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Nursing Entrepreneurship

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urses should start thinking of being entrepreneurs. urses can go beyondbeing mere employees of hospitals clinics and health units. They can organizethemselves into associations and cooperatives to set up home healthcareservices birthing places or health facilities for older people among variousother similar possibilities.-DoLE Undersecretary Carmelita Pineda

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n humans perception, nurses are designed only for caring andassisting sick people. Due to their medical learning background peoplecannot avoid to refer their job mainly in medical services.

Nursing is no longer just about offering services to patients andworking in hospitals and homes. Today experienced nurses can becomeentrepreneurs and be their own boss. While becoming a nurseentrepreneur can be exciting the job also has challenges anddifficulties something that is part of all businesses.

Having your own business can be very rewarding as health and socialcare are changing all the time long as you approach it in a business-likeway.

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Nurse Entrepreneurs

Nurse Entrepreneurs combine their nursing backgroundwith business and utilize their individual creativity andresourcefulness to start their own companies. The NurseEntrepreneur may provide patient care, equipment,consulting services, and education as it relates to nursingwhile assuming inherent risks of business accountability.

These men and women apply their skills and trainingtoward establishing, promoting, or consulting in businessventures in the health care industry. They can build on theirnursing knowledge to develop medical devices orcomputerized systems for delivering healthcare, freeingstaff nurses to spend more time caring for patients.

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The ICN guidelines on the nurse entrepreneurproviding nursing service:

Three to five years nursing experience Continuing education relevant to your area of

practice

Competence in communication, negotiation,marketing, time management, publicrelations, time management and accountingskills

Knowledge of legal, insurance, grants and taxmatters

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Here are some ways to becoming a successful nurse

entrepreneur:

1) Hands on Approach

You need to know and understand the needs of

your patients. Apart from that, you need tocombine various approaches to provide the besthealthcare possible, from educational tomanagement and training. The American

Association of Diabetes Educators, for example,provides training and advice to potential nurseentrepreneurs, and helps them start a nursingbusiness.

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2) Getting Started

Make plans before you start with your

business. How will you source funds for your

business? How much time can you devote to

it? What kind of property and equipment doyou need to invest in? How about stationery

with logo on it, and business cards? Every little

detail needs to be taken care of before youcan become a nurse entrepreneur.

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3) Think Positive

Nothing works like a positive attitude. You needto be a good leader and motivate people in orderto make a success of your nursing business.

4) Don't Put All Eggs in One Basket

Since you are a newcomer to nurseentrepreneurship, you do not know how

successful your business might be. If it does notwork out, you should have a fall back option.Think about nursing consultancy services,speaker, education etc.

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Advantages of Becoming a Nurse Entrepreneur1) Opportunities

The nursing profession has a problem ofshortage, so anyone with experience innursing is welcome at hospitals and healthcaresector.

2) Flexibility

Being your own boss means that you canchoose you working hours to some extent.

Apart from hospitals, you can also beassociated with old age homes, maternityhomes and similar sectors.

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Setting up your own business is a decision that needs

careful consideration. To go it alone you must:

be passionate about developing an area ofinterest

be willing to take risks

be willing to make a commitmentbe enthusiastic

believe in yourself and your dream

have a strong self-image and plenty of self-

confidencehave the drive to achieve and succeed

have a strong customer orientation.

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Make sure you consider the risks involved in

becoming self-employed. These include:

spells without work

irregular and unpredictable income

having no one else to take the responsibilityfor mistakes

no employer contributions towards sickness,

annual leave and pensions.

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The main types of business ownership:Sole traderships or sole proprietorship were generally only one

person funds the business activity

is a for-profit business owned by one person.

Partnerships, where two or more people band together to finance

or run a venture

Corporations/limited companies where it is possible for many

thousands to subscribe for a share in business ownership and, in

theory at least, a say in its governance and direction.

Corporations can be eithergovernment-ownedor privately-owned,

and privately-owned corporations can organize either for-profit

or not-for-profit.

Co-operatives. This is the least common form.

A cooperative differs from a for-profit corporation in that it has

members, as opposed to shareholders, who share decision-making

authority.

http://en.wikipedia.org/wiki/Government-owned_corporationhttp://en.wikipedia.org/wiki/Non-profit_organizationhttp://en.wikipedia.org/wiki/Non-profit_organizationhttp://en.wikipedia.org/wiki/Non-profit_organizationhttp://en.wikipedia.org/wiki/Non-profit_organizationhttp://en.wikipedia.org/wiki/Non-profit_organizationhttp://en.wikipedia.org/wiki/Non-profit_organizationhttp://en.wikipedia.org/wiki/Government-owned_corporationhttp://en.wikipedia.org/wiki/Government-owned_corporationhttp://en.wikipedia.org/wiki/Government-owned_corporation

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Advantages of Sole traderships:

There are relatively simple formalitiesinvolved in setting up

There is no obligation to submit copies of

accounts for public scrutinyThere are no limitations on capital, assets

and the scope of business as there are with a

limited companyThere is no requirement to share business

decisions as sole control is retained.

