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.
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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, 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 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.
I became an Ambassador for the SHCCNJ since I saw the opportunity to make a difference in our community of Hispanic business owners and especially Latinas throughout the state of New Jersey. I felt it was necessary to share my passion for Digital Marketing through utilizing my talents in an organization that is dedicated to awakening the #Familia spirit in all of us in order to support and celebrate each other’s success. I am proud to be a SHCCNJ SMA.
I stand strong behind the mission and vision of the SHCCNJ as I am representing the female minority Hispanic small business owners in the state of NJ. We Hispanics are a power that no one can stop. We contribute to our national business wealth by starting businesses and hiring others. I personally have benefited a great deal from being a SMA and learning from SHCCNJ leadership. My family and I are grateful for all the SHCCNJ has done for my small business.
I became a SMA because I like to Pay it Forward. Influences from Jaime Flores, a former BCC Latino-American Professor changed my path in 2004. I continue to move forward with my Latino ESL students (present and former) by encouraging them to accomplish their goals and help others in their community. They also encouraged me to move beyond the classroom and into the general public (at BCC Hackensack-Ciarco, the Paramus Library, and The BCC Cerullo Learning Assistance Center). I appreciate having the ability to continue the advancement of Latino diversity in business, academics and culture.
I heard about the SHCCNJ through a business partner, and was intrigued by an organization that cared about Hispanic Entrepreneurs and provided the resources and support to help them succeed. When I did my research, I found out it was not only the largest Chamber in NJ, but also its mission –helping small businesses grow- was part of my beliefs. I am excited about the opportunities to help business owners to growth and expand their business, and to be able to facilitate access to capital to make their vision be a reality.
Becoming a SMA for the SHCCNJ fell naturally for me. I really enjoyed sharing and showing all the awesome events that the Statewide Hispanic Chamber of Commerce would organize with all my clients and referral partners. I was sure that if they decided to attend any events because my “share” sparked their interest, they would make strong business relationships with other small business owners and ultimately they would join the #Familia.
The Ambassador life chose me. It felt right, it was something I grew into. I would always find my way talking social media strategy, why it is good for business, branding yourself, and most important, growth. I put a lot of time into creating content, growing my audience, and making sure I represent myself in my complete truth. In the long game, I want to help and inspire everyone to grow.
I decided to become an Ambassador for the SHCCNJ because I feel this Chamber genuinely cares about the small business owners and will help however they could. If they do not have the answers, they direct you to the people who do. As a small business owner, in the beginning you feel lost and alone but as my social media presence grew, then I realized I could help others too. This is one way I do it.
As an active Chamber member, sharing online came natural to me. However, online outreach to the membership and building an online community takes time and a lot of effort. Having a group of SMAs made things easier for everyone. All associations and cause-based organizations should have online advocates or ambassadors. It just makes sense!
