equity, interest, or stock of the business is shared 50-50 among men and women owners. Publicly held, foreign-owned, and non-profit businesses are not included in this data.2 As an industry classification, Other Services (except Public Administration) is defined as businesses that provide services not specifically provided for elsewhere in the classification system. These businesses are primarily engaged in activities such as equipment and machinery repairing, promoting or administering religious activities, grantmaking, advocacy, and providing dry-cleaning and laundry services, personal care services, death care services, pet care services, photo-finishing services, temporary parking services, and dating services.