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The most agile and effective leaders think otherwise, especially in the face of obstacles. I’ve learned this from my experience helping many founders grow and scale.
As any entrepreneur knows, learning to beat business challenges is a lifelong lesson. But I think it’s especially useful for founders from underserved communities, because they often face barriers to accessing capital and other resources.
For example, last yr, black founders in the U.S. received just 0.48% of all enterprise capital funding allocated, in keeping with a report TechCrunchFemale founders received 2.4% of enterprise capital investment dollars, in keeping with latest reports.
As Director of Diversified Enterprises at JPMorgan Chase Commercial Banking, I have the opportunity to get up close and personal, hear about the challenges and accomplishments firsthand, and meet the people behind these businesses.
I recently had the opportunity to satisfy with 25 highly successful Black founders at JPMorganChase’s annual Black Founders Summit, where these industry titans discussed what it takes to be a strong leader, especially in the face of challenges.
Three key themes emerged that I imagine may also help any founder at any stage of growth and that have been most significant to me recently:
1. Successful founders are comfortable with discomfort
Forging a recent path as an entrepreneur is no easy feat; sometimes it requires real inner work. Let me explain.
One executive at the top spoke about how she needed to get used to being “the only one” in the room, which meant that 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 may result in feelings of imposter syndrome, where someone feels misplaced or like they don’t deserve a seat at the table.
But to succeed in business, you have to approach situations from a different perspective and get comfortable being “the only one” in the room. Whether you’re the only one that looks such as you or the only one that believes in an idea, it’s necessary to not shrink back from feeling uncomfortable, as the CEO said.
My biggest takeaway: It’s necessary to talk up where you are feeling uncomfortable, not only for the good of what you are promoting – because diversity of thought is good for you. overall strategy – but also help pave the way for others from underrepresented backgrounds.
If you are “the only one” in the room, take the challenge. Don’t let this silence you.
2. They put culture first
Building a strong culture is one of the biggest challenges any founder will face. A key misconception is that HR creates culture. But there is no substitute for a good culture; it will possibly’t come from just one department.
But how do you build such a culture? The first step is hiring the right people. As any founder will let you know, your people are your organization’s best asset. As a leader, you might want to set the tone for the culture and embody those values every day. Your team will see that and carry these values forward in every interaction with customers and stakeholders.
Equally necessary is building a team that represents diverse backgrounds and perspectives. The data is clear on this point—diversity creates a competitive advantage for firms of all shapes and sizes. In fact, McKinsey Report 2023 confirms this, suggesting that firms with greater ethnic diversity and women employees report higher financial performance than their competitors.
While it’s incredibly precious to rent a team that shares diverse perspectives, it’s also necessary for them to have something in common: high emotional intelligenceor EQ.
One leader at the conference addressed the importance of consciously hiring people with high EQ because they are more open to other people’s ideas and culturally sensitive, he noted. These traits help build a culture where empathy and belonging are at the center, and if people trust that you’ll deal with them and help them grow, you’ve built the right culture.
In addition, business leaders lead by example. If you wish to prioritize collaboration, embody it by giving others the opportunity to hitch you in making decisions. If you wish to increase mutual respect, express it in every communication with your team.
My biggest takeaway: As one of our participants said best, “Culture eats strategy for breakfast.” Every company must focus not only on the “why” of their business, but also the “who.” After all, your team is your most beneficial asset.
3. The customer is at the center of every little thing they do
At JPMorganChase, exceptional customer support is at the heart of every little thing we do. We consistently exceed client expectations and build long-term relationships. As a founder, you need to also keep your clients, consumers and the communities you serve at the center of every little thing you do.
One of the leaders at Black Founders Summit shared the importance of prioritizing long-term value over short-term profits. Customers wish to know that you simply’ll be there for them in good times AND in difficult times.
My biggest takeaway: At every stage of growth, customers are an invaluable source of feedback. So don’t cut corners. Build a customer-centric, long-term approach that may stand the test of time. Be unwavering in your customer focus, 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 took away from our Black Founders Summit can actually help most entrepreneurs. We talked about tips on how to embrace discomfort, tips on how to build a strong culture, and why it’s so necessary to place the customer at the center of every little thing you do. By adopting these principles, founders can face the challenges of entrepreneurship with greater resilience and a clear path to success.