An Entrepreneurship Book

2023
 Introduction

Entrepreneurship is the skill of creating a

business, which is a new venture delivering
a novel product, method, or service. It is a
creative activity. Entrepreneurs view
everything as a gamble and exhibit bias
while making decisions to capitalize on the
opportunity.

Entrepreneurs are creators or designers

who develop new ideas and company
processes in response to market demands
and personal passions. To be a successful
entrepreneur, possessing excellent
managerial talents and team-building
abilities is critical. Successful entrepreneurs
have leadership characteristics. According
to some political economists, an
entrepreneur's important characteristics
are leadership, managerial competence,
and team-building abilities.
 Table of Contents

Chapter 1: Understanding the

Intersection of Nursing and
Entrepreneurship

1.1 The Evolving Role of Nurses in

Healthcare
1.2 The Rise of Entrepreneurship in Nursing
1.3 Benefits and Challenges of Combining
Nursing and Entrepreneurship

Chapter 2: Developing an
Entrepreneurial Mindset

2.1 Cultivating Creativity and Innovation

2.2 Embracing Risk and Overcoming Fear
of Failure
2.3 Nurturing Resilience and Adaptability
2.4 Fostering Networking and
Collaboration
 Table of Contents

Chapter 3: Identifying Opportunities in

Healthcare

3.1 Assessing Healthcare Needs and Gaps

3.2 Identifying Unmet Patient or Provider
Needs
3.3 Analyzing Market Trends and
Demographics
3.4 Exploring Technological Advances and
Innovations

Chapter 4: Idea Generation

4.1 Identification and Evaluation of

Opportunities
4.2 Identification of Business Concepts
4.3 Determines a Prospective Customer
4.4 Business Idea Screening
 Table of Contents

Chapter 5: Social Entrepreneurship

5.1 WHAT IS SOCIAL

ENTREPRENEURSHIP?
5.2 WHAT IS SOCIAL BUSINESS?
5.3 Seven Principles of Social Businesses
5.4 Social Impact
5.5 Theory of Change
5.6 Social Entrepreneurship and Nursing

References
 Course Objectives

1. Gain an understanding of the

intersection between nursing and
entrepreneurship and recognize the
evolving role of nurses in healthcare.
2. Develop an entrepreneurial mindset,
including creativity, innovation, risk-
taking, and adaptability.
3. Identify opportunities within the
healthcare industry where nursing
expertise can be leveraged to
create innovative solutions.
4. Learn how to conduct a feasibility
study and create a comprehensive
business plan for a nursing
entrepreneurial venture.
5. Understand the legal and ethical
considerations specific to nursing
entrepreneurship, including
regulatory requirements and patient
privacy.
 Course Objectives

6. Acquire knowledge and skills in

business planning, financial
management, and marketing strategies
relevant to nursing entrepreneurship.

7. Explore funding options and learn how

to secure financing for nursing
entrepreneurial ventures.

8. Understand the importance of

branding and marketing in establishing
and growing a nursing business.

9. Develop strategies for managing risks

and overcoming challenges in nursing
entrepreneurship.

10. Learn how to scale and expand a

nursing business, including strategies for
growth, partnerships, and diversification
of services.
 Course Objectives

11. Understand the importance of

maintaining work-life balance and self-
care while pursuing nursing
entrepreneurship.

12. Gain insights into the resources and

support available for nursing
entrepreneurs.

By the end of the course, students should

have a comprehensive understanding of
the intersection between nursing and
entrepreneurship and be equipped with
the knowledge and skills necessary to
pursue entrepreneurial endeavors within
the healthcare industry. They should also
be aware of the challenges and
opportunities associated with nursing
entrepreneurship and be prepared to
navigate the various aspects of starting,
managing, and scaling a nursing
business.
 Course Design

Course Title: Entrepreneurial Mind

II. Course Description: This course shall

use learner-centered, active and
experiential teaching methods to
develop an entrepreneurial mindset in
the students. The focus will be on
students’ immediate application of the
seven self-mastery skills, namely (1)
learning to be, (2) learning to
communicate, (3) learning to think, (4)
learning to intuit, (5) learning to do, (6)
learning to feel, and (7) learning to lead
towards the attainment of Whole Brain
Thinking.

It will also introduce the students to the

fundamentals of entrepreneurship.
Students will be tasked to engage in
various micro-entrepreneurial exercises
to encourage inductive learning of these
fundamentals.
 Course Design

In the process, the students will be

expected to engage in a self-assessment
of their personal entrepreneurial
behaviors, competencies, personality
profiles, leadership styles and thinking
preferences, which will serve as a
foundation for their development as
responsible, disciplined and creative
entrepreneurial leaders.

III. Methods of Delivery This course is

delivered fully online via synchronous
and asynchronous modes. The class
“meets” online. To guide the learning
process, the instructor shall post
announcements and/or instructions on
GC regarding assigned tasks, which may
include, among others, textbook
readings, end-of-unit exercises, quizzes,
discussions and collaborations,
homework, projects, etc.
 Course Design

E. Course Requirements
Preliminary and Final Exams
Assignments,
Project and Performance Assessments

Important note: Learning is a two-way

process. The instructor, on the one hand,
serves as a facilitator in the learning
process and is responsible for (a)
providing learning opportunities that
encourage participation for the students;
(b) assigning readings and challenging
assignments; and (c) conducting an
assessment of students' work. The
students, on the other hand, should be
active participants in the learning
process and must do the following :
(a)read assigned chapters and submit
homework; (b)actively participate in
online discussions (c)participate in
performance assessments and exams
 Course Design

On courtesy, discipline and grooming

1. Despite classes being conducted

online, courtesy towards each class
member is expected. Disruptive
behavior, especially during
synchronous activities, is to be
avoided, such as but not limited to
receiving and sending text
messages, calling or receiving calls
through your mobile phones, use of
play devices and similar gadgets,
among others.

1. During synchronous activities,

students must wear the agreed
prescribed uniform and comply with
the university policies on
deportment.
 CHAPTER 1

Understanding
the Intersection
of Nursing and
Entrepreneurship
 Chapter 1

In recent years, the worlds of nursing

and entrepreneurship have begun to
converge, creating exciting
opportunities for healthcare
professionals to take on innovative
roles and make a significant impact on
patient care and the healthcare
industry as a whole. This chapter aims
to explore the dynamic relationship
between nursing and entrepreneurship,
highlighting the evolving role of nurses
in healthcare and the rise of
entrepreneurship within the nursing
profession. By understanding this
intersection, nurses can embrace the
potential for entrepreneurship and
contribute to positive changes in
healthcare delivery.
 Chapter 1

The Evolving Role of Nurses in

Healthcare

The evolving role of nurses in healthcare

reflects the dynamic changes occurring in
the healthcare industry and the
recognition of nurses as vital contributors
to patient care and health outcomes. This
section explores the key aspects of the
evolving role of nurses and the factors
driving these changes.
 Chapter 1

The Evolving Role of Nurses in

Healthcare

1. Expanded Scope of Practice: Nurses

have witnessed a significant expansion in
their scope of practice, allowing them to
provide a wider range of services and
assume more responsibilities in patient
care. Advanced practice nurses, such as
nurse practitioners, nurse anesthetists,
and clinical nurse specialists, are
increasingly being recognized as primary
healthcare providers, capable of
diagnosing and treating patients,
prescribing medications, and managing
chronic conditions. This expanded scope
of practice not only improves access to
care but also enables nurses to have a
more direct impact on patient outcomes.
 Chapter 1

The Evolving Role of Nurses in

Healthcare

2. Patient-Centered Care: Nurses have

long been advocates for patients, but the
focus on patient-centered care has
gained prominence in recent years. This
approach emphasizes collaboration,
shared decision-making, and tailoring
care to meet individual patient needs and
preferences.

