- Posted by LiSA
- On February 24, 2016
- 0 Comments
- diversity, education, Financial Security First, First Financial Security Inc., Gender Gap, LiSA Literacy Project
When sources of traditional employment dry up, minority women turn to building their own successful businesses.
Did you know there are nearly 10 million women-owned businesses in the United States?1 LiSA Initiative has known since its beginnings that the path to financial independence for women, especially minority women, is through business ownership. This grassroots movement is committed to providing all women with the knowledge, tools, and through its sponsor, First Financial Security, Inc., an empowering entrepreneurial opportunity.
During Black History Month, LiSA Initiative salutes the women across the country, including several First Financial Security, Inc. female associates, who’ve had the courage and perseverance to start and build successful entrepreneurial businesses.
While it’s true that all women have found success in starting their own businesses, it is minority women who’ve seen the greatest growth. The Center for Women’s Business Research found that the number of Hispanic and African-American female entrepreneurs is growing at rates of 133.3% and 191.4% respectively across the country.2 While Asian-American women have not seen the growth rates of their counterparts, they still experienced a “44% increase in business ownership from 2007 to 2012, particularly in California.”1
First Financial Security’s empowering entrepreneurial opportunity has helped hundreds of minority women, including African-Americans, Asian-Americans and Latinas, start their own successful FFS businesses. Many of these new entrepreneurs value the importance of providing clients not just with innovative financial products, but also with the financial education to understand how money works.
This is where LiSA Initiative comes in. These women are leveraging LiSA Initiative’s financial literacy curriculum to bring financial education to their communities. LiSA seeks to inform, educate and empower all women to take control of their financial futures and build successful businesses that will help them achieve financial security.
There are two things that often stand in the way of women becoming entrepreneurs – the lack of both financial and social capital. Without money and connections, it is difficult for many minority women to get the funding and support they’ll need to start and build a business of their own.
First Financial Security’s business model is a good fit for women without the means to purchase a franchise or sustain a small business. An FFS entrepreneurial business requires nominal, upfront capital, and there’s no inventory to buy or stock.
Through its campaign to change the face of insurance, First Financial Security, Inc., is dedicated to bringing diversity and innovation to the financial services industry. First Financial Security and LiSA Initiative have found that the best way to get financial education and innovative products to underserved communities is through women and men reaching out and connecting with their families, friends and neighbors – in their own communities. At the same time they’re helping other families achieve financial security and peace of mind, they’re doing the same for their own families.
Want to read more? Click here.
1 Tanzina Vega. “U.S. Sees Big Spike in Black and Hispanic Women Entrepreneurs.” CNNMoney > American Opportunity. Aug. 29, 2015. http://money.cnn.com/2015/08/19/smallbusiness/minority-women-entrepreneur/
2 Meghan Casserly. “Minority Women Entrepreneurs: Go-getters without Resources.” Forbes.com > Entrepreneurs. Aug. 28, 2013. http://www.forbes.com/sites/meghancasserly/2013/08/28/minority-women-entrepreneurs-go-getters-without-resources/#5f77e1d84a22