Embrace Being ‘The Only’ in the Room — 3 Strategies Successful Founders Use to Grow Their Companies

Weekly Business Insights from Top Ten Business Magazines

Extractive summaries and key takeaways from the articles curated from TOP TEN BUSINESS MAGAZINES to promote informed business decision-making | Since 2017 | Week 362 |  August 16-22, 2024 | Archive

Embrace Being ‘The Only’ in the Room — 3 Strategies Successful Founders Use to Grow Their Companies

By Frederick Royall | Edited by Micah Zimmerman | Entrepreneur Magazine | August 15, 2024

Extractive Summary of the Article | Listen

The most nimble and successful leaders think differently, especially in the face of obstacles.  As any entrepreneur knows, learning how to overcome business challenges is a lifelong lesson. But it’s particularly applicable for founders from underserved backgrounds, as they often face barriers to accessing capital and other resources.

Recently, the author had the chance to sit down with 25 highly successful Black founders for JPMorgan Chase’s annual Black Founders Summit. During their 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 according to the author can help every founder in every stage of growth and have been top of mind for him 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.  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.  Key takeaway is: 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.
2. They prioritize culture.  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.  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.
3. The customer is at the center of everything they do.  You need to be 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.

3 key takeaways from the article

1. The most nimble and successful leaders think differently, especially in the face of obstacles.  As any entrepreneur knows, learning how to overcome business challenges is a lifelong lesson. But it’s particularly applicable for founders from underserved backgrounds, as they often face barriers to accessing capital and other resources.
2. Recently, the author had the chance to sit down with 25 highly successful Black founders for JPMorgan Chase’s annual Black Founders Summit. During their 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 according to the author can help every founder in every stage of growth and have been top of mind for him recently.  Successful founders are comfortable being uncomfortable. If you’re “the only” in a room, embrace the challenge. Don’t let it silence you. They prioritize culture. Hiring the right people is the first step in that direction. And the customer is at the center of everything they do. 

Full Article

(Copyright lies with the publisher)

Topics:  Culture, Customers Relationship, Trust