Nurses play a crucial role in coordinating

care across the healthcare continuum,
ensuring seamless transitions and
continuity of care. They actively involve
patients and their families in care
planning and engage in health education
to empower patients to take an active
role in managing their health.
 Chapter 1

The Evolving Role of Nurses in

Healthcare

3. Leadership and Collaboration: Nurses

are increasingly taking on leadership
positions and actively participating in
healthcare decision-making processes.
They contribute their unique
perspectives, clinical expertise, and
understanding of patient needs to drive
quality improvement initiatives, shape
healthcare policies, and advocate for
changes that positively impact patient
care. Collaboration with interdisciplinary
healthcare teams has become the norm,
with nurses serving as key team
members, facilitating communication, and
promoting collaborative decision-making.
 Chapter 1

The Evolving Role of Nurses in

Healthcare

4. Research and Evidence-Based

Practice: Nurses are at the forefront of
research and evidence-based practice,
actively engaging in scientific inquiry and
incorporating the latest evidence into
their clinical decision-making. They
participate in research studies, conduct
quality improvement projects, and
contribute to the development of best
practices. By staying up-to-date with
current research, nurses ensure that their
practice is grounded in evidence, leading
to improved patient outcomes and the
advancement of nursing as a profession.
 Chapter 1

The Evolving Role of Nurses in

Healthcare
5. Health Promotion and Prevention:
Nurses are increasingly involved in health
promotion and disease prevention
initiatives. They educate individuals and
communities about healthy lifestyle choices,
preventive measures, and disease
management strategies. Nurses play a
critical role in identifying risk factors,
providing early interventions, and
promoting overall wellness.

By focusing on prevention, nurses help

reduce healthcare costs, improve
population health, and enhance the quality
of life for individuals and communities.
 Chapter 1

The Evolving Role of Nurses in

Healthcare

6. Technology and Informatics: The

integration of technology in healthcare has
had a significant impact on the role of
nurses. Nurses are now responsible for
utilizing electronic health records, digital
monitoring devices, telehealth platforms,
and other technological tools to enhance
patient care, streamline workflows, and
improve communication among healthcare
providers. Nurses must be adept at
navigating and leveraging technology to
deliver safe, efficient, and patient-
centered care.
 Chapter 1

The Rise of Entrepreneurship in

Nursing

The rise of entrepreneurship in nursing

signifies a shift in the traditional roles and
opportunities available to nurses within the
healthcare industry. Increasingly, nurses
are recognizing the potential to combine
their clinical expertise, problem-solving
skills, and passion for patient care with
entrepreneurial endeavors. This section
explores the key factors contributing to the
rise of entrepreneurship in nursing and the
impact it has on the profession
 Chapter 1

The Rise of Entrepreneurship in

Nursing

Recognition of Nursing Expertise: Nurses

possess a unique understanding of patient
needs, having direct and continuous
contact with individuals across various
healthcare settings. Their comprehensive
knowledge of healthcare systems, clinical
practices, and patient experiences positions
them well to identify gaps in care and
innovative solutions. The healthcare
industry is recognizing the value of nurses'
expertise and the potential for
entrepreneurial nurses to bring about
meaningful changes in patient care and
healthcare delivery.
 Chapter 1

The Rise of Entrepreneurship in

Nursing
Opportunities for Innovation: The
evolving healthcare landscape presents
numerous opportunities for nurses to
innovate and address unmet needs. Rapid
advancements in technology, shifts
towards patient-centered care, and the
demand for more efficient and accessible
healthcare services create fertile ground
for entrepreneurial nurses.

They can leverage their insights and

creativity to develop new products,
services, and processes that improve
patient outcomes, enhance care delivery,
and streamline healthcare operations.
 Chapter 1

The Rise of Entrepreneurship in

Nursing

Changing Healthcare Models: The

transformation of healthcare models, with a
growing emphasis on preventive care,
community-based services, and home
healthcare, provides nurses with expanded
avenues for entrepreneurship. Nurses can
establish independent practices, launch
telehealth services, develop wellness
programs, or create specialized clinics to
meet the evolving needs of patients and
communities. These new models of care
often require innovative approaches that
entrepreneurial nurses are uniquely
positioned to provide.
 Chapter 1

The Rise of Entrepreneurship in

Nursing

Technological Advancements:
Technology plays a vital role in the rise of
entrepreneurship in nursing. The integration
of electronic health records, remote
monitoring devices, telehealth platforms,
and mobile applications has opened doors
for nurses to develop and deliver
innovative healthcare solutions. By
leveraging technology, entrepreneurial
nurses can bridge gaps in care, improve
accessibility, and enhance patient
engagement, ultimately leading to better
health outcomes.
 Chapter 1

The Rise of Entrepreneurship in

Nursing

Empowerment and Autonomy:

Entrepreneurship offers nurses the
opportunity to take control of their
professional destiny and exercise greater
autonomy in their careers. By starting their
own ventures or pursuing entrepreneurial
opportunities, nurses can shape their
practice, define their own goals, and create
their own work environment. This
empowerment not only enhances job
satisfaction but also allows nurses to make
a more significant impact on healthcare
delivery and patient outcomes.
 Chapter 1

The Rise of Entrepreneurship in

Nursing

Collaboration and Networking:

Entrepreneurial nurses thrive in
collaborative environments, leveraging their
networks and partnerships to foster
innovation and growth. Collaborations with
other healthcare professionals, industry
experts, and community organizations
provide opportunities for interdisciplinary
collaboration, access to resources and
expertise, and the sharing of best practices.
Entrepreneurial nurses actively engage in
networking activities to build relationships,
learn from others' experiences, and explore
potential collaborations that can amplify
their impact.
 Chapter 1

Benefits and Challenges of

Combining Nursing and
Entrepreneurship

The combination of nursing and

entrepreneurship offers several benefits
for both nurses and the healthcare system
as a whole. Nurses can leverage their
clinical expertise, empathy, and problem-
solving skills to create new products,
services, or programs that address unmet
needs. They can also establish their own
businesses, consultancies, or nonprofit
organizations, giving them greater
autonomy and flexibility in their careers.
Additionally, nursing entrepreneurs have
the potential to drive innovation, improve
healthcare outcomes, and contribute to the
overall economic growth of the industry.
 Chapter 1

Benefits and Challenges of

Combining Nursing and
Entrepreneurship

However, embarking on an entrepreneurial

journey as a nurse also poses challenges.
Nurses may face limited business
knowledge and experience, financial
constraints, regulatory hurdles, and the
need to balance clinical responsibilities with
entrepreneurial pursuits. It is crucial for
nurses to develop an entrepreneurial
mindset, acquire relevant skills, and seek
support and mentorship to navigate these
challenges successfully.
 Chapter 1

Activity

This is not a test but is a way to see what

you already know or do not know about the
topic. Check the column that best represents
your situation. The results will guide me in
helping you learn more about this topic.
 CHAPTER 2

Developing an
Entrepreneurial
Mindset
 Chapter 2

Entrepreneurship and Entrepreneurship

Definitions

We'll look at several definitions of entrepreneurship

and entrepreneur in this section. Intuitively, one
understands that entrepreneurship is a process and
that an entrepreneur is someone who engages in
entrepreneurial activity, such as starting their own
firm. Finally, we shall examine the characteristics
that define entrepreneurship and entrepreneur.

