FREELECT-EM – The Entrepreneurial Mindset in Nursing

Introduction to Entrepreneurship in Nursing

FREELECT-EM – The Entrepreneurial Mindset in Nursing
COURSE DESCRIPTION
This course deals with nurses are expanding their roles and offering a range of
services, with the focus primarily on health promotion, illness and accident
prevention, rehabilitation, and support services, but including clinical specialty
practices and management consultancies.
These nurse entrepreneurs are providing research-confirmed quality and effective
care and establishing a public image as patient advocates, careers, counsellors and
educators in addition to efficient clinician.

Topic 1: Introduction to Entrepreneurship in Nursing

• Looking for more professionally satisfying and personally fulfilling ways to
contribute to health care provision systems, nurses are reclaiming their traditional
right to independent practice in small but growing numbers.
• They are expanding their clinical roles and offering a range of innovative services,
with the focus primarily on health promotion, illness and accident prevention,
chronic and palliative care, rehabilitation and support services, clinical speciality
practice and management consultancy.

Entrepreneurship and intrapreneurship defined

• An entrepreneur (from the French word "entreprendre", which means "to
undertake") is a person who assumes the responsibility and risk for discovering or
creating unique opportunities to use personal talents, skills and energy, and who
employs a strategic planning process to transfer that opportunity into a
marketable service or product. Assuming risk is a fundamental aspect of
entrepreneurship.
• The term entrepreneur is also used as a general description for people who start
their own business and are self-employed. However, the term is not limited to
employment status. For example, Whitehead describes entrepreneurship as
having to do with the spirit of imagination and creativity and courage to develop
new ideas.

• Pinchot originated the term "intrapreneurs" to describe people who use their
creativity to make changes within an organization, while remaining employees.

