HEALTH RELATED

ENTREPRENEURIAL
ACTIVITIES IN THE
COMMUNITY SETTING
ENTREPRENEURSHIP
entrepreneurship

▹ from the French word

"entreprendre", which means 3

"to undertake”
▹ assumes the responsibility
and risk
 “
"Entrepreneurship is
neither a science nor an
art, but rather a practice.
It has a 9 knowledge
base, which is a means to
an end, the end being the
creation of something
new – an innovation"
(Manion 1990).

4
entrepreneur

▹ The term entrepreneur is

used as a general description 5

for people who start their

own business and are self-
employed.
nurse entrepreneur

▹ A proprietor of a business
that offers nursing services 6

of a direct care, educational,

research, administrative or
consultative nature…"
entrepreneurial ventures

▹ e.g. independent nurse

practices; nurse-owned 7

nursing homes and

consultancy agencies, buying
and selling of products.
 FOUR MAJOR
STAKEHOLDERS
Sta
keh
old
9

ers
 scope of entrepreneurial
practice
▹ nursing services
▹ development, assessment and sale of
health care products and devices; 10

▹ legal services;
▹ health care/policy consultation; and
▹ health care/policy publications.
Nurse entrepreneurs:
Attitudes and Characteristics
▹ Why does starting a business interest me?
▹ What are my clinical strengths?
▹ What are my personal strengths and weaknesses?
▹ How well do I cope with uncertainty?
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▹ How essential is a steady income?
▹ Do I have necessary financial, emotional and physical
reserves?
▹ Do I have the support of those closest to me?
▹ Do I have the time and energy required to get the
business started?
▹ What sacrifices am I willing to make to pursue this
activity?
 Beneficial attributes for
entrepreneurs include the ability:
▹ to make decisions independently;
▹ to take risks in order to achieve a clear set of goals;
▹ to plan ahead;
▹ to be flexible and adaptable to unexpected changes 12
and opportunities, ready to deal with failure,
ambiguity and uncertainty;
▹ to get things done on time;
▹ to take advice from others;
▹ to be persistent;
▹ to communicate well; and
▹ to know when and when not to compromise.
ROLES AND SERVICES
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How-To: Nurses
Becoming
Entrepreneurs
How-To: Nurses Becoming
Entrepreneurs
▹ nurses need to ascertain their
goals
▹ develop a strategy for establishing 19

a successful business.
▹ A Bachelor of Science in Nursing
(BSN) prepares nurses for
operating a healthcare business.
Why Would Nurses Prefer
Entrepreneurship?
▹ After spending time working in
hospitals or other healthcare
facilities, nurses may tire of the 20

constraints and unrelenting

challenges placed on them. They
may desire to set their own
schedule and work in a less rigid
environment.
Nurse Entrepreneur
▹ has a professional background in
nursing
▹ have clinical experience so they 21

understand the delivery of patient

care
▹ apply their nursing knowledge and
educational preparation to start a
business in the healthcare field.
What can Nurse
Entrepreneurs do?
Ventures may include:
▹ Developing computerized systems, medical
devices or healthcare products.
▹ Providing home health nursing services or 22
telehealth nursing.
▹ Serving as a legal consultant.
▹ Working as a medical representative.
▹ Providing mobile health service.
▹ Selling medical equipment.
▹ Serving as a wound care nurse.
Steps to starting a business
1. Research your idea to see if it is feasible.
2. Study the market to consider the demand or
any competition.
3. Identify your customers.
4. Check local licensing regulations. 23

5. Form a financial and marketing plan.

6. Choose a business structure for tax purposes.
Examples include Sole Proprietorship, a
Partnership, Corporation or a Limited Liability
Company (LLC).
7. Price your service or product.
Where Do They Work?
NURSE ENTREPRENEURS CAN
WORK IN ALL KINDS OF SETTINGS.
▹ private residences or conduct business from a
home office or rental location 24

▹ contractors who visit patients in hospitals or

clinics.
▹ government agencies, nonprofit groups or
community centers also may employ the
services of nurse entrepreneurs.
How to Become a Nurse
Entrepreneur?
▹ A BSN is the most common level of
education for nurse entrepreneurs.
▹ Some nurses complete dual master's 25

degree programs in nursing and

business administration
▹ Nurses should also have nursing
experience in the specialty that is
relevant to their business.
How to Become a Nurse
Entrepreneur?
▹ While certifications are optional,
they are beneficial to proving your
competency.
26

▹ A nurse who runs a home health

company may want to obtain Basic
Life Support (BLS) Certification,
which is available from the American
Heart Association or American Red
Cross.
▹ Nurses may work alone or employ staff.
▹ They may have to schedule
appointments, travel, conduct
presentations and handle finances.
27

▹ Thus, they may function as a chief

executive officer (CEO), administrative
assistant, salesperson and accountant.
What skills do you need?
Successful nurse entrepreneurs
exhibit:
▹ Ambition.
28
▹ Autonomy and independence.
▹ Decisiveness.
▹ Excellent communication skills.
▹ Problem-solving.
▹ Self-motivation.
▹ Being a business owner is a huge
commitment but it allows you the
freedom to use your nursing skills
in innovative and creative ways. 29

▹ know your potential and set

realistic expectations. A thriving
business depends on your
dedication and expertise.
▹ seek out other nursing
professionals who have
businesses for advice and
guidance. 30

▹ Most importantly, a BSN will

aid you in achieving your
aspirations.