1. Entrepreneurship is the process of recognizing

market possibilities, assembling the resources
necessary to explore these chances, and
spending the resources to capitalize on these
opportunities for long-term gain. It entails
producing incremental wealth by repurposing
existing resources to create and manage a
business.
 Chapter 2

Entrepreneurship and Entrepreneurship

Definitions

2. Entrepreneurship is the process through which

individuals become aware of the possibility of
owning a business, then create ideas for and launch
a firm.

3. Entrepreneurship may also be defined as the

process of producing something new and valuable
by dedicating the necessary time and effort, taking
on the associated financial, psychological, and
social risks, and reaping the financial benefit and
personal satisfaction. In this scenario, an individual
must create something new and better in order to
earn the title of entrepreneur.

4. Entrepreneurship is the skill of discovering

feasible business possibilities and organizing
resources to turn them into profitable enterprises
via creativity, innovation, risk-taking, and
progressive imagination.
 Chapter 2

Entrepreneurship and Entrepreneurship

Definitions

Entrepreneurship is a process and a practice that

results in creativity, invention, and the creation and
expansion of businesses. It refers to an individual's
capacity to transform ideas into action by
participating and engaging in socially beneficial
wealth creation via the use of innovative thinking
and execution to fulfill consumer demands, all while
utilizing one's own work, time, and ideas.
Entrepreneurship transforms individuals from "job
searchers" to "job creators," which is essential in
nations with high unemployment rates. It needs a
great deal of ingenuity, which is what propels
innovation.
 Chapter 2

Entrepreneurship and Entrepreneurship

Definitions

Entrepreneurship, in general, consists of five key

components. These include the following:

1) The capacity for recognizing an opportunity.

2) The capability of a perceived opportunity to be
commercialized, i.e. innovation.
3) The capacity to pursue it sustainably.
4) The capacity to pursue it methodically.
5) A willingness to accept danger or failure.
 Chapter 2

Entrepreneurship and Entrepreneurship

Definitions

An entrepreneur can be characterized as follows in

light of the aforementioned ideas of
entrepreneurship:

1) An entrepreneur is anybody who develops and

implements a business concept and takes the risk of
establishing a firm to provide a product or service
that meets consumer demands.
2) An entrepreneur is also described as a
professional who recognizes a business opportunity
to generate enhanced or novel goods and services
and devises a strategy for mobilizing the necessary
resources.
3) An entrepreneur is someone who possesses the
ability to identify and pursue business opportunities;
initiates a business venture; raises capital to finance
it; gathers the necessary physical, financial, and
human resources to operate the venture;
establishes goals for himself or herself and others;
takes appropriate action to ensure success; and
assumes all or a significant portion of the risk!
 Chapter 2

Kinds of Entrepreneurs

Entrepreneurship may manifest itself in three

distinct ways. They are as follows:

1. The sole proprietor: A sole proprietor is someone

who founded, purchased, or franchised his or her
own independent firm. The majority of this lesson is
likewise devoted to describing the fundamental
characteristics and activities of the solo
entrepreneur.

2. Intrapreneur: An intrapreneur is someone who

works in a huge corporation as an entrepreneur.
Intrapreneurship is the process through which an
intrapreneur impacts change.
 Chapter 2

Kinds of Entrepreneurs

3. The Entrepreneurial Organization: The

entrepreneurial function does not have to be
physically embodied in an individual. Each social
milieu has its own unique approach to
entrepreneurialism.

4. Individuals working in organizations, as well as

those working independently to establish their own
business, have the potential to be. An organization
can foster a climate in which all members can
contribute to the entrepreneurial function in some
way. Entrepreneurial organizations are those that
foster such an internal atmosphere.
 Chapter 2

The 6 Ps of Entrepreneurship
 Chapter 2

Qualities of an Entrepreneur

In order to be successful, an entrepreneur

should have the following qualities: 
Opportunity-seeking

Persevering 
Risk Taking 
Demanding for efficiency and quality 
Information-seeking
Goal Setting 
Planning 
Persuasion and networking 
Building self-confidence 
Listening to others 
Demonstrating leadership
 Chapter 2

Developing an Entrepreneurial
Mindset

Developing an entrepreneurial mindset is

essential for nurses who want to explore
entrepreneurial opportunities and make a
meaningful impact in healthcare. An
entrepreneurial mindset involves adopting
a specific set of attitudes, skills, and
behaviors that foster innovation,
resilience, and a proactive approach to
problem-solving. This section outlines key
elements for developing an
entrepreneurial mindset.
 Chapter 2

Developing an Entrepreneurial
Mindset

Embrace Creativity and Innovation:

Entrepreneurial nurses embrace creativity
as a way to identify and develop
innovative solutions to healthcare
challenges. They think outside the box,
challenge the status quo, and seek new
approaches to improve patient outcomes
and healthcare delivery. This involves
cultivating a mindset that encourages
curiosity, open-mindedness, and a
willingness to explore unconventional
ideas.
 Chapter 2

Developing an Entrepreneurial
Mindset

Foster a Growth Mindset: A growth

mindset is crucial for entrepreneurial
success. It involves viewing challenges as
opportunities for learning and growth,
embracing failure as a stepping stone to
success, and maintaining a belief in one's
ability to acquire new skills and
knowledge. By cultivating a growth
mindset, entrepreneurial nurses become
resilient in the face of setbacks and are
motivated to continuously improve
themselves and their ventures.
 Chapter 2

Developing an Entrepreneurial
Mindset

Embrace Risk-Taking: Entrepreneurship

inherently involves taking calculated risks.
It requires nurses to step outside their
comfort zones, embrace uncertainty, and
be willing to take calculated risks to
pursue innovative ideas.

Developing an entrepreneurial mindset

means becoming comfortable with
ambiguity, embracing calculated risk-
taking, and understanding that failure is a
valuable learning experience that can
lead to future success.
 Chapter 2

Developing an Entrepreneurial
Mindset

Foster a Problem-Solving Orientation:

Entrepreneurial nurses are adept problem
solvers. They have the ability to identify
healthcare challenges, analyze complex
situations, and develop creative solutions.
They approach problems with a
systematic mindset, break them down into
manageable components, and explore
different perspectives and possibilities. By
cultivating a problem-solving orientation,
entrepreneurial nurses can identify
opportunities for innovation and create
value for patients and the healthcare
system
 Chapter 2

Developing an Entrepreneurial
Mindset

Develop Strong Communication and

Networking Skills: Entrepreneurial nurses
understand the importance of effective
communication and networking. They are
skilled at articulating their ideas, building
relationships, and collaborating with
others. Strong communication skills allow
entrepreneurial nurses to effectively
convey their vision, engage stakeholders,
and garner support for their ventures.
 Chapter 2

Developing an Entrepreneurial
Mindset

Cultivate Resilience and Adaptability:

Entrepreneurship is a journey that often
involves challenges and setbacks.
Developing an entrepreneurial mindset
means cultivating resilience and
adaptability in the face of adversity.

