By: Ashmar Mandou
The Women’s Business Development Center (WBDC) is launching a unique leadership and entrepreneurial training program targeted specifically for Latina business owners here in Chicago, called the Latina Entrepreneurial Accelerated Development (LEAD) Program. The LEAD program will kick-off February 11 with a three –day opening retreat to build connections and set the tone for the 12-month program. The program will focus on four vital areas, leadership, mentoring, volunteerism, and strategic business planning.
According to an American Express OPEN report issues in 2014, firms owned by Latina women number an estimated 1,033,100, employing 433,600 workers, and generate an estimated $71.1 billion in revenue. In Illinois, there are an estimated 23,900 Latina-owned firms generating $1.7 billion in revenues. Lawndale Bilingual Newspaper recently spoke to Rebecca Diaz, WBDC Latina and Early Childhood Education Entrepreneurship Programs Associate, who is heading the LEAD Program for WBDC, to get her thoughts on the new program. LEAD program is funded through Discover Financial and UPS. To learn more about the LEAD program, visit www.WBDC.org or contact the WBDC at 312-853-3477.
The Women’s Business Development Center is offering a great opportunity to potential Latina entrepreneurs by launching their Latina Entrepreneurial Accelerated Development (LEAD) program. What are your thoughts about the program?
The Women’s Business Development Center’s (WBDC) Latina Entrepreneurial Accelerated Development (LEAD) Program serves established Latina entrepreneurs. We strategically target Latina business owners who have been in operation for two or more years and equip them with the necessary tools to not only grow their businesses but also take their entrepreneurial spirit into the community where they will be encouraged to serve as mentors and on boards as directors, and influence public policies surrounding the social, political and economic issues for Latinos.
This is an incredible opportunity to advance Latinas, not only in their business but also in their communities. The mission of LEAD is to Empower Latina business owners through entrepreneurial programs, leadership opportunities, and advocacy, fueling economic growth, strengthening our economy, and building vibrant communities, with leadership that is representative of its population. As the fastest-growing segment of small businesses in the U.S., it is critical that we provide Latina business owners with access to the resources and networks they need to be successful.
The program will focus on four key areas: leadership, mentoring, volunteerism, and strategic business planning, can you explain the importance of each area and the role it plays in a successful business?
Leadership: Entrepreneurs are natural leaders at heart, but particularly with Latinas, we are very modest with our successes, and it is very important for us to break out of that shell and share those successes and with a ‘Si Se Puede’ attitude in their business and within our communities. We need them to inspire prospective Latina business owners and ingrain youth with an entrepreneurial mindset. Through this program, we will see more successful Latina’s business owners, engaging with their community, and leading the way for generations to come.
Mentoring: The WBDC views mentoring as a key component to business success. If you ask any prominent Latina how they have been able to succeed, they will all in some way, shape, or form credit a mentor. Having someone to share best practices, offer inside knowledge on overcoming road blocks, and give advice on how to achieve goals is truly invaluable for the giver as well as the receiver. In addition to providing LEAD participants with access to mentors, they will be encouraged to serve as mentors themselves for future participants.
Volunteerism: Understanding the importance of civic and non-profit engagement is critical to business success. Giving back is also a core value of the WBDC. Volunteering builds networks, gives perspective on what is going on in the world and keeps you grounded. It is so easy for Latina business owners, or anyone for that matter, to get lost in the day-to-day grind without realizing how rewarding it is to give back.
Strategic business planning: In order to scale their businesses, it is crucial for Latina business owners to identify where the gaps are in their business that are preventing growth. They must also set realistic goals for business growth and develop measurable outcomes with strategies and tactics to get them there. The WBDC will support LEAD participants with all of the above.
What other tips will you offer attendees?
We will encourage LEAD participants to leverage the network that they are establishing as leaders in their community and to serve as an accountability group among themselves, thereby helping keep them on track towards success.
What advice would you like to give to potential Latinas who are thinking about opening up their own business?
After doing a few feasibility checks, which the WBDC can help with, they should determine if there is a market for their product or service. They also need to make an honest assessment about the support system at home, accept the big time demands when running a business, and know if they have the capital needed to cover start-up costs. You don’t have to know everything about running a business to be an entrepreneur, but surrounding yourself with those that do (accountant, attorney, business advisor, etc.), and building a strong team internally, will get you very far! Plan accordingly, seek mentors, and LEAD!
