HOW ARE LATINA ENTREPRENEURS DOING?
by: Ana Martinez-Feliciano
You know what’s saving the economy? Latino entrepreneurs! Latinos are starting their own businesses at a rapid rate in various entrepreneurial sectors.
We are the fastest growing demographic for start-ups with businesses ranging from restaurants, online shops, beauty services, and more, all surviving (some thriving) throughout a debilitating worldwide pandemic.
The question we have, however, is, how are LATINA entrepreneurs doing?
A Stanford University study found that Latina entrepreneurs play an important role in creating companies. Latinas now own 44% of Latino businesses. While the growth is impressive, the firms started by Latinas tend to be small. Only 30% of the Latino firms with $1 million or more in annual revenue are owned by women.
Federal Reserve data shows that there is a huge surge (almost 60%) in the Hispanic entrepreneurial sector, and even though entrepreneurial ventures by Hispanic women are lagging slightly behind Hispanic men, they are ahead of non-Hispanic women. It is clear from these statistics that Hispanic business is on the rise.
One of the reasons that we may be “invisible” is that Latina entrepreneurs are concentrated in the Micro-entrepreneur sector and most of those businesses have lower earnings. Although the bulk of Latina entrepreneurs are concentrated in this sector, according to the study “Latina Entrepreneurship” by Magnus Lofstrom and Timothy Bates, “Latinas possessing the same levels of traits regarding education, immigrant status, and the like actually earn more than their white-women counterparts pursuing entrepreneurship”.
The issue that is show in the research is that we need more support for Latina Entrepreneurs. Banks and financial institutions must develop programs that invest and foster growth in this economic arena.
Imagine the possibilities in growth if more grants and investment programs were available to these micro-entrepreneurs? Latina business owners could then invest their time on growing their small businesses and hire more hands to help with the nuts and bolts of the day to day tasks.
With the statistics showing Latino entrepreneurial growth it's safe to say: We’ve done good, and it is inevitable that more success is coming. But until then, we must continue to invest and support our fellow Latina entrepreneurs.
Below, you’ll find some badass Jefas to support now, tomorrow and forever.
Located in Union City, NJ, this makeup & eyebrow studio founded by Cuban-American, Nicole Hernandez, is where clients go to receive a one on one experience and superior customer service. If you're serious about brow growth Hernandez's serum, Brow Magic, is for you. The 100% organic and cruelty free formula combines a nourishing dose of vitamins and essential oils, to help promote & stimulate new hair growth. Use code LATINA15 to receive 15% OFF - expires 12/31/20.
Dominican owner, Yomairi Adrian, started Blooming Soul as a way to provide luxury soy wax candles with an inspirational message for candle lovers and thoughtful people everywhere. Use code LATINA to receive 25% OFF.
Argentinian Founder & Creative Director, Edith Gutierrez-Hawbaker, is the original Artist & Designer of the Walter Mercado Horoscope T-Shirt Featured in the Netflix Mucho Mucho Amor Documentary. TLJ Collective celebrates our Latinx Community through cultural iconography. Twenty percent of sales will be donated to organizations that support, strengthen, and advance Latinx communities as well as other nonprofit programs. Use LATINAMADE to receive free shipping on your purchase.
Dominican and Puerto Rican founder, Lorena Carmona-Moore, created Femme Kulture to highlight strong and inspiring women in Latinx history and culture while also empowering today’s women. Use LATINAMADE15 and save!
5. Maria Bonita Collection - Handcrafted hats like no other.
6. Kaibe Jewelry - Handmade pieces made with love and light.
7. MB Nails - Reusable custom press on nails
8. Natalia Trevino Amaro - Timeless, classic pieces for your wardrobe
9. Decorate for the Culture - Party supplies inspired by and created for modern & diverse families.
10. Levavi - Sustainable active and swimwear with a purpose
11. Allison Rojas - Social Media Specialist
12. The Ivy School - Preschool & childcare reimagined