Entrepreneurship in

Nursing Field
Dr. Rasha F. Hammad,
Assist. Prof. of Entrepreneurship,
Faculty of Commerce, Cairo University.
Objectives:
By the end of this workshop you will be able
to:

 Explain the characteristics if a successful

entrepreneur.

 Generate ideas for your business.

 Improve interpersonal competence for

entrepreneurial behaviour.
 Entrepreneurship
 Entrepreneurship is
defined as an activity
that involves the
discovery, evaluation and
exploitation of
Innovative organized
opportunities to introduce effort

new goods and services, Introduce new thing:

ways of organizing, new goods and services,

ways of organizing,
markets, processes and Process:
markets,
processes and
raw materials through discovery, raw materials
evaluation and
organizing efforts that exploitation of
opportunities
previously had not
existed.

3 10/19/2024
 THE HISTORY OF NURSING BEGAN
WITH INNOVATION
Florence
Nightingale,
byname Lady with
the Lamp

“I attribute my
success to this - I
never gave or took
any excuse.” FN

4 10/19/2024
 Entrepreneurship in Nursing:

A nurse entrepreneur is a nurse who

uses their training, knowledge and medical
expertise as a nurse to create and develop
their own businesses or create innovative
ideas to add value to their organizations
within the healthcare field through the use
of creativity, business systems, problem
solving and successful investing strategies.

5 10/19/2024
Entrepreneurs

 Entrepreneurs are people that notice

opportunities and take the initiative to mobilize
resources to make new goods and services.
 The three primary reasons that people become
entrepreneurs and start their own firms are:
(2-5)

1. To be their own boss

2. Pursue their own ideas
3. Realise financial rewards
Who are entrepreneurs?
Common traits Mind set:
Original thinkers Passion for the
Risk takers business
Take responsibility for own actions solver
Problem
Feel competent and capableTenacity despite
Set high goals and enjoy working
failure toward
them Self-confident
Energetic
Independent
Creative
Optimistic
Positive
 Characteristics of Entrepreneurs

Key Personal
Attributes

Strong Managerial Successful

Competencies Entrepreneurs
Good Technical
Skills
 Entrepreneur:

10 10/19/2024
 Self Assessment: 10 minutes
(4-5)

Am I an entrepreneur?

We presented you
with a series of
scenarios/statement
s that a typical
entrepreneur may
face each day in
business. You
decided whether the
statement applies to
you or not.
Self Assessment Test Results: (1-
5)
 The point of this test was to get YOU thinking more
honestly about if you have what it takes to start a business.
So lets add up your scores.
 Over 20 YES answers:
You share the traits of an entrepreneur and probably have what it
takes to become an entrepreneur.
 Between 10-19 YES answers:
Whilst you share traits of an entrepreneur you may need
assistance to reinforce the areas where you are weak.
 Between 0-10 YES answers:
If the majority of your answers are NO, then entrepreneurship will
not come easily to you and you may find it is not the best option
for you.

Whatever the outcome of your test the decision to start a

business is yours.
Preparing to be an Entrepreneur
Find a mentor & build a network
Learn about entrepreneurs
Identify reasons for wanting to own a
business
Analyze personality and business
preferences
Improve or acquire critical skills
Study an industry

www.EECNEOhio.org
What is an Opportunity?
An idea that is timely, attractive,
durable anchored in a product or
service that creates or adds value for
its buyer and user

 WINDOW - time sensitive (fleeting) occasion

 ATTRACTIVE – to stakeholders (entrepreneurs,

investors, clients)

 DURABLE – sustainable over time or sustainable long

enough to reap expected benefits

 Ideas vs. Opportunities

Ideas Become Opportunities

Only If They Have a Chance
to Succeed
Ideas are not the same as Opportunities
IDEAS OPPORTUNITIES
…last for ever …are consumable
…are free …require work
…everybody has …require fit
ideas …must create
…do not need customer value
customers to
survive
Always consider investing in a Grade A man with a Grade B idea.
Never invest in a Grade B man with a Grade A idea.
George Doriot, ‘father’ of the VC industry
 Idea Generation: Where do I begin??

Search for a product or service idea

From your From From a

From
previous casual deliberate
hobbies
employment observation search

Product
Magazines Trade shows Government Use
licensing
and other and agencies and creative
information
publications conventions departments thinking
services

Evaluate the possible alternatives

Determine your preferences

 conceptio
10/19/2024 n and 18
impleme
• ntation
is a of
innovativ
salaried
e ideas in
employee
eur
which
, oftenthea
nurse
governm
seeks
ent-run
Entrepren
practical
health
models to
service,
Social
promote
who
•asocial
develops,
and
promotes
ur
environm
,business
and
ental
owner,an
offers
offering
Intraprene
goals like
innovativ
clinical
get
e good
health
practice
health
or
Nurse
nursing
outcomes
nursing
services
for the
service
directly,
eur
greatest
within a
education
number
health
, people.
of
setting
Entrepren
research,
such as
administr
hospitals
ative or
Business
and
even
clinics
consultin
g.
Types of Nurse Entrepreneur
Directly
accounta
ble to the
client
 The Entrepreneurial Process