Entrepreneurial nurses learn from failures,

bounce back from setbacks, and adapt their
strategies based on feedback and changing
circumstances. Resilience and adaptability
are essential for navigating the
entrepreneurial landscape and remaining
steadfast in pursuing their goals.
 Chapter 2

Developing an Entrepreneurial
Mindset

Pursue Continuous Learning:

Entrepreneurial nurses have a thirst for
knowledge and a commitment to
continuous learning. They actively seek
opportunities for professional
development, stay updated on industry
trends and advancements, and engage in
lifelong learning. By staying informed and
continuously expanding their knowledge
and skills, entrepreneurial nurses position
themselves to innovate, seize
opportunities, and adapt to the evolving
healthcare landscape..
 Chapter 2

PECS (The Personal Entrepreneurial

Competencies)

It refers to the key characteristics that an

entrepreneurs should have in order to be
successful. Activity 1.1. This questionnaire
consists of 55 brief statements. Read each
statement and decide how well it describes
you. Be honest about yourself. Remember,
no one does anything very well, nor is it
even good to do everything very well.
Besides that, your rating of the individual
questions remains your secret and you may
take this questionnaire home.

Select one of the numbers below to

indicate how well the statement
describes you: 5- Always 4- Usually
3- Sometimes 2- Rarely 1-Never
 Chapter 2

PECS (The Personal

Entrepreneurial
Competencies)
 Chapter 2

PECS (The Personal

Entrepreneurial Competencies)
 Chapter 2

PECS (The Personal

Entrepreneurial Competencies)

Instructions

1. Enter the ratings from the

completed questionnaire on the
lines above the question numbers
within parenthesis. Notice that the
question numbers in each column
are consecutive, Item No. 2 is
below item No.1 and so forth.
2. Do the addition and subtraction in
each row to compute each PEC
score
3. Add all the PEC scores to compute
the total score.
 Chapter 2

PECS (The Personal

Entrepreneurial Competencies)
 Chapter 2

PECS (The Personal

Entrepreneurial Competencies)
Corrected Scoring Sheet Instructions

1. The correction factor (the total of items 11, 22, 33, 44, and
55) is used to determine whether or not a person tries a very
favourable image of himself/herself. If the total score on this
factor is 20 or greater, then the total score on the ten PECs
must be corrected to provide a more accurate assessment of
the strengths of the PEC score for that individual.

Use the following numbers when figuring the corrected score:

 Chapter 2

PECS (The Personal

Entrepreneurial Competencies)

Use the next page to correct each PEC score before

using the Profile Sheet
 Chapter 2

PECS (The Personal

Entrepreneurial Competencies)

Use the next page to correct each PEC score before

using the Profile Sheet
 Chapter 2

Entrepreneurial Capabilities

A skill is nothing more than information that

is exhibited via action. It is the capacity to
act in a particular manner. Entrepreneurs
are those who have a viable company
concept and the ability to bring it into
reality. To be successful, an entrepreneur
must not only recognize but also thoroughly
comprehend an opportunity. He or she
must be able to identify market gaps and
determine which new items or services
would fill them. He or she must understand
the characteristics of the product and why
they would appeal to the consumer
 Chapter 2

Entrepreneurial Capabilities

. Additionally, the entrepreneur must

understand how to tell the consumer about
the new goods and how to provide them.
All of this necessitates an extensive
understanding of a specific industrial area.
Making a concept a reality requires two
distinct sets of skills: I. General
management capabilities; and II. Personnel
management capabilities
 Chapter 2

Creativity, Innovation and

Entrepreneurship

.Creativity, innovation and

entrepreneurship, have been recognized
as important contributors to a nation’s
economic growth. These three
terminologies are chronologically
interrelated and it isvery important to look
into them to get their full picture. y
 Chapter 2

Creativity, Innovation and

Entrepreneurship

Creativity is described as the proclivity to

produce or identify ideas, alternatives, or
possibilities that may be beneficial in
resolving issues, connecting with others, or
amusing ourselves and others. Creativity is
the capacity to generate new ideas and to
see problems and opportunities in novel
and distinct ways.

It is a method for constructing ideas by

recombining previously recognized parts
that were incorrectly thought to be
unconnected.
 Chapter 2

Creativity, Innovation and

Entrepreneurship

This definition has many critical

components worth considering: Creativity
is a process (which implies, among other
things, that it is more akin to a skill than an
attitude and that it can be improved with
practice). Ideas: ingenuity leads in
potentially valuable ideas.  Recombining:
the creative process is one of unexpectedly
bringing things together. To be creative,
you must be able to perceive things in
novel ways or from a unique vantage point.
 Chapter 2

Creativity, Innovation and

Entrepreneurship

You must be able to develop fresh options

or alternatives, among other things. Tests
of creativity assess not just the quantity of
options that individuals can produce, but
also their uniqueness. The capacity to
produce alternatives or to view things
differently does not arise as a result of
change; it is associated with other, more
fundamental characteristics of thought,
such as adaptability, tolerance for
ambiguity or unpredictability, and the
enjoyment of previously new experiences.
Thus, creativity is the generation of unique
and possibly valuable ideas for goods,
activities, services, or procedures inside an
organization. .
 Chapter 2

Innovation

Innovation is important to the

entrepreneurial process and serves as a
method of capitalizing on opportunity. It is
the process of putting a novel concept into
action on an individual, group, or
organizational level. Innovation is a
deliberate process of modifying something
in order to increase its worth by seizing an
opportunity and pursuing an advantage.
There are four main forms of invention. The
term "invention" refers to the process of
developing a new product, service, or
method. Extension is described as the
extension of a product, service, or process.
 Chapter 2

Innovation

Duplication is defined as the duplication of

an existing product, service, or process.
Synthesis is defined as the synthesis of
existing concepts and components into a
new formulation. The Process of Innovation
1. Analytical planning: determining the
characteristics, design, and resources
required for the product or service.
2. Organization of resources: acquiring the
necessary materials, technology, people,
and capital resources.
3. Execution: using resources in order to
carry out the plans
4. Commercial application: providing value
to consumers, compensating staff, and
resolving stakeholder issues.
 Chapter 2

From Creativity to
Entrepreneurship

Creativity is the ability to develop new

ideas and to discover new ways of looking
at problems and opportunities. Innovation is
the ability to apply creative solution to
those problems and opportunities in order
to enhance people’s lives or to enrich
society.

Entrepreneurship = creativity
+ innovation.
 Chapter 2

Self Assessment
1. At a minimum, provide two definitions for entrepreneurship
and two for entrepreneur.

