Like all women business owners, two thirds (66%) of Latina entrepreneurs come into business ownership by starting their own businesses; far fewer of them purchase, inherit or acquire their business through gift or marriage. Latina entrepreneurs share the same frustrations of business ownership with women of all ethnic backgrounds such as access to capital, procurement, taxes and healthcare, expanding markets, long hours and the burden of responsibility that comes from being employers. A unique challenge encountered by women business owners is that of finding the way to balancing a challenging business life with the needs of family and expectations.

We are seeing more and more Latina entrepreneurs starting businesses at rates never seen before. Today, Latina entrepreneurs are more visible, more assertive, and more successful and are rapidly becoming an integral part on the landscape of small business. Based on current business and economic data, it is clear that Latina-owned businesses have come a long way. Equally clear is that they are destined to go much farther. The signs are everywhere, predicting that the number of Latina owned firms will increase dramatically in the next 5 to 10 years. No doubt, they will enjoy marked triumphs given their strong entrepreneurial spirit, hard work ethic and unmistakable drive. They may start small but always dream big!

Still, the path to business success is not an easy one and may not be every woman’s cup of tea. Aside from building a solid base that includes a well thought out business plan, and establishing accounting, financial and legal relationships, I offer the following three points on the road to business success:

#1: KNOW YOURSELF. Be brutally honest and clear on what really matters to you. The ultimate definition of business success is the ability to influence outcomes and to deliver the desired impact. Knowing yourself also means recognizing the trade-offs you are willing to make. Compromises will be necessary. You need to be perfectly clear on how you will balance your business, personal interests and relationships and your family - especially children.

#2: KNOW THE CULTURE OF YOUR BUSINESS INSIDE AND OUT. What and who matters! The what is - embracing the focus, setting goals and strategically achieving results. The who is - identifying and establishing relationships with appropriate parties working within corporate Supplier Diversity and Procurement divisions. Your product or service may be just what they are looking for, but you have to establish that important link. Moreover, to influence, impress and achieve you must demonstrate that you have the capacity to deliver.

#3: HARD WORK, HARD WORK AND MORE HARD WORK. Success is earned and should never be viewed as an entitlement. Demonstrating that mindset will be evident to others and will command attention and respect. Respect comes from delivering results. All other activity is extraneous and an unaffordable distraction.

Adelante Juntos,

Maria Monreal-Cameron
President and CEO