• A nurse intrapreneur is a salaried nurse who develops, promotes and delivers

an innovative health/nursing programmed or project within a given health care
setting. According to Pinchot, being an intrapreneur is actually a state of mind.
He believes that this state of mind can be developed at any time in one's life, and
is often the result of life experiences and opportunity.
• A nurse entrepreneur providing nursing service is: "A proprietor of a business that
offers nursing services of a direct care, educational, research, administrative or
consultative nature. The self-employed nurse is directly accountable to the client,
to whom, or on behalf of whom, nursing services are provided". The clinical
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Introduction to Entrepreneurship in Nursing
services of the self-employed nurse may be provided by direct arrangements with
clients or through subcontracts administered by another official or private sector
organization.
• Traynor et al., in a comprehensive study, notes that the international literature on
nurse entrepreneurs uses the term ‘entrepreneurial’ interchangeably with
‘enterprise’ in some countries or uses completely different terms to describe
self-employed nurses and midwives or business owners.
• One seminal definition of an entrepreneur is ‘one who shifts economic
resources out of an area of lower and into an area of higher productivity
and greater yield’.
• The term ‘social entrepreneur’ has developed to describe those individuals who
apply the same enterprise and imagination to social problems that
commercial entrepreneurs apply to wealth creation.
• According to Pinchot, being an intrapreneur is a state of mind. He believes that
this state of mind can be developed at any time in one's life and is often the
result of life experiences and opportunity. In our current global community with
extensive technological advances, innovation is highly valued.
• Such an atmosphere is encouraging to the creative, proactive nurse wishing to
explore new territory and promote much-needed solutions to a health care
system or institution.
• The dominant theme among the many definitions of nurse entrepreneurs
providing nursing service in nursing literature is: "nurse control of practice
and patient care".
• The dynamic steps that comprise the nursing process are the same as those that
characterize successful innovation – assessment, planning, intervention, and
evaluation. This is the process a nurse entrepreneur undertakes to determine her
objectives, decide whether to advocate for a new position or start a business, and
then implement her plan. Some would say that nursing education and experience
enable nurses to be more effective than most people in entre/intrapreneurial
roles.
• Forecasting and responding to health care needs and gaps in services have been
the motivating forces driving the scientific advances and professionalization of
nursing. The health sector environment has increasingly encouraged competition
between providers, which in turn has facilitated the development of
entrepreneurship as well as intrapreneurship ventures.
• Entrepreneurship ventures, e.g. independent nurse practices; nurse-owned
nursing homes and consultancy agencies.
• Intrapreneurship ventures, e.g. a nurse-led rehabilitation unit, emergency
service, clinic or telephone consultation service.
• Nurse entrepreneurs are also involved in the buying and selling of products.
However, we will describe the characteristics and qualities primarily of nurses who
discover and apply innovative mechanisms to deliver services to patients or
clients, whether the nurse is self-employed or employed by a health service. The
essential concept is that entrepreneurship and intrapreneurship are actions
that translate ideas into products or services.
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Introduction to Entrepreneurship in Nursing
• "Entrepreneurship is neither a science nor an art, but rather a practice. It has a
knowledge base, which is a means to an end, the end being the creation of
something new – an innovation”.
• The statement "Entrepreneurial nursing is not a science, not an art but
practice" suggests that the nature of entrepreneurial nursing is primarily
grounded in practical application rather than being strictly defined as a science or
an art.
• Here's a breakdown of the reasoning behind this perspective:
• Practice-oriented: Entrepreneurial nursing involves the practical application of
knowledge and skills in a real-world context. Unlike a strict science, which often
relies on systematic theories and experiments, and an art, which may involve
creativity and expression, entrepreneurial nursing is focused on applying practical
solutions to real-life challenges in healthcare.
• Dynamic and evolving: The field of nursing, particularly in an entrepreneurial
context, is subject to constant change and adaptation. Practical experience
allows nursing entrepreneurs to navigate the dynamic healthcare landscape,
respond to emerging trends, and adjust their strategies based on the evolving
needs of the industry. This adaptability is a key characteristic of a practice-based
approach.
• Problem-solving and innovation: Entrepreneurial nursing often involves
identifying problems within the healthcare system and developing innovative
solutions. This process is more aligned with a practice-based model where
individuals draw on their experiences, trial and error, and practical problem-
solving skills to address challenges.
• Holistic perspective: Entrepreneurial nursing requires a holistic approach,
considering not only the scientific and clinical aspects of healthcare but also the
business and management elements. This multidimensional perspective is better
captured through practical application, as it involves integrating various facets of
knowledge and skills.
• Results-oriented: Entrepreneurial nursing is often judged by its impact and
results. The emphasis is on achieving tangible outcomes, such as improving
patient care, increasing efficiency, or creating successful healthcare businesses.
This results-driven orientation aligns with a practice-based approach where the
focus is on achieving practical outcomes.
• In summary, the assertion that entrepreneurial nursing is not a science, not an
art but practice emphasizes the hands-on, results-oriented, and dynamic nature
of this field. It underscores the importance of practical experience and the ability
to apply knowledge in a way that addresses the complex and evolving challenges
within healthcare entrepreneurship.
• The principles of entrepreneurship are equally valid for intrapreneurship and can
be easily adapted to the different economic contexts within which they are
practiced. For the purposes, the term entrepreneur will be used with the
understanding that intrapreneurs are also addressed. The introduction of a new
approach or expansion of a former work method needs to be monitored with care
as the advantages and disadvantages are progressively discovered in practice.
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• The ultimate goal – improving the health status of the population – must always
represent the profession's key indicator of value in ongoing evaluations.

• The four major stakeholders involved in nursing entrepreneurship – the

nurse, the consumer, the profession (represented by the NNA) and society
– each influence the evolution of nursing entrepreneurship with a given range of
rights, responsibilities, and expectations:
• Consumers are demanding more individualized and effective care.
• Nurses are demanding opportunities to practice the skills and apply the
knowledge that will promote excellence in nursing care and provide job
satisfaction;
• Society is demanding safe and more cost-effective health services; and
• The NNA is lobbying for competent practitioners within an environment that will
facilitate the provision of quality care, recognizing and rewarding nurses for their
crucial contributions to the well-being of the population.

