3 Ways Successful Founders Build Their Companies


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The most agile 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 especially applicable to founders from underserved backgrounds, as they often face barriers to accessing capital and other resources.

Last year, for example, black founders in the US received just 0.48% of all venture dollars allocated, according to a report from TechCrunch. Women founders received 2.4% of venture dollars, per recent reports.

As Head of Multi-Business for JPMorgan Chase Commercial Banking, I get to be in the room, hear the challenges and achievements first-hand, and get to know the people behind the businesses.

I recently had the opportunity to sit down with 25 highly successful black founders for JPMorgan Chase'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 main themes emerged that I think can help any founder at any stage of growth and have been top of mind for me lately:

1. Successful founders are comfortable being uncomfortable

Forging a new path as an entrepreneur is no easy task; sometimes, it will require some real inner work. Let me explain.

One senior executive at the summit discussed how she had to feel comfortable being “the only one” in the room, meaning she was often the only woman of color in many conference rooms. Other times, she was the only woman, and other times, she was the only black person. As we discussed, this can lead to feelings of imposter syndromewhere one feels out of place or as if one does not deserve a seat at the table.

But to succeed in business, you need to approach the situation from a different perspective and feel comfortable being “the only one” 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 not to shy away from being uncomfortable, as the executive discussed.

My keynote: It's important to speak in the rooms you're in unpleasantnot just for the good of your business – as diversity of thought is good the overall strategy – but also to help pave the way for others from underrepresented backgrounds.

If you're “the only one” 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 major misconception is to think that HR creates culture. But there is no substitute for good culture; it cannot come from just one department.

But how do you build this 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 this and carry those values forward in every interaction with customers 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 is tremendous value in hiring a team that shares diverse perspectives, it's important that they also have something in common: high emotional intelligenceor EQ.

One leader at the conference referred to the importance of being intentional about hiring people with high EQ because they are more open to other people's ideas and are culturally sensitive, he noted. These attributes help build a culture where empathy and belonging are central, and if people trust that you will care about 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 foster mutual respect, express it in every communication you have with your team.

My keynote: As one of our attendees put it best, “Culture eats strategy for breakfast.” Every company should focus not only on the “why” of their business, but also on 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 JPMorgan Chase, the foundation of everything we do is rooted exceptional customer service. We are relentless in exceeding customer 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.

A leader at the Black Founders Summit shared the importance of prioritizing long-term value over short-term gains. Customers want to know that you will be there for them in good times AND in difficult times.

My main goal: At every stage of growth, customers are an invaluable source of feedback. So don't take any shortcuts. Build a long-term customer-centric approach that can stand the test of time. Be steadfast 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 tips I gleaned from our Black Founders Summit can surely help most entrepreneurs. We talked about being 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.



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