Riding the Risk and Reward Cycle of Entrepreneurship – Is it Worth it? Drew Madden Weighs In

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Drew Madden Entrepreneur

Every risk is taken with the fear of rejection or outright failure. The alternative is stagnation and the very real potential of decline. By nature, entrepreneurship is replete with risk. Every day, however, savvy and hungry “builders” take on the risks of entrepreneurship in the hope of trapping a little bit of lightening in the bottle and launching the next “big thing.” The risks come in many forms, of course, from capital outlays to relational stressors. For successful entrepreneurs like Drew Madden of Evergreen Healthcare Partners, the opportunity to innovate in healthcare and improve quality of life for a huge segment of the population is worth the risk. For Drew Madden and his Madison, Wisconsin-based team, the risk and reward remain focused on the integration of IT into the healthcare environment. “We are seeing healthcare IT efforts focus more and more on the combination of operational, advisory, and workflow knowledge,” notes Madden, “Machine learning can use data mined from electronic healthcare records for improved results in clinical settings.”[1]

The Power of Growth

 Kimanzi Constable, a contributor to entrepreneur.com affirms that the growth and risk of entrepreneurship begin when we step out of our comfort zones. “If you are taking action on accomplishing your goals, you will experience rejection constantly. If you aren’t, you have to ask yourself if you’re taking big enough steps. Growth happens when you step outside of your comfort zone to do the things that scare you. In that place, rejection is possible.”[2]

In Madden’s work at Evergreen Healthcare Partners, one of the secondary risks he carried on the path toward growth was launching Evergreen in the hip yet still emerging community of Madison, Wisconsin. As noted by Joel Patenaude of Madison Magazine, the college town has not yet arrived in the technology sector when Drew Madden was imagining a verdant future for his emerging company. “While Madison’s reputation builds as a growing technology center, Silicon Valley and the San Francisco Bay Area firmly occupy the epicenter for the nation’s tech industry and venture capital firms. Some $30 billion or 44 percent of venture capital in the U.S. is invested in startups in the Bay Area and Silicon Valley.”[3]   Far from the limelight and robust revenue streams of the West Coast, Madison proved to be a fortuitous risk for Drew Madden and team. Indeed, creating a healthcare startup outside of the industry comfort zone of Silicon Valley, has placed Evergreen in the inviable position of being well-established in the Midwest as other startups make their way to Madison. Indeed, airlines and millennials now see Madison as a destination for business, recreation, and the rooting of families. 

Venting as You Risk and Retooling When You Fail

Constable understands risks like the ones Drew Madden has taken on behalf of Evergreen do not always lead to the sort of successes Evergreen has encountered in its precipitous rise. When the rejections and let downs arrive for the entrepreneur – and they will – there are steps to be taken that lead to long-term strength and conviction. “Rejection offers us the opportunity to make sure what we’re doing is right for us,” asserts Constable, “Evaluate why the rejection came (and) determine if this is something you really want to do, but need a better approach with.”[4] Constable also believes it’s important to vent your emotion in the wake of failure, a technique undoubtedly mastered by Drew Madden and others who have taken their hits on the road to sustained success.

Often, one of the best approaches for moving forward in the wake of setbacks centers on the entrepreneur surrounding himself or herself with additional expertise. “If you need more expertise, get it. If this is a warning message for you telling you that what you’re pursuing is not what’s best, listen. After you’re done processing your feelings and emotions, get tactical by examining what happened. A rejection can be a bump in the road or worse. What happens next is your choice. I vote for learning and coming back even stronger.”[5] Drew Madden continues to take this advice to heart as he follows his entrepreneurial inclinations, recruiting and developing a team that leverages great gifts and great experience for Evergreen in its continued quest to innovate and enhance quality of life. “Evergreen was founded on the idea of providing a diverse offering of industry leading services to our healthcare partners across the country,” notes Madden, adding, “this certainly involves consulting on Electronic Health Records but extends to other areas of focus such as Training and Education, Front End Alignment, Talent Management, Rev Cycle Improvement, Operations, and Leadership & Advisory Services.”[6] In Madden’s estimation, a diverse offering of services is always fueled by a diverse, talented team.

No Risk, No Reward

Successful entrepreneurs know that if you risk nothing, you risk everything. Said another way, there are potholes on the road to success. Those who are willing to take on the road that leads to an undiscovered country are the ones who build the business behemoths of tomorrow.

[1] Extracted from: https://drew-madden.com/2017/06/26/google-expands-partnerships-hospitals-work-machine-learning, 2017.

[2] Extracted from: https://www.entrepreneur.com/article/315946, 2018.

[3] Extracted from: https://www.channel3000.com/madison-magazine/city-life/new-nonstop-flights-could-bring-investment-and-talent-to-madison/747665110, 2018.

[4] Ibid.

[5] Ibid.

[6] Extracted from: https://www.bizjournals.com/prnewswire/press_releases/2018/03/01/UN28377, 2018.

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