• An entrepreneurial attitude allows people to spot possibilities, take them,

overcome hurdles, learn from failure, and succeed in various circumstances.
Entrepreneurial attitudes help create new businesses, impress employers, and
boost academic performance (Entrepreneurial Mindset, 2021).
• Entrepreneurial attitude is not new, but adding spiritual awareness to creative
entrepreneur behavior and a visioning map provides value and insight to
organization performance.
• Entrepreneurial leadership and culture foster innovation (Gillin & Hazelton,
2020).

Definition and importance of entrepreneurship in nursing

Definition of Entrepreneurship in Nursing:
• Entrepreneurship in nursing refers to the proactive process where nurses
identify opportunities, innovate solutions, and initiate actions to address
unmet healthcare needs or improve existing services. It involves the application
of nursing knowledge, skills, and expertise to create, manage, and sustain
ventures that have the potential to improve patient care, enhance healthcare
delivery systems, or generate new nursing-related products and services.
• Nurse entrepreneurs use their healthcare knowledge and business acumen to
start successful businesses in health-related fields like information technology,
patient data storage, healthcare services, and medical devices.
• Nurse entrepreneurs can change healthcare. Independent efforts, breakthrough
technologies, and systematic changes can revolutionize medical delivery. These
advances aim to increase patient care efficiency, improve treatment outcomes,
and enable individualized, proactive patient wellness regimens. Moreover,
according to Vannuci & Weinstein (2017), nursing business requires
empowerment because it is dominated by women.
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• Nurse entrepreneurs can also fill healthcare needs by improving public access.
Also, Boyd (2023) stated that technology is revolutionizing nursing. EHRs,
telemedicine, AI-powered diagnostics, and other innovations are changing how
nurses treat patients. Nurses can improve patient outcomes, efficiency, and scope
by adopting these technologies.
• Nurses must keep ahead of technology to provide compassionate, evidence-based
care in the digital age.
• In addition, nursing was limited to hospitals, clinics, and academics. With the
changing healthcare landscape, rising nursing demands, advances in healthcare
technology, and economic factors, nurses can now directly serve patients.
• Nursing entrepreneurship allows nurses to pursue their dreams and improve
health outcomes through innovation.
• Nurse entrepreneurs are "proprietors of a business that offers nursing services of
a direct care, educational, research, administrative, or consultative nature."
• Nursing entrepreneurship can give nurses self-employment opportunities and help
improve health outcomes.
• This benefits nurses and improves healthcare generally.
• The extraordinary paradigm shifts of this generation's young from employment to
entrepreneurship should be exploited by the academic sector. Moreover,
according to Vannuci & Weinstein, nursing business requires empowerment
because it is dominated by women.

Importance of Entrepreneurship in Nursing:

1. Innovation in Patient Care: Entrepreneurial nurses can introduce innovative
solutions to improve patient care quality, safety, and outcomes. They can
develop new care models, technologies, or services tailored to address specific
patient needs or healthcare challenges.
2. Addressing Healthcare Gaps: Entrepreneurship allows nurses to identify
gaps or inefficiencies in the healthcare system and develop solutions to address
them. This could involve creating community-based programs, telehealth
services, or health education initiatives to improve population health.
3. Advancing Nursing Profession: Entrepreneurial nurses play a vital role in
advancing the nursing profession by demonstrating leadership, creativity, and
initiative. They contribute to shaping healthcare policies, standards, and
practices, while also promoting the value and impact of nursing within the
broader healthcare ecosystem.
4. Economic Impact: Entrepreneurship in nursing can stimulate economic
growth by creating new jobs, fostering innovation, and generating revenue
through nursing-led businesses or ventures. This can contribute to the overall
sustainability and resilience of healthcare systems.
5. Empowering Nurses: Entrepreneurship empowers nurses to take control of
their professional development, pursue their passions, and make meaningful
contributions to the healthcare community. It provides opportunities for career
advancement, autonomy, and fulfillment, allowing nurses to leverage their
unique skills and expertise.
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6. Enhancing Interprofessional Collaboration: Entrepreneurial nurses
often collaborate with other healthcare professionals, stakeholders, and
organizations to develop interdisciplinary solutions. This collaboration fosters
teamwork, shared learning, and a holistic approach to addressing complex
healthcare challenges.
• In conclusion, entrepreneurship in nursing is essential for driving innovation,
addressing healthcare challenges, advancing the nursing profession, and
improving patient outcomes. By embracing entrepreneurial principles and
opportunities, nurses can play a transformative role in shaping the future of
healthcare delivery and making a positive impact on individuals, communities,
and populations.