19 10/19/2024
 Opportunity: Why now?? (Demand
side)
 Growing demand for safe, high-quality and effective
health services, more resources are being devoted to
nurses assuming a wider range of roles, with more
responsibility.
 As more and more healthcare institutions transition to
electronic medical records and utilize data to provide
and improve patient care, nurses with a strong handle
on these technologies are increasing in demand.
 Changes in health care industry toward Computer-
assisted surgery (CAS) and Robotic surgery.
 Societal problems like Drug abuse and alcoholism that
command the armamentarium of knowledge, skill, and
creativity.
 Demographic changes due to health care improvements.
 Economic conditions and governmental demands.
20 10/19/2024
 Opportunity: Why now?? (Supply
side)
High quality nursing education (Knowledge,
Skills, Professional Practices, Technology
and Data management).
Entrepreneurship Education (Business
Mindset).
Governmental support for
entrepreneurship.
Technological advancements.

21 10/19/2024
 Business Ideas for Nurse
Entrepreneurs
Home healthcare
Technology : Nurse informaticists as
consultants.
Media publishing
Med spa/cosmetic nursing
Public advocacy and education: Many use
their knowledge to educate others through
freelance writing, blogging, podcasts,
speaking engagements, book publishing, or
other forms of communication.

22 10/19/2024
23 10/19/2024
 Important Links for more cases:
https://www.ncbi.nlm.nih.gov/pmc/articles/PMC
4435675/
https://changeofshift.org/interviews/
https://thenursingguide.com/2017/09/21/nurse
-of-25-years-becomes-a-successful-entreprene
ur-an-inspirational-story/
https://donnacardillo.com/articles/perfect-toget
her/
https://www.ippei.com/best/?=small-business-i
deas-for-nurses
https://nurse.org/articles/nurse-spotlight-angel
a-brooks/
24https://nurse.org/articles/3-nurse-influencers-t
10/19/2024
 Barriers to nurse entrepreneurship

lack of knowledge on how to develop a

business plan,
Lack of financial resources and the
capabilities to acquire resources to start
businesses.
lack of knowledge regarding and concern for
legal issues.
A general perception that nursing is about
caring while
business was about making money.

25 10/19/2024
 Business Plan

26 10/19/2024
The Business Plan
• Written document describing all relevant internal
and external elements, and strategies for starting a
new venture.
• A road map for the business.
• An integration of functional plans.
• Addresses short-term and long-term decision
making for the first three years.
• Who should write the plan?
• Should be prepared by the entrepreneur in
consultation with other sources.
• Entrepreneur can make an objective assessment
of his or her own skills before deciding to hire a
consultant.
Scope of the Business Plan
• Perspectives to be considered in preparing
the plan:
• Perspective of the entrepreneur
• Marketing perspective.
• Investor's perspective.

• Depth and detail in the business plan depend

on:
• Size and scope of the proposed new
venture.
• Size of the market.
Information Needs
• Before creating a business plan, entrepreneur must
undertake a feasibility study.
• Information for a feasibility study should focus on:
• Marketing.
• Finance.
• Production.
• Internet can be a valuable resource.

• Feasible, well-defined goals and objectives need to

be established.
• Based on this, strategy decisions can be
established to achieve these.
Outline of a Business Plan (1 of
2)
I. Introductory Page IV. Description of Venture
A. Name and address of business A. Product(s)
B. Name(s) and address(es) of B. Service(s)
principal(s) C. Size of business
C. Nature of business D. Office equipment and personnel
D. Statement of financing needed E. Background of entrepreneur(s)
E. Statement of confidentiality of report V. Production Plan
II. Executive Summary—Three to A. Manufacturing process (amount
four pages summarizing the subcontracted)
complete business plan B. Physical plant
III. Industry Analysis C. Machinery and equipment
A. Future outlook and trends D. Names of suppliers of raw materials
B. Analysis of competitors VI. Operational Plan
C. Market segmentation A. Description of company’s operation
D. Industry and market forecasts B. Flow of orders for goods and/or
services
C. Technology utilization
Outline of a Business Plan (2 of
2)
VII. Marketing Plan IX. Assessment of Risk
A. Pricing A. Evaluate weakness(es) of business
B. Distribution B. New technologies
C. Promotion C. Contingency plans
D. Product forecasts X. Financial Plan
E. Controls A. Assumptions
VIII. Organizational Plan B. Pro forma income statement
A. Form of ownership C. Cash flow projections
B. Identification of partners or principal D. Pro forma balance sheet
shareholders E. Break-even analysis
C. Authority of principals F. Sources and applications of funds
D. Management-team background XI. Appendix (contains backup
E. Roles and responsibilities of material)
members of organization A. Letters
B. Market research data
C. Leases or contracts
D. Price lists from suppliers
 Grant Proposal

32
 Purpose:
Scholarship
Fellowship
Grants
A good way of thinking about science

33 10/19/2024
WRITING A RESEARCH PROPOSAL

1) It must be hypothesis driven

2) It must be concise and focused

3) Supportive preliminary data

4) Spend most effort on the experimental pla

a) Restate the hypothesis
b) Present a rationale
c) Describe the research plan
d) Describe the methodology
e) Provide a rational plan for failure
 Thank You.
Any Questions
Dr: Rasha Hammad
PhD in Management/Hull University
Assistant Professor in BA –FOC. CU

[email protected]