_________________________________________________
_________________________________________________
_________________________________________________
_________________________________________________
_________________________________________________
_________________________________________________
_________________________________________________
_________________________________________________

2. Choose any five characteristics of a successful entrepreneur.

_________________________________________________
_________________________________________________
_________________________________________________
_________________________________________________
_________________________________________________
_________________________________________________
_________________________________________________
_________________________________________________

3. What do you mean when you say "creativity" or "innovation"?

Connect it to entrepreneurship.
_________________________________________________
_________________________________________________
_________________________________________________
_________________________________________________
_________________________________________________
___________________________________
 CHAPTER 3

Identifying
Opportunities in
Healthcare
 Chapter 3

Identifying Opportunities in
Healthcare

Identifying opportunities in healthcare

requires a keen understanding of the
industry, current trends, and emerging
needs. Here are a few illustrations of
potential opportunities for
entrepreneurial nurses in healthcare:

Telehealth and Virtual Care: The rapid

expansion of telehealth and virtual care
presents significant opportunities for
entrepreneurial nurses. They can develop
telehealth platforms or services that
provide remote consultations, monitoring,
and follow-up care. Additionally,
entrepreneurial nurses can create
educational resources and training
programs to support healthcare
providers in delivering effective
telehealth services.
 Chapter 3

Identifying Opportunities in
Healthcare

Chronic Disease Management: With the

increasing prevalence of chronic
diseases, there is a growing need for
innovative solutions to manage and
monitor these conditions. Entrepreneurial
nurses can develop mobile applications,
wearable devices, or digital tools that
assist patients in self-management,
provide personalized care plans, track
symptoms, and facilitate communication
between patients and healthcare
providers.
 Chapter 3

Identifying Opportunities in
Healthcare

Aging Population and Elder Care: The

aging population presents opportunities
for entrepreneurial nurses to develop
specialized services and products to
support older adults. This can include
home care services, geriatric care
management, caregiver support
platforms, assistive technologies, and
wellness programs tailored to the needs
of older adults.
 Chapter 3

Identifying Opportunities in
Healthcare

Health and Wellness Coaching: There

is a growing demand for health and
wellness coaching services to help
individuals adopt healthier lifestyles,
manage stress, and prevent chronic
diseases. Entrepreneurial nurses can
become certified health coaches or
establish coaching programs that
integrate their clinical expertise to
provide personalized guidance, behavior
change strategies, and ongoing support
to clients.
 Chapter 3

Identifying Opportunities in
Healthcare

Care Coordination and Transitional

Care: Entrepreneurial nurses can create
care coordination services to bridge the
gap between different healthcare
settings and improve transitions of care.
They can develop platforms or services
that facilitate seamless communication
among healthcare providers, enhance
medication management, and ensure
continuity of care during transitions from
hospital to home or between healthcare
providers.
 Chapter 3

Identifying Opportunities in
Healthcare

Patient Education and Health Literacy:

Improving health literacy and patient
education is critical for empowering
individuals to actively participate in their
own care. Entrepreneurial nurses can
develop educational materials, online
courses, or mobile applications that
provide evidence-based information,
health literacy tools, and resources to
enhance patients' understanding of their
conditions, treatments, and self-care.
 Chapter 3

Identifying Opportunities in
Healthcare

Wellness and Preventive Services:

Entrepreneurial nurses can establish
wellness clinics, preventive screening
programs, or workplace wellness
initiatives that focus on early detection,
disease prevention, and health
promotion. These services can include
health assessments, preventive
screenings, vaccination programs,
lifestyle counseling, and wellness
workshops
 Chapter 3

Identifying Opportunities in
Healthcare

Mental Health and Behavioral Health

Services: There is a growing need for
accessible and innovative mental health
and behavioral health services.
Entrepreneurial nurses can establish
teletherapy platforms, develop mental
health apps, or create support networks
that provide counseling,
psychoeducation, and mental health
resources to individuals, families, and
communities
 Chapter 3

Assessing Healthcare Needs and

Gaps

Assessing healthcare needs and identifying

gaps is a crucial step in understanding the
areas where entrepreneurial nurses can
make a meaningful impact. Here are some
key strategies and considerations for
assessing healthcare needs and gaps:

1. Conduct Market Research: Market

research involves gathering data and
insights about the healthcare industry,
patient populations, and current trends.
This can include analyzing demographic
information, studying epidemiological
data, reviewing healthcare utilization
patterns, and understanding patient
preferences and behaviors. Market
research helps identify areas with high
healthcare needs and potential gaps in
existing services or solutions.
 Chapter 3

Assessing Healthcare Needs and

Gaps

2. Engage with Stakeholders: Engaging with

stakeholders is essential for gaining firsthand
knowledge of healthcare needs and gaps.
This can involve conducting interviews or
focus groups with patients, healthcare
providers, administrators, and community
leaders. By listening to their perspectives
and experiences, entrepreneurial nurses can
identify specific challenges, unmet needs,
and areas where innovation and
improvement are needed.
 Chapter 3

Assessing Healthcare Needs and

Gaps

3. Analyze Healthcare Data: Analyzing

healthcare data provides valuable insights
into health outcomes, utilization patterns,
and areas of improvement. This includes
reviewing clinical data, healthcare quality
metrics, patient satisfaction surveys, and
financial data. By analyzing this data,
entrepreneurial nurses can identify gaps in
care, areas with high healthcare costs, or
disparities in access to quality healthcare
services.
 Chapter 3

Assessing Healthcare Needs and

Gaps

4. Assess Policy and Regulatory Landscape:

Understanding the policy and regulatory
landscape is crucial for identifying
healthcare needs and gaps. Entrepreneurial
nurses should stay informed about
healthcare regulations, reimbursement
policies, and emerging policy initiatives. By
identifying areas where policy changes are
needed or areas where existing policies
create barriers to care, entrepreneurial
nurses can develop innovative solutions that
address these gaps.
 Chapter 3

Analyzing Market Trends and

Demographics

Analyzing market trends and demographics

is essential for understanding the healthcare
landscape and identifying opportunities for
entrepreneurial nurses. Here are some key
steps and considerations for analyzing
market trends and demographics:

1. Gather Data: Start by gathering relevant

data related to market trends and
demographics. This can include
demographic information such as age,
gender, ethnicity, income levels, and
geographic location. Additionally, collect
data on healthcare utilization patterns,
healthcare expenditures, disease
prevalence, and healthcare workforce
statistics. Reliable sources for this data
include government agencies, research
organizations, healthcare associations,
and market research reports.
 Chapter 3

Analyzing Market Trends and

Demographics

2. Identify Healthcare Trends: Analyze

current healthcare trends to identify areas of
growth, emerging needs, and evolving
practices. Stay updated on industry news,
research findings, and reports that highlight
significant developments in healthcare. This
can include advancements in technology,
changes in healthcare policies, shifts in
patient preferences, and emerging
healthcare delivery models. By
understanding these trends, entrepreneurial
nurses can align their ventures with the
evolving needs of the healthcare industry.
 Chapter 3

Analyzing Market Trends and

Demographics

3. Assess Consumer Behavior: Analyze

consumer behavior within the healthcare
market. Identify changing consumer
preferences, such as a shift towards more
personalized and convenient healthcare
experiences. Consider factors like the rise of
patient empowerment, increased use of
digital health technologies, and preferences
for value-based care. Understanding
consumer behavior helps entrepreneurial
nurses tailor their services, products, or
interventions to meet patient needs and
expectations.
 Chapter 3

Analyzing Market Trends and

Demographics

4. Evaluate Competitive Landscape: Assess

the competitive landscape to identify existing
healthcare providers, services, and products
in the market. Understand their strengths,
weaknesses, and areas where they may be
falling short in meeting customer needs.
Identify gaps or areas of improvement
where entrepreneurial nurses can introduce
innovative solutions or differentiate
themselves from the competition. This
analysis helps identify niches or underserved
markets that present entrepreneurial
opportunities.
 Chapter 3

The Creative Product

The Person creates the Product, which is the outcome
of the creative Process. This is a novel innovation.
Probably the least researched aspect in the realm of
creativity is the product. They are frequently viewed
as the end result of the Process and the Person.
Additionally, there is dispute over the precise
definition of the creative product. According to
current agreement, the Product must be both new and
helpful. To ascertain this, each organization
establishes its own consensus model method, in which
judgments are made by a panel of experts.
 Chapter 3

The Creative Product Differs

Activity 3.1 My favorite Creative Products

Step 1. List down 3 of your Favorite Creative
Products
_____________________________________________________
_____________________________________________________
______

Step 2. Think of ways each Creative Product differs

from other products in its field.