Overview of the healthcare industry and its evolving needs

Overview of the Healthcare Industry
• The healthcare industry is a vast and multifaceted sector that encompasses
various services, technologies, and organization dedicated to improving and
maintaining human health.
• It plays a critical role in society, providing medical care, conducting research,
developing new treatments, and promoting public health initiatives.

Key components of the healthcare industry include:

1. Healthcare Providers: This includes hospitals, clinics, physician practices,
nursing homes, and other facilities where medical professionals provide direct
patient care.
2. Health Insurance: Companies that offer insurance plans to individuals and
employers, covering medical expenses and services.
3. Pharmaceuticals and Biotechnology: Companies engaged in researching,
developing, manufacturing, and marketing drugs, vaccines, and other medical
products.
4. Medical Devices and Equipment: Manufacturers of medical devices,
equipment, and technologies used in diagnosis, treatment, and monitoring of
patients.
5. Health IT and Digital Health: Companies providing healthcare information
technology solutions, electronic health records (EHR), telemedicine services,
wearable devices, and health apps.

• Research and Academia: Universities, research institutions, and organizations

focused on biomedical research, clinical trials, and medical education.
• Evolving Needs in the Healthcare Industry The healthcare industry is
continually evolving due to various factors such as technological advancements,
demographic changes, regulatory reforms, and shifts in consumer expectations.
Some of the evolving needs and trends include:
1. Technology Integration: The adoption of digital health technologies,
telemedicine, EHR systems, and AI-driven tools is transforming how healthcare
services are delivered, improving efficiency, accessibility, and patient outcomes.
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2. Value-Based Care: There is a growing emphasis on value-based care models
that prioritize quality, outcomes, and cost-effectiveness over volume-based
services. This includes bundled payments, accountable care organizations
(ACOs), and other reimbursement models that incentivize providers to deliver
high-quality care.
3. Population Health Management: Healthcare organizations are focusing
more on population health management strategies to improve the health
outcomes of specific patient populations, reduce disparities, and lower overall
costs. This involves proactive care coordination, preventive services, and
addressing social determinants of health.
4. Personalized Medicine: Advances in genomics, precision medicine, and data
analytics are enabling more personalized approaches to diagnosis, treatment,
and prevention. Tailoring medical interventions based on individual genetic,
environmental, and lifestyle factors can lead to more effective and targeted
therapies.
5. Patient Engagement and Experience: There is a growing recognition of the
importance of patient-centered care, focusing on enhancing patient
engagement, satisfaction, and experience. This includes improved
communication, shared decision-making, and incorporating patient feedback
into care delivery processes.
6. Health Equity and Access: Addressing health disparities, promoting health
equity, and ensuring access to care for underserved populations are significant
challenges facing the healthcare industry. Efforts to improve access to
affordable care, reduce barriers to healthcare services, and address social
determinants of health are critical priorities.

• Workforce Development and Well-being: Ensuring a skilled, diverse, and

resilient healthcare workforce is essential for meeting the evolving needs of the
industry. Strategies to recruit, train, retain, and support healthcare professionals,
as well as addressing burnout and well-being, are vital considerations.
• In summary, the healthcare industry is undergoing significant transformation
driven by technological innovation, regulatory changes, and shifting
demographics. Addressing evolving needs such as technology integration, value-
based care, population health management, personalized medicine, patient
engagement, health equity, and workforce development is essential for achieving
better outcomes, reducing costs, and improving the overall health and well-being
of populations globally.