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WOMEN IN BUSINESS Businesswomen: Changing the Face of Business By Richard-Abraham Rugnao Hispanic businesswomen are defying their conventional business roles and creating business ventures customarily established by their male counterparts. Hispanic women-owned firms are operating automotive manufacturing warehouses, overseeing construction sites, refurbishing historical monuments, and are heads of multi-million dollar companies. More notably, these businesswomen are increasing in numbers and status across the country. Women entrepreneurs are the fastest-growing segment of the small business economy, starting new businesses at roughly twice the rate of men, according to the Small Business Administration (SBA). While women currently own less than 36 percent of all US firms, the figure is expected to rise to 40 percent by the end of the decade. The National Foundation for Women Business Owners (NFWBO) reported in a June 1997 study that "Between 1987 and 1996, the number of minority women-owned firms increased by 153 percent, employment grew by 276 percent, and revenues rose by 318 percent. During this nine-year period, the number of Hispanic women-owned firms more than tripled 206 percent, while the number of Asian and African-American women-owned firms increased 138 percent and 135 percent respectively. Not surprised by the recent statistics, Ronald E. Montoya, chairman of the board for the United States Hispanic Chamber of Commerce (USHCC), states, "Our organization has closely monitored the steady growth of Hispanic women entrepreneurs over the past ten years. We have witnessed how this business sector has changed the face of the small business community, increasing in numbers and influence across the country." Nowhere are Hispanic women entrepreneurs making a stronger impact than in the USHCC boardroom. Having recently increased the number of Hispanic women on its board, the latest additions to the USHCC board represent some of today's leading industries, operating in diverse regions of the US. As a young widow with four children to support, Liliam Lujan Hickey, one of the USHCC's new board members, soon learned the meaning of survival. From receiving government assistance, to now owning two businesses based in Las Vegas, Nevada, Genesis International and Lujan Development, Lujan-Hickey is committed to sharing her success with other Hispanic businesswomen. "I have always known how to make money but did not know how to run a business," claims Lujan-Hickey. "I enrolled myself in a business seminar and learned how develop a business plan, work with budgets, and how to effectively market and operate my own business." Most of the USHCC's women board members share the same sentiment as Lujan-Hickey-educate yourself before starting your own business. Beatriz Valadez-Ferreira, a Las Cruces, New Mexico attorney, began her practice one year after graduating from law school. A 17-year business veteran, Valadez-Ferreira recognized early on that in order for her business to succeed, she had to be visible. "I opened my law office on the main street of Las Cruces. I knew that if my business was going to make it, I had to be on the same block with the other established businesses," claims Valadez-Ferreira. Stressing the importance of preparation, Michelle Uria, president of ORO Financial, a New Orleans based financial consulting firm, says that "women have the intuitive insight of being successful entrepreneurs, but many times fail because they have not developed a detailed strategic plan." Despite their growth in numbers, women-owned businesses continue to face special challenges. Regardless of ethnicity, women entrepreneurs are often stereotyped based solely on their gender. "In the beginning of my career and even sometimes today, prospective clients will assume that my husband is the president of my company," states Eneida Uehlin, president of DANA Graphics, a Cincinnati based design company. However, the problem often occurs when women stereotype themselves, maintains Leticia Herrera, president of ECI, a full service maintenance company based in Chicago. "Women should no longer be viewed as special entities of business. We are entrepreneurs, plain and simple. However, many times women stereotype into believing that because of their gender they can not compete, provide quality services, or become successful business owners." Regardless of the challenges and pitfalls, women-owned businesses continue to increase in numbers, particularly Hispanic women-owned businesses. By the end of 1996 there were 382,400 Hispanic women-owned businesses in the U.S., employing 671,200 people and generating $67.3 billion in sales, according to the NFWBO. The NFWBO further reports that firms owned by Hispanic women represent five percent of all women-owned firms in the US. Moreover, this business sector contributes four percent of the total employment of women-owned firms and three percent of the revenues. The current trend in Hispanic business, maintains Montoya, is Hispanic women entering non-traditional business ventures. The NFWBO reports that the greatest growth in the number of Hispanic women-owned firms has been in non-traditional sectors. Between 1987 and 1996, the number of Hispanic women-owned firms has grown 428 percent in construction, 389 percent in agriculture, and 338 percent in wholesale trade. Starting her construction and steel fabricator company with only $500, Anna Cablik is one of few Hispanic women in the construction/ steel business. "Working in a male dominated industry has made me come to the plate and prove myself and the value of my company. I consider myself one of many women pioneers in this business, and hope to create economic opportunities for other Latinas interested in entering this field," claims Cablik. Aside from owning businesses, Hispanic women are outpacing Hispanic men in the managerial and professional sectors of the U.S. labor work force. According to a 1994 Census report, nearly 16 percent of Hispanic women are in managerial and professional positions, compared to 11 percent of Hispanic men. "I am encouraged by our business community's growth and success, and how Hispanics have diversified nearly every business sector," maintains Montoya. "I am especially encouraged by the growth of Hispanic businesswomen and vast contribution that they make in the USHCC board room, our community, and, more importantly, to the U.S. economy." Richard-Abraham Rugnao is the director of public relations for the United States Hispanic Chamber of Commerce (USHCC). The USHCC is the leading minority business association in the country, representing over 200 Hispanic Chambers of Commerce nationwide. For more information regarding the growth of the Hispanic business community, please contact the USHCC at (202) 842-1212. No part of this article may be reproduced without permission of the author. HTML links to this document are allowed, but please let us know via email so we can keep you informed of URL changes.