Question

Discuss ways to prepare for a life of nurse entrepreneurship” list all references.

Answer 1

A nurse entrepreneur has been defined as “a proprietor of a business that offers nursing services of a direct care, educational, research, administrative, or consultative nature”.

Nurse entrepreneurs could start their businesses to offer direct patient care or patient advocacy, provide health care-related consultation, or develop and distribute medical products or devices,educate or train other professionals or community members, or , among other functions. Many nurses change the ways of work from the bedside to explore starting up their own business, however it is essential to identify best ways and enhance our skills that are transferable from direct care-giving to business leadership.

The skills and qualifications are beneficial for nurse entrepreneurs:

• Ability to work independently and willingness to take on personal financial risk Basic business skills and knowledge (e.g., accounting, marketing, ability to manage staff)
• Good communication skills for interacting with customers, patients and employees
• ADN or BSN degree and valid RN license
• Prior professional nursing experience within the relevant area of specialty

A nurse applies their nursing knowledge and educational preparation to start a business in the healthcare field. A nurse entrepreneur has a professional background in nursing. Most nurses have clinical experience so they know the delivery of patient care.

A BSN is the most common level of education for nurse entrepreneurs. While few nurses complete dual master's degree programs in nursing and business administration. By completing business courses, nurses gain valuable insight into accounting and managerial practices.

Nurses should also have nursing experience in the specialty that is relevant to their business. While certifications are optional, they are beneficial to proving your competency. 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.

Skills needed

• Ambition.
• 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. When you go into business for yourself, you have to know your potential and set realistic expectations. A thriving business depends on your dedication and expertise. You may want to seek out other nursing professionals who have businesses for advice and guidance

Steps for starting up your own business

1. Check your idea to see if it is executable.
2. Learn the market to consider the demand of your product / services or if you have any competition.
3. Identify your customers.
4. Check licensing regulations for your business in your area.
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.