Nursing Entrepreneurship PDF

CESocsci4a​​ ​ ​ ​ ​ ​ NURSING ENTREPRENEURSHIP​​ ​ ​ ​ Bueron, H.B.S BSN 3-B​ CHAPTER 1 DEFINITION OF AN ENTREPRENEUR...

CESocsci4a​​ ​ ​ ​ ​ ​ NURSING ENTREPRENEURSHIP​​ ​ ​ ​ Bueron, H.B.S BSN 3-B​ CHAPTER 1 DEFINITION OF AN ENTREPRENEUR To date, several definitions have been penned to describe INTRODUCTION TO ENTREPRENEURSHIP an entrepreneur. And some of them are mentioned herewith: ​ Entrepreneur is someone who manages all the necessary resources to produce and market a product ENTREPRENEURSHIP which responds to the market scarcity (Leibenstein, ​ Entrepreneurship has become increasingly important 1968; Bull & Willard, 1993). for businesses of all sizes around the world. ​ “Entrepreneurs are individuals who recognize ​ It opens new opportunities and possibilities for the opportunities where others see chaos, contradiction, businesses to create values for themselves and for the and confusion. They are aggressive catalysts for society at large. change within the marketplace.” Kuratko (2016, p. 3). ​ Despite its popularity, studies suggest that the scope of ​ “Entrepreneur is the person who carries out new entrepreneurship remains unknown, and therefore the combinations, causing discontinuity. The role is prospects of entrepreneurial activities remain not fully completed when the function is completed. The person realized. may be an employee with an existing organisation or ​ This module highlights some aspects concerning the may start a new venture. An investor per se only risks concept of entrepreneur, entrepreneurship, capital for every return.” Bull & Willard (1993, p. 186) entrepreneurial process and finally the entrepreneurship opportunities and challenges. CHARACTERISTICS OF AN ENTREPRENEUR ​ Entrepreneurs have always been present, however, their The main characteristics of an entrepreneur are due to behavioral patterns were different in different periods their sociological and psychological factors. Some of those of time. characteristics are mentioned below: ​ The word entrepreneur was derived from the French ​ Vision-oriented people. word “entreprendre”, which means “to undertake” ​ Have a high need for achievement. (Kuratko, 2016). ​ Do not rely on fate or luck, however, they try to control ​ The usage of the term entrepreneur can be traced from their own lives. 1755, wherein an entrepreneur was described to “buy ​ Undertake moderate risks, which is why they look for the country produce from those who bring it or to be high earnings on their investments. brought on their account. They pay a certain price to ​ Have the abilities to deal with several ambiguous resell wholesale or retail at an uncertain price” situations in their ventures. They face these ambiguous (Cantillon, 1931, p. 51; Hamilton & Harper, 1994). situations and circumstances regularly because they do ​ Entrepreneur from the very beginning, was principally certain jobs and tasks which are entirely new by nature. an independent speculator of the commodity (Hamilton ​ Have the tendency to be productive and efficient within & Harper, 1994). a given period of time, However, at times, they might be ​ In the modern day markets, the term entrepreneur has seen as inflexible individuals in team work. been closely linked with economic development. An economic development can emerge due to several reasons, which includes: TRAITS OF AN ENTREPRENEUR A.​ The launch of new source of procurement for Some of the common traits of entrepreneurs are: raw materials or materials ​ Risk takers B.​ The introduction of a new production ​ Flexible mechanism ​ Knowledgeable C.​ The introduction of a new quality of product, ​ Independent or a novel product ​ Energetic D.​ The opening of new market ​ Creative E.​ The reorganization of a business ​ Dynamic leader ​ Responsive to suggestions or criticisms The management of all these aspects are carried by an ​ Resourceful enterprise, and the people whose function is to carry out these ​ Initiators activities are called entrepreneurs (Bull & Willard, 1993). ​ Persistent 1 DESCRIPTION OF ENTREPRENEURSHIP ​ They usually use the soft sales approach whilst pursuing the growth of their own ventures. ​ Entrepreneurship is an “act of establishing a new ​ They have an enormous talent for connecting with venture” Christensen et al, (2000 p. 4) people and spend most of their time in marketing ​ Can also be considered as the function through which their products/services and permit other people to growth and development can be achieved without manage their businesses. commencing a new business venture. It offers a ​ These individuals therefore devote their time to process by which people either inside the companies or understand who and how are the consumers in the on their own, look for prospects without regard to the market. resources they presently control (Stevenson et al, 1989; ​ They develop a proper vision for marketing and sales Stevenson & Jarillo, 1990). practices to reach wider consumer groups. ​ However, “an entrepreneurial organisation is that which pursues opportunity, regardless of resources currently TECHNOLOGY ENTREPRENEUR controlled,” Stevenson & Jarillo (1990, p. 23). ​ Individuals belong to this category are generally idea developers. DEFINITION OF ENTREPRENEURSHIP ​ Possess great ideas. ​ Entrepreneurship is the creation of organizations. What ​ Have the capabilities to develop innovative processes differentiates entrepreneurs from non-entrepreneurs is and invent novel products or services for niche that they create organization, while the latter do not. In markets. behavioral approaches to the study of ​ As these individuals possess qualities to create entrepreneurship, an entrepreneur is seen as a set of several ideas, they have a good analytical intelligence activities involved in organization creation, while in trait and take calculated risks in their ventures. approaches an entrepreneur is a set of personality ​ Although these individuals possess good analytical traits and characteristics.” Gartner (1988, p. 11). intelligence to make their way through several situations, however, at times, their missions can become a bit idealistic. TYPES OF ENTREPRENEURSHIP There are generally four entrepreneurial types: MANAGER Adapted from Carsrud & Brannback (2007). ​ Possess the qualities of taking charge of the missions. ​ Individuals belonging to this type of entrepreneurship. Are very competitive by nature but not as cooperative as one would expect in a team work. ​ They are usually found to take positions of high authority, such as external investors or sometimes act as board of directors. ​ They prefer to work in larger organizations than in small entrepreneurial businesses. ​ They seek comfort in making effective marketing strategies, but not necessarily selling products or services. ​ Their ways to sell are different, they employ logic and carefully thought persuasions, as mechanisms to sell their ideas. ​ They have rich experiences, strong management skills and possess strength in managing existing businesses. ACHIEVEMENT ENTREPRENEUR ​ Primarily associated with the desire to achieve. ​ These types of individuals usually have an enormous ENTREPRENEURSHIP PROCESS amount of energy and capabilities to take charge. The process can be observed through the six-stage process: ​ They take initiatives and do not wait for things to happen. ​ Often possess leadership qualities and have a great sense of commitment and responsibility in their ventures. ​ They are good in several business-related aspects and they try to accomplish their objectives, whilst heading their missions (Carsrud & Brannback, 2007). SALESMAN ENTREPRENEUR ​ Possess skills to interact with people and have a very good soft side of the management aspects. ​ These people are typified for having the feelings of the consumers’ needs and wants. Lall & Sahai (2007, p. 16) 2 ENTREPRENEURSHIP OPPORTUNITIES Entrepreneurship offers several opportunities and some of those are: A.​ Expansion of entrepreneurial activities through the advent of the internet and the explosion of e-commerce o a global scale. B.​ Integration in social and political fabrics in several emerging economies. C.​ Increasing economic situations in middle income households in several economies. D.​ Increase in cross-border engagements and market entry mechanisms such as strategic alliances, subsidiaries, joint ventures, etc. E.​ Evolving trends in channel structures among the developed world. F.​ Increased engagement in global markets concerning social responsibility and ethics (Ramachandran & Gokila, 2012). