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  • 8/13/2019 Nsg. Entrepreneurship


    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


    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


    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


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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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    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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    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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    Each partner is liable for the debts of the

    partnership, regardless of who actually incurred thedebt

    There is a risk of personality clashes between


    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


    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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    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


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    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


    Setting up may require professional help

    The seven-member minimum may be difficult tosustain.

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    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

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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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    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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