Category: Entrepreneurship

Madison’s startup scene has grown exponentially over the past five years. For example, when I helped to launch Madworks Coworking at University Research Park in summer 2013, three other coworking spaces opened around the same time. Thus, we went from one to four, just like that.

As a result, there’s no better time to start a business in Madison. Every entrepreneur in the area should be thankful for our bountiful resources:

Space – It’s still a renter’s market in Madison, and many building owners will offer flexibility in their leases. In addition to the coworking spaces we have, Madison also has makerspaces such as Sector67 and the Bodgery.

Mentorship – You can find help through groups like WWBIC, the SBDC, Merlin Mentors, the UW Law & Entreneurship Clinic and the Doyenne Group. Plus, we have the Madworks and gener8tor accelerator programs.

Continuing education – Madison College is bolstering its entrepreneurship curriculum (and even hosts the Madison College Challenge). WARF has a free program called UpStart [transparency: I teach in it] for female and minority entrepreneurs, and the AmFam DreamBank offers regular, free programming.

Events – What better way to meet peers and learn about the startup world than a live event? A partial list includes the Wisconsin Entrepreneurs Conference, the Early Stage Symposium, the Madison Startup Fair, Spring Tech Kickoff and Forward Festival [transparency: our client], which itself include the Badger Startup Summit, the Forward Tech Conference and the Madison+ Ruby Conference. Plus, we have several recurring hackathons, including Build Madison, and networking events, such as Capital Entrepreneurs.

This is part one of a five-part series looking at the biggest mistakes entrepreneurs make.

It’s a given that everyone is busy these days, but to what degree? The phrase “I’m too busy” usually means you’re not making the right priorities.

Limit Your Daily Distractions
I know this seems obvious, but let me give you an example. I have a friend that routinely worked 12 hours/day, and it wasn’t because he had 12 hours’ worth of work, it was because he wasn’t good at prioritizing and would get distracted by less important tasks.

Yes, it’s super easy to get distracted during the day by emails, texts, Facebook, whatever. Obviously, do what you can to eliminate those distractions. For example, check your email only at designated times during the day, and keep personal Facebook usage to your lunch hour.

Here’s another tip that I’ve heard numerous entrepreneurs say. Create three priorities each day, get those accomplished, and everything else you can do on top of that is gravy.

Focus on What’s Truly Important
What are some reasons entrepreneurs work so hard, aka, so many hours, late nights and weekends? One reason you commonly hear is to provide a better life for their family. I hate to admit how many entrepreneurs I know who are now divorced because they ignored their spouse. Also, the time you miss watching your kids grow up is time you’ll never get back. Remember what really matters.

One more thing: it’s not just your family that should be a priority. Don’t forget to take care of you. Is fame or fortune worth the ulcers, heart attacks, extreme weight gain/loss or overall poor health? Take care of your body and mind. Exercise. Eat right. Get enough sleep.