1st 2nd
Products
Differentiation Differentiation
 Chapter 3

The Creative Product Deliver

Activity 3.2 My favorite Creative Products

Step 1. List down 3 of your Favorite Creative Products

______________________________________________
______________________________________________
____________________

Step 2. Think of ways the Creative Product delivers a

better experience for you (value).

Products 1st Value 2nd Value

 Chapter 3

The Creative Product Delight

Activity 3.3 My favorite Creative Products

Step 1. List down 3 of your Favorite Creative

Products

_________________________________________
_________________________________________
______________________________

Step 2. Think of ways the Creative Product delights

you via basic senses.

1st 2nd
Products
Delightfulness Delightfulness
 Chapter 3

The Creative Product Delight

Activity 3.3 My favorite Creative Products

Step 1. List down 3 of your Favorite Creative

Products

_________________________________________
_________________________________________
______________________________

Step 2. Think of ways the Creative Product delights

you via basic senses.

1st 2nd
Products
Delightfulness Delightfulness
 CHAPTER 4

Idea Generation
 Chapter 4

This module will teach you how to identify and

evaluate business opportunities, how to generate
business ideas, and how to write a business plan.
To establish or build virtually any sort of business,
one must first concentrate on opportunity
discovery and appraisal, business concept
creation, and finally, business plan preparation.
The most often stated reasons for company
failure include a lack of competent opportunity
identification and appraisal, an ineffective
concept creation process, and inadequate
business planning.

Additionally, the many parts and sub-sections of

this module will describe the procedures for
discovering and assessing opportunities,
developing company ideas
 Chapter 4

Identification and Evaluation of

Opportunities

The majority of scholars believe that the

entrepreneurial process begins with the discovery and
refining of a feasible economic opportunity in the
market. Without identifying an opportunity, the
entrepreneurial process is certain to fail.
The term "opportunity recognition" refers to the
primary actions that occur prior to the formation or
structuring of a firm. The opportunity identification and
assessment stage consists of five major steps:
generating an idea/scanning the environment,
recognizing the opportunity, creating the opportunity,
assessing the opportunity, and evaluating the team.
 Chapter 4

Identification and Evaluation of

Opportunities
A. Environmental Scanning/Idea Generation

While scanning the surroundings, it is possible that you

may discover new ideas and business prospects. A
thinking or proposal regarding a prospective course of
action is referred to as an idea. The phrases thought,
intention, scheme, suggestion, proposal, initiative, spur,
impulse, brainwave, insight, concept, and connotation
are synonymous with "idea." Whereas an opportunity is a
suitable moment or combination of conditions in which to
act. Chance, opening, and potential are all synonyms for
opportunity. A business opportunity is a gap in a market
created by those who presently service it, allowing
others to contribute untapped value by operating
differently and better than rivals in order to generate
new possibilities. Opportunities in business are distinct
from ideas; an idea is not identical with an opportunity.

The distinction between an idea and an opportunity is

that an opportunity is the prospect of occupying a
market with a unique inventive product that meets a
genuine demand and for which buyers are ready to pay,
whereas an idea is all about our subjective opinions
about anything. Successful venturing may possibly
depend on an individual's ability to detect or
differentiate an opportunity from a concept.
 Chapter 4

Identification and Evaluation of

Opportunities

B. Identification of Opportunities
Ability to recognize, find, and utilize possibilities that
others overlook.
It is the process of finding new methods to compete. It
comprises scanning the informational environment,
capturing, recognizing, and effectively using abstract,
implicit, and changing information.
The entrepreneur must comprehend the source of the
opportunity. Technological advancement, market shift,
regulatory change or competition? This opportunity has a
different market size and temporal dimension. The size of
the market and the window of opportunity are used to
assess risk and return.
Identifying opportunities is challenging since most arise
from an entrepreneur's awareness of possibilities.
Problems may become commercial opportunities in
underdeveloped nations.
 Chapter 4

Activity 4.1 Caselet

Janet owns a small farm and her husband works in a

neighboring mine, but despite their employment, they are
unable to afford their children's schooling. Janet chooses to
try her hand at self-employment by raising hens for sale. She
is capable of doing so, and her uncle provides her with a $400
loan to begin the business. However, before she purchases
the chicks, she learns that there is an enormous demand for
sunflower oil due to its scarcity on the market. Traders are
knocking on local farmers' homes, pleading with them to
produce it. Janet modifies her business plan and launches an
oil pressing enterprise, believing she will earn a lot more
money pressing sunflower seeds for oil. Janet has never
cultivated a huge number of sunflowers. She uses the entire
loan amount to purchase seeds, fertilizer, and oil pressing
equipment. Due to the fact that she utilizes the majority of the
family acreage to produce sunflowers, there is less space
available for growing maize and vegetables for the family's
use. Her children become ill as a result of the fertilizer's toxins.
She is now required to purchase additional food for the
household. Because processing the oil requires a great deal of
time and work, Janet must hire assistance. Numerous other
farmers have begun producing sunflower seeds as well. As a
result, by the time her oil is ready to sale, the market has
already been saturated, and Janet is unable to find a buyer.
Janet is forced to sell the oil at a loss to a local business in
order to cover her losses. As a result, Janet earns a pittance
and is unable to repay the debt.

Guide Question: What is wrong with Janet’s business

idea? Why?
 Chapter 4

Identification of Business Concepts

Before you start a business, you should have a

firm grasp on the type of enterprise you wish to
establish. Your company concept will inform you of the
following: Which consumer need will your business
address, and what type of customer will you attract.

What type of product or service will your firm offer?

Whom is your business going to sell to?
How will your firm market its products or services?
How reliant on and impactful will your business be on
the environment?

A sound business plan will be compatible with

sustainable resource usage and will respect the social
and environmental environments on which it depends.
Not all business concepts are equally valuable.
Therefore, it is critical to address the above-
mentioned issues in order to distinguish a good
company concept from the rest.
 Chapter 4

Which Product or Service Will Your Business

Offer?

You should choose the product or service that your firm will
sell based on your abilities and the demands of your consumers.
Additionally, keep in mind that they must be items or services
that people are willing to pay for and at a profit margin.

A good is anything that people purchase and utilize. It might

be something you create yourself or something you purchase to
resale. Products include tools, baked foods, clothing, and retail
items. A service is something you provide to others for which
they compensate you. For instance, services include delivering
things, banking, babysitting, fixing objects, collecting recyclable
garbage from residential complexes, and conducting tours.

Determines a Prospective Customer

Without customers, no business can succeed. As a result, it is

critical that you understand who your consumers will be. Will
you target a certain sort of consumer or will you sell to
everyone in a given area?
There must be a sufficient number of individuals capable and
willing to pay for your goods and services in order for the firm
to exist.
 Chapter 4

Business Idea Screening

Idea screening is the process of identifying viable business

ideas and discarding substandard ones. Two techniques are
given for screening the business concept that is generated:

1) Macro screening: This technique is used to narrow down

ideas to a maximum of ten. Additionally, the following are
often used criteria:

Are my own capabilities sufficient?

Is it possible for me to fund a significant portion of it from my
own equity?
Will my product/service be purchased (i.e. is it required and is
it affordable)?

