The most nimble and successful leaders think differently, especially in the face of obstacles. I've learned this from my experience helping many founders grow and scale.
As any entrepreneur knows, learning how to overcome business challenges is a lifelong lesson. But I think it's particularly applicable for founders from underserved backgrounds, as they often face barriers to accessing capital and other resources.
Last year, for example, Black founders in the U.S. received just 0.48% of all venture dollars allocated, according to a report by TechCrunch . Women founders received 2.4% of venture dollars, per recent reports .
As the Head of Diverse Businesses for JPMorganChase Commercial Banking, I have the opportunity to be in the room, hear challenges and accomplishments firsthand and get to know the people behind the businesses.
Recently, I had the chance to sit down with 25 highly successful Black founders for JPMorganChase's annual Black Founders Summit. During our time together, these industry titans discussed what it takes to become a strong leader, especially in the face of challenges.
Three key themes emerged, which I think can help every founder in every stage of growth and have been top of mind for me recently:
1. Successful founders are comfortable being uncomfortable
Forging a new path as an entrepreneur isn't easy work; sometimes, it will require some real internal work. Let me explain.
One senior executive at the summit discussed how she had to get comfortable being the "only" in the room, meaning she was often the only Black woman in many conference rooms. Other times, she was the only woman, and still, other times, she was the only person of color. As we discussed, this can lead to feelings of imposter syndrome , where one feels out of place or as if they don't deserve a seat at the table.
But to succeed in business, you have to approach the situation from a different vantage point and get comfortable being the "only" in the room. Whether you're the only person who looks like you or the only person who believes in an idea, it's important to not shy away from being uncomfortable, as the executive discussed.
My key takeaway: It's important to speak up in rooms where you're uncomfortable , not only for the good of your business – as diversity of thought is good for overall strategy – but also to help pave the way for others from underrepresented backgrounds.
If you're "the only" in a room, embrace the challenge. Don't let it silence you.
Related: Obstacles Are Opportunities: Use Them to Take Your Business to the Next Level
2. They prioritize culture
Building a strong culture is one of the biggest challenges any founder will face. A key misconception is thinking that HR creates culture. But there's no substitute for good culture; it can't come from one department alone.
But how do you build that culture? The first step is hiring the right people. As any founder will tell you, your people are your company's greatest asset. As a leader, you must set the tone for the culture and embody those values every day. Your team will see that and carry those values forward in every interaction with clients and stakeholders.
Equally important is building a team that represents a variety of backgrounds and perspectives. The data is clear on this point — diversity creates a competitive advantage for business of all shapes and sizes. In fact, a 2023 report from McKinsey supports this, suggesting that companies with more ethnic diversity and women report higher financial performance than their peers.
While there's incredible value in hiring a team that shares different perspectives, it's important they also have something in common: high emotional intelligence , or EQ.
One leader at the conference referenced the importance of being intentional about hiring people with high EQ, because they're more open to other people's ideas and are culturally sensitive, he noted. These attributes help build a culture where empathy and belonging are at the center, and if people trust you're going to take care of them and help them grow – you're building the right culture.
In addition, business leaders lead by example. If you want to prioritize collaboration, embody it by empowering others to join you in decision-making. If you want to elevate mutual respect, express it in every communication you have with your team.
My key takeaway: As one of our attendees best said, "Culture eats strategy for breakfast." Every company needs to focus on not only the "why" of its business but also the "who." After all, your team is your most valuable asset.
Related: 5 Must-Haves for Entrepreneurs and Their Startups to be Successful
3. The customer is at the center of everything they do
At JPMorganChase, the foundation of everything we do is rooted in exceptional client service . We are relentless in exceeding client expectations and building long-term relationships. As a founder, you must keep your clients, customers, and the communities you serve at the center of everything you do, too.
One leader at the Black Founders Summit shared the importance of prioritizing long-term value over short-term profits. Customers want to know you'll be there for them in good times and in rough times.
My key takeaway: At every growth stage, customers are an invaluable source of feedback. So, don't take any shortcuts. Build a customer-centric, long-term approach that can stand the test of time. Be unwavering in your focus on the customer, and you'll be that much closer to building a successful company.
Building a business is a unique path for every founder, but the advice I gleaned from our Black Founders Summit can certainly help most entrepreneurs. We talked about getting comfortable with being uncomfortable, how to build a strong culture, and why it's essential to put the customer at the center of everything you do. By embracing these principles, founders can navigate the challenges of entrepreneurship with greater resilience and chart a clear path to success.
Most Popular
Comments / 0