Classes From the Inc. 5000 Convention: Easy methods to Run a Enterprise Throughout the Pandemic

Day two of the 2020 Inc. 5000 Vision Conference has been set as the Day of Service benefiting members of the Inc.’s Nonprofit Educational Entrepreneurship Network (NFTE) and Military Entrepreneurs Program. During the morning, participants were able to receive personal attention from Inc. 5000 CEOs. The afternoon session included more networking opportunities as well as a variety of well-known speakers. Here are some highlights.

1. Tuesday’s Tuesday began with comments from Phyllis Newhouse, founder of cybersecurity company Xtreme Solutions and Inc. 5000 nonprofit leadership network ShoulderUp, and a US Army veteran. Newhouse encouraged the audience of entrepreneurs to stay determined, disciplined, and choose one thing to focus on each day. “As an entrepreneur on this journey, you have to ask yourself, ‘What’s my rock for today?’” Newhouse said. “Will it be a connection, will it be an opportunity, will it be a resource?” She also stressed the importance of mentoring and advised founders to look for mentors outside of their industry and make it clear what each party will gain from the relationship.

2. The pandemic has opened companies to new risks and liabilities and made planning for the future more difficult. The Co-Founder and CEO of Box, Aaron Leviespoke to Inc. Senior Writer Christine Lagorio-Chafkin about how to make smarter decisions during a crisis, how to be nimble when working remotely, and how flexibility can be the key to longevity. “Companies that aren’t flexible are likely already gone or won’t make it,” he said.

Levie also pointed out some fascinating benefits of his company’s seven months of virtual work – including reasons why your meetings could actually empower your business when held over video. “One benefit was that we can now bring different parts of the business, different teams, and different parts of the organization together at the same time,” he said. “We know we get better participation and better ideas.”

3. In a facilitated network session with Nicole CuttsAs a licensed therapist and CEO of Cutts Consulting, participants were openly informed about the challenges of prioritizing mental health in running a business. Cut off recommended strategies for self-care, including breaking down your activities into the smallest possible chunks, shifting the stories you repeat in your head into a more positive tone, and writing down five things you are grateful for. When all else fails, Cutts said, “One thing you always have time to do is breathe.”

4. Steve Case, AOL co-founder and founder of VC firm Revolution, discussed how founders outside of America’s largest startup hubs can improve their access to capital and talent. The pandemic has accelerated the move to remote work, creating new opportunities for hiring employees across the country – but also creating new challenges in terms of workplace culture. Case predicted that the next wave of successful startups will be geographically diverse and break through into centuries-old industries like healthcare, agriculture, and education that are faced with cutting red tape. “It’s going to take a different mindset,” he said. “Another playbook.”

5. Fashion entrepreneur Rebecca Minkoff spoke to Inc.com editor-in-chief Lindsay Blakely about how her business had to turn quickly and aggressively when the Covid-19 pandemic closed all of the 900+ retailers who were selling their products. Within a few weeks, the business that was previously 70 percent wholesale became a purely online direct-to-consumer business. While this shift brought all sorts of challenges, Minkoff says she has learned to accept the pressures imposed by the pandemic. “The product we’re starting to see is better than ever and the team traveled overseas for two weeks each year,” said Minkoff. “There were all of these things that we thought we had to do. It just shows when you can focus, it’s calm, you can do really great things.”

6th Serial entrepreneur Cindy Eckert talked about the traits that made her success and shared stories from her experiences with Sprout Pharmaceuticals, the company behind the controversial drug Liby for female libido, and Pink Ceiling, a venture capital firm that invests in women-run businesses . In an interview with Eric Schurenberg, CEO of Inc., Eckert said entrepreneurs should embrace their quirks, stay curious, surround themselves with optimists, and value their employees and customers. She also urged viewers to be brave but not to confuse trust with competence. “Success doesn’t come from having all the answers,” she said. “It comes from courage.”

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