Latina entrepreneurs are the fastest-growing group of business owners, leading nearly two million businesses nationwide, and forming businesses six times faster than other U.S. groups. A recent survey [I] suggests they are future drivers of economic growth, but they continue to need resources and support to harness their full potential.
To better understand the state of Latina entrepreneurship in the US, as well as what support and resources Latinas need to propel forward, Microsoft partnered with the #WeAllGrow Latina community, the most established digital and lifestyle community of impactful Latinas and femme Latines who support and uplift each other, to commission the Latina Entrepreneur Community Pulse Report. The report provides insights from Latina entrepreneurs within the #WeAllGrow community on how they manage their businesses, use technology, and prioritize self-care, while highlighting strengths of the respondents.
Report findings show that Latina entrepreneurs openly embrace technology and recognize the power of AI and its transformative potential. This is true for their businesses, as well as for themselves. According to the report, wellbeing is a priority for these entrepreneurs, but very much a work in progress. Despite the challenges of running a business along with a multitude of household responsibilities, Latina entrepreneurs expressed optimism about the future of their businesses.
“Latina entrepreneurs are determined to leave a mark in their communities despite facing systematic barriers and a rapidly evolving technological landscape. One of our goals in conducting this survey is to best understand the Latina entrepreneur and how she harnesses the power of technology to spark social and economic change,” shared #WeAllGrow Latina Co-CEO and Partner, Vanessa Santos. “Given their adaptability and resilience, supporting Latina founders is in all our best interests. The findings confirm the importance of uplifting this group of entrepreneurs to build a more equitable future.”
“This collaboration with the #WeAllGrow Latina community helps Microsoft deepen our understanding of the state of Latina entrepreneurship, which is a critical audience in helping us fully realize our mission of empowering the world to achieve more. We must learn directly from Latina entrepreneurs how they are using technology in their path to success. Only then can Microsoft support their business, their wellbeing, and their dreams,” said Sarah DiDonato, senior communications manager, Multicultural Communications at Microsoft.
Breaking down key findings
The report uncovered themes around technology use, AI, wellbeing, and overall outlook. Here are eight takeaways from the Latina Entrepreneur Community Pulse Report:
- Tech-savvy for business. Latina entrepreneurs are active users of technology—60% of respondents agree that the right technology is vital for the management of their business and regularly use it primarily for productivity (78%), collaboration (65%), and financial tools (45%).
- Knowledge is power. More than 90% of Latina entrepreneurs strongly agree or somewhat agree that the right technology will help them achieve more in less time, work smarter not harder and improve their work-life balance. At the same time, only 38% feel confident in selecting the right technology for their business. Latinas recognize the potential with technology and they express a clear need for guidance to access the right resources and tools effectively.
- AI aware. Latina entrepreneurs are highly intuitive and cognizant of current trends—92% of Latina entrepreneurs are aware of AI technology and more than 50% find it relevant to their business. Latina entrepreneurs believe integrating AI into their business will help with task automation (45%), improving productivity (45%), and analyzing data (38%).
- Challenges with keeping up. Latina entrepreneurs need help maximizing AI’s potential. 41% of them already use AI technology in their business, yet 34% are concerned about keeping up with rapidly changing technology due to pricing (35%), time to learn and implement (31%), and unfamiliarity of options available to them (15%). Getting clarity on what AI can do to help Latina founders save time and energy is the next step, helping them achieve más.
- Wellbeing is not an afterthought but a priority. 94% of Latina entrepreneurs cite their mental health and wellbeing as a top priority, yet 47% of respondents report a decline in their overall wellbeing in the last 3 months, with 60% reporting it has affected their business operations. Using technology as a tool can facilitate wellbeing by automizing tasks and freeing up time for self-care, thus improving work efficiency and lessening stressors.
- Tech’s potential as a wellness tool. Latina entrepreneurs recognize that technology helps improve their well-being by keeping them organized (64%), connecting with family and friends (56%), providing flexibility to work outside of a standard schedule (54%), and helping them manage personal matters during the workday (48%). By leveraging technology, Latinas can have better work-life balance and improve their physical and mental well-being.
- Balancing work and life. Whether they’re picking up the kids from school after work or running errands durante el almuerzo, Latina entrepreneurs are always on the go. Most respondents cite many responsibilities outside of running a business— 64% take care of their home, 61% support the emotional well-being of family members, 36% serve as a caretaker, 59% contribute to household finances and 55% manage household finances. Technology can help them juggle their various roles and attain a harmonious work-life balance.
- Have unmatched optimism. Latinas are visionaries with 94% reporting confidence in the future of their business and 43% defining success as financial success and independence. Moreover, 95% of Latina entrepreneurs believe technology will be essential to their continued success. These compelling findings highlight their determination and grit and remind us of their economic power.
For more the full report and additional resources to help you achieve más with ease, click here.
The data featured in this post is from the “Latina Entrepreneur Community Pulse Report”, a survey commissioned by Microsoft Corporation in May 2023 and conducted in partnership with #WeAllGrow Latina.