2) Microscreening: This technique is used to narrow down

ideas into three categories. Screening criteria that are often
employed include the following:

Need for solvents

Affordability of raw materials
Affordability of personal abilities
Affordability of financial resources
 Chapter 4

Activity
Thirty circles test

The 30 circle challenge is an intriguing task to complete

before practicing concept methods. Using the attached
template, create a unique object for each circle in less than
two minutes:
 Chapter 4

SCAMPER: Using a copycat approach with an

established firm as a model
When you're looking for fresh ideas, it might be challenging to build them
from scratch. That is why SCAMPER has developed into a viable technique
for resolving this issue. This tool assists you in generating new product and
service ideas by pushing you to consider ways to improve existing ones.

SCAMPER is a mnemonic that stands for: 

Substitute 
Combine 
Adapt 
Modify 
Put to another use 
Eliminate 
Rearrange - Reverse

Optimal practice: SCAMPER can be used in the

following ways:

T
 Chapter 4

SCAMPER: Using a copycat approach with an

established firm as a model

Make a current product or service as a starting point. It may

be an existing product, service, or concept that you're looking
to enhance or that serves as an excellent jumping-off point
for future development.

Then just work your way down the list, asking questions on
each of the seven elements. Please refer to our step-by-step
instructions below.

Apply the questions to values, benefits, services, touch

points, product features, pricing, and markets, as well as
virtually any other factor relevant to your ideation
requirements.

Consider the responses you came up with. Which of the

responses stands out as a viable solution? Could any of these
be used to produce a new product or improve an existing
one?

Take the promising concepts and expand on them.

T
 CHAPTER 5

Social
Entrepreneurship
 Chapter 5

Social entrepreneurship in nursing refers to the

application of entrepreneurial principles and
practices to address social and healthcare
challenges. It involves using innovative and
sustainable approaches to create positive social
impact, improve patient outcomes, and address
systemic issues within the healthcare system. Social
entrepreneurship in nursing goes beyond
traditional healthcare delivery and aims to address
the root causes of health disparities, promote
health equity, and empower marginalized
populations

T
 Chapter 5

WHAT IS SOCIAL
ENTREPRENEURSHIP?

A social entrepreneur is concerned with large-scale and complex

problems whose solutions aim to have a lasting impact on society.

The social entrepreneur identifies societal flaws and seeks solutions

to these issues. The solutions can even transform entire systems
and motivate others to contribute. Sometimes, the solutions
implemented do not produce immediate but long-term results.

The objective of the social entrepreneur is not to generate a profit

from the adopted solution but rather to positively impact society.
Additionally, the adopted solutions encourage others to become
social entrepreneurs.
 Chapter 5

WHAT IS SOCIAL BUSINESS?

A social enterprise is a cause-driven enterprise. The company's
mission is to resolve issues that pose a hazard to society.

The profit generated is not the primary focus here. The investors
of the social business are repaid for the capital they contributed
to the company, but the profit generated is reinvested in the
business to enhance its operations. This indicates that investors
typically do not receive dividends.

The purpose of the investment is to accomplish social goals

through the company's operations. The personnel of the social
enterprise are compensated at market rates but enjoy improved
working conditions.

The success of social enterprises is determined by the impact

they have on people or the environment, not by their profit
margins. Similar to other businesses, social enterprises are
sustainable; they generate sufficient revenue to continue
operations.
 Chapter 5

WHAT IS SOCIAL BUSINESS?

A social enterprise is a cause-driven enterprise. The company's
mission is to resolve issues that pose a hazard to society.

The profit generated is not the primary focus here. The investors
of the social business are repaid for the capital they contributed
to the company, but the profit generated is reinvested in the
business to enhance its operations. This indicates that investors
typically do not receive dividends.

The purpose of the investment is to accomplish social goals

through the company's operations. The personnel of the social
enterprise are compensated at market rates but enjoy improved
working conditions.

The success of social enterprises is determined by the impact

they have on people or the environment, not by their profit
margins. Similar to other businesses, social enterprises are
sustainable; they generate sufficient revenue to continue
operations.
 Chapter 5

WHAT IS SOCIAL
ENTREPRENEURSHIP?

Given that entrepreneurship is the root of social entrepreneurship,

it follows that social entrepreneurship must also be geared towards
value addition through innovations. The modifying adjective social,
however, specifically positions this value addition for social issues.
Applying the logic of Say and Schumpeter, social entrepreneurship
can be likened to value addition towards the end of: a) shifting
economic resources from an area of lower social satisfaction to an
area of higher social satisfaction, or b) changing the old state of
social satisfaction towards a new and better state of social
satisfaction. This value addition provided by the process of social
entrepreneurship is shown in the following illustration.

The illustration provides that the process of social entrepreneurship

starts with social issues. You can be simplistic and equate these to
people and planet issues or you can be more complex by categorizing
these to issues regarding the 17 Sustainable Development Goals with a
combined 169 social indicators as identified by the United Nations. With
whichever social issue, your mission as a social entrepreneur is to
introduce value adding innovations, whether through products or
services, such that the social issue can be addressed and be made
obsolete. You have to bring the social situation from that of low social
satisfaction to that of high social satisfaction.
 Chapter 5

Spectrum of Organizations Operating

within the Social Economy

What can you understand in this

spectrum?
_________________________________
_________________________________
_________________________________
_________________________________
_________________________________
_________________________________
 Chapter 5

Seven Principles of Social Businesses

1.Business objectivewill be to overcomepoverty, or one or more
problems(such as educa- tion, health, technology access,and
environment) whichthreaten people and society; not profit
maximization.

2. Financial and economic sustainability.

3.Investors get back their investment amount only. No dividendis

given beyondinvestment money.

4.When investment amount is paid back, companyprofit stays

with the companyfor expan- sion and improvement.

5. Gender sensitive and environmentally conscious.

6. Workforce gets market wage with better working conditions.

7.Do it with joy.

 Chapter 5

Activity

Is Our Social Business Idea Innovative?

 Chapter 5

Defining Social Impact

When we speak of impact, we are referring to the long-term change
in society or the environment brought about by your social business
activity.

When you develop a new social enterprise, you hypothesize that it

will create a specific long-term change that will have a positive
impact on people or the environment. However, you do not know if
the improvements are a direct consequence of the product or service
generated by your social enterprise or if these improvements are also
influenced by other factors in the society.

Define the specific long-term change you wish to bring about with
your product or service at the outset of a social enterprise. Also, you
may want to create a plan to monitor your progress towards your
objectives at each stage of the long-term change process.

To be able to define the long-term change, we can construct a

"Theory of Change" that will assist us in delineating the expected
impact and the means by which we intend to achieve it.
 Chapter 5

Theory of Change

A Theory of Change (ToC) is typically presented in the

form of a diagram that can be represented in various
ways.

In our case, we will use a chronological diagram to

illustrate the anticipated long-term change (impact) at
the conclusion. To achieve this anticipated long-term
change, we will outline the prerequisite actions. To put it
another way, we will take the necessary steps to
achieve the desired result.

These actions are the offered product or service, its

direct outputs, and the anticipated results that will
produce the desired effect:
 Chapter 5

Theory of Change

A Theory of Change (ToC) is typically presented in the

form of a diagram that can be represented in various
ways.

In our case, we will use a chronological diagram to

illustrate the anticipated long-term change (impact) at
the conclusion. To achieve this anticipated long-term
change, we will outline the prerequisite actions. To put it
another way, we will take the necessary steps to
achieve the desired result.