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Disadvantages:The individual is personally liable for all

business debtThe responsibility of being solely charged

with all business decisions can be onerous

The available business expertise is limited tothat of the individual

The absence of public accounts can make itdifficult to demonstrate the true financial

position and may deter larger potentialcustomers.

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Partnership:

all partners contribute capital equally

all partners share profits and losses equally

no partner shall have interest paid on his orher capital

all partners have an equal say in the

management of the business

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Advantages

There are relatively simple formalities involved in

setting up, although it is important to get a legalpartnership deed drawn up

Its less lonely than starting up by yourself

There is no obligation to submit copies of

accounts for public scrutinyYou can start your business with more capital

than if you were on your own

There are no limitations on capital, assets andthe scope of business as there are with a limitedcompany.

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Disadvantages

Each partner is liable for the debts of the

partnership, regardless of who actually incurred thedebt

There is a risk of personality clashes between

partners

The death or bankruptcy of any partner

automatically dissolves a partnership, but liability

remains against the other individuals, unless there is

an agreement to the contrary

The absence of public accounts can make it difficult

to demonstrate the true financial position and may

deter larger potential customers.

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Corporations/ Limited liability companies:

The directors are charged with the

responsibility of making the business decisionsand the shareholders are the owners of the

company.

A minimum of one shareholder and onedirector is required to form a company.

Companies pay corporation tax on their

taxable profits.

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Advantages

Financial liability of directors and shareholders islimited to the amount of money they have paid for

shares, providing there has been no fraud ornegligence

The management structure makes it easy to appoint,retire or remove directors

Extra capital can be raised by selling more sharesprivately, making it simple to admit more members

The death, bankruptcy or withdrawal of capital by onemember does not affect the companys ability to trade

The disposal of the whole or part of the business is

easily arrangedThe company may have higher status with potential

customers.

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Disadvantages

The company has to be registered with

Companies House and must provide auditedannual returns and accounts, which involvesextra administration work. There are legalpenalties for failing to make returns

Limited Company statutory details must beavailable for public inspection at its appointed

Registered Office, which negates some business

confidentialityLLCs can be more expensive to set up, and

you may need professional help

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A cooperative is owned and controlled by thepeople working in it.

AdvantagesThey are a good way of setting up with a large

group of people

Co-operatives are democratic

Liability is more limited than with a partnership

Disadvantages

Setting up may require professional help

The seven-member minimum may be difficult tosustain.

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IMPORTANT:

Remember that it is important to register your

business to avoid any legal problems oncebusiness operations start. Furthermore, its

common practice for competitors to check on

you if you have all the necessary registrationscompleted because if not, this will be an

opportunity for them to disrupt and delay

your operations by notifying the properauthorities.

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Depending on the structure of your business,

your first step is to get a certificate of

registration for your business namein one ofthese agencies:

Department of Trade and Industry (DTI)for

single proprietorship Securities and Exchange Commission (SEC)

for partnerships or corporations

Cooperative Development Authority (CDA)for cooperatives

http://fitzvillafuerte.com/choosing-correct-good-business-name.htmlhttp://fitzvillafuerte.com/choosing-correct-good-business-name.html

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After getting your certificate of registration, you willneed to visit the following offices:

Homeowners Associationfor businesses insidevillages and subdivisions, you need to get ahomeowners clearance

Barangay Hallsecure a barangay clearance tooperate your business

Local Government Unit (LGU)visit themunicipality or city hall office and process yourbusiness permit

Bureau of Internal Revenue (BIR)apply for abusiness taxpayer identification number (TIN),register your books of accounts, point-of-sales(POS) machines and receipts

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At this point, you may now legally start your businessoperations, but youll need to then register your employees(which may include yourself) to the following agencies:

Social Security System (SSS)secure an SSS number foryourself and your employees

Department of Labor and Employment (DOLE)forbusinesses with five workers or more, register yourbusiness with DOLE

Home Development Mutual Fund (HDMF)as required byRA 7742, SSS members earning at least P4,000 a monthmust be registered with HDMF. This agency administers thePag-Ibig Fund.

Philippine Health Insurance Corp. (PhilHealth)all

employers of are required to register their employees tothis agency as stated in the New National Health InsuranceAct (RA 7875 / RA 9241). PhilHealth manages andadministers the government health care system.

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Marketing

the total of activities involved in the transfer o

f goods from the producer or seller to the

consumer or buyer, including advertising

, shipping, storing, and selling

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A formal approach to this customer-focused

marketing is known as SIVA(Solution,

Information, Value, Access). This system isbasically the four Ps renamed and reworded

to provide a customer focus. The SIVA Model

provides a demand/customer-centric

alternative to the well-known 4Ps supply side

model (product, price, placement, promotion)

of marketing management.

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