These actions are the offered product or service, its

direct outputs, and the anticipated results that will
produce the desired effect:
 Chapter 5

Beginning Your Social Enterprise Journey with

Your End Results in Mind

You are completely committed to becoming a genuine social

entrepreneur through your social enterprise now that you are aware
of the requirements. How do you ensure the long-term viability of
your business while placing equal emphasis on achieving your social
mission? It begins with a crystal-clear strategic design that defines
your desired results via your logically programmed Vision, Mission,
Objectives, Key Result Areas, and Performance Indicators. This
collection of VMOKRAPIs should eventually guide you in the
execution of your overarching Strategies, Programs or Projects,
Activities, and Tasks. Your SPATs or strategy implementation plan
must then serve as a guide as you mobilize the required people,
physical assets, and currency.1 Following are instructions for
programming your VMOKRAPI.

Step 1: Craft Your Vision Statement

Step 2: Reflect Your Social Enterprise’s Purpose through Your
Mission Statement
Step 3: Further Define Your Vision through Objectives
Step 4: Program Key Result Areas and Performance Indicators
 Chapter 5

Social Entrepreneurship and Nursing

Mission-Driven Approach: Social entrepreneurship in

nursing is driven by a strong mission to create social
value and improve the health and well-being of
individuals and communities. It goes beyond profit-
making and focuses on addressing social,
environmental, and healthcare challenges. The
mission guides the decision-making process, shapes
the business model, and ensures that the venture's
activities are aligned with its social impact goals.

Identifying Social Needs: Social entrepreneurship in

nursing involves identifying unmet social needs and
healthcare gaps. This requires a deep understanding of
the communities being served and the specific challenges
they face. By conducting needs assessments, engaging
with stakeholders, and collaborating with community
members, social entrepreneurial nurses can identify areas
where innovative solutions are needed to address social
determinants of health, promote health equity, and
improve healthcare access and quality.
 Chapter 5

Social Entrepreneurship and

Nursing

Innovative Solutions: Social entrepreneurial

nurses develop innovative solutions to address
social and healthcare challenges. This can
include developing new care models,
technologies, programs, or services that target
underserved populations, improve health
outcomes, and enhance the patient
experience. These solutions are designed to be
sustainable, scalable, and adaptable to
different contexts, allowing for maximum
impact and reach.
 Chapter 5

Social Entrepreneurship and

Nursing

Collaboration and Partnerships: Collaboration

and partnerships are crucial for social
entrepreneurship in nursing. Social
entrepreneurial nurses work collaboratively
with stakeholders, including community
organizations, healthcare providers,
government agencies, and non-profit
organizations. By leveraging collective
expertise, resources, and networks, social
entrepreneurial nurses can create
collaborative solutions that have a greater
impact on the communities they serve.
 Chapter 5

Social Entrepreneurship and

Nursing

Sustainable Business Models: Social

entrepreneurship in nursing requires the
development of sustainable business models
that generate revenue while creating social
impact. This can involve innovative financing
mechanisms, such as social impact bonds,
grants, or cross-sector partnerships. By
ensuring financial sustainability, social
entrepreneurial nurses can maintain and
expand their impact over the long term,
thereby creating lasting social change.
 Chapter 5

Social Entrepreneurship and

Nursing

Advocacy and Policy Influence: Social

entrepreneurial nurses play an important role
in advocating for policy changes that address
systemic issues and promote health equity.
They leverage their expertise, research
findings, and lived experiences to influence
policy at the local, regional, and national
levels. Through advocacy efforts, social
entrepreneurial nurses can create an enabling
environment that supports their ventures and
fosters a more equitable and inclusive
healthcare system.
 Chapter 5

Activity

Activity: Developing a Social Entrepreneurship

Concept

Objective: To encourage participants to think

creatively and develop a social
entrepreneurship concept that addresses a
specific social or healthcare challenge.
Instructions:

1. Divide participants into small groups.

2. Provide each group with a flipchart or a
whiteboard and markers.
3. Explain that each group will work together
to develop a social entrepreneurship
concept that addresses a social or
healthcare challenge of their choice.
 Chapter 5

Activity

4. Instruct participants to follow these steps:

Identify a specific social or healthcare
challenge they want to address. It can be
related to health disparities, access to
care, community health, or any other
relevant issue.
Conduct a brief analysis of the challenge,
considering its causes, impact, and
potential stakeholders involved.
Brainstorm ideas for innovative solutions
that can address the identified challenge.
Encourage participants to think creatively
and outside of the box.

5. Develop a social entrepreneurship concept

that outlines the key elements of their solution,
including the target population, the proposed
intervention, the expected social impact, and
the sustainability of the venture.
 Chapter 5

Activity

6. Prepare a brief presentation to share their

social entrepreneurship concept with the rest
of the participants.

Conclude the activity by highlighting the

importance of social entrepreneurship in
nursing and the role it plays in addressing
social and healthcare challenges.
This activity promotes teamwork, creative
thinking, and problem-solving skills among
participants. It allows them to explore the
potential of social entrepreneurship in
nursing and encourages them to develop
innovative solutions to address pressing
healthcare issues.
 References

Copelli, F. H. D. S., Erdmann, A. L., & Santos, J. L. G. D.

(2019). Entrepreneurship in Nursing: an integrative
literature review. Revista brasileira de enfermagem, 72,
289-298.
Colichi, R. M. B., Bonini, A. B. B., & Lima, S. A. M. (2019).
Entrepreneurship and Nursing: integrative review.
Revista Brasileira de Enfermagem, 72, 321-330.
Cusson, R. M., Meehan, C., Bourgault, A., & Kelley, T.
(2020). Educating the next generation of nurses to be
innovators and change agents. Journal of Professional
Nursing, 36(2), 13-19.
Fuller, R., & Hansen, A. (2019). Disruption ahead:
Navigating and leading the future of nursing. Nursing
administration quarterly, 43(3), 212-221.
İspir, Ö., Elibol, E., & Sönmez, B. (2019). The relationship
of personality traits and entrepreneurship tendencies
with career adaptability of nursing students. Nurse
education today, 79, 41-47.
Marques, C. S., Marques, C. P., Ferreira, J. J., & Ferreira,
F. A. (2019). Effects of traits, self-motivation and
managerial skills on nursing intrapreneurship.
International Entrepreneurship and Management
Journal, 15, 733-748.
Palileo, Aaron A., The Creativity Handbook (A Guide for
Future Creatives) Publisher: Rex Printing Company Inc.
2020
Richter, S. A., Santos, E. P. D., Kaiser, D. E., Capellari, C.,
& Ferreira, G. E. (2019). Being an entrepreneur in nursing:
challenges to nurses in a strategic leadership position.
Acta paulista de enfermagem, 32, 46-52.
 About the Authors

Eric is currently the Vice President for

the Research and Community Extension
of the University . He obtained his
Master of Science in Management at
the University of Asia and the Pacific
and his Doctor of Business
Administration at the University of
Northern Philippines last 2010.
Currently, he is taking up his second
master's, Master of Management major
in Data Analytics at the Philippines
Christian University. He took his
specialization course, Diploma in
Operations Management online at
Rutgers University.

Marc is a graduate of Masters in

Business Administration, an
entrepreneur, HR consultant and
college professor for 7 years at
Northwestern University. Major
subject taught - Business
Management, Marketing and
Operations subject. Co-author of
two (2) business research that was
internationally published in 2019
and 2020. A bonafide member of
the Philippine Council of Deans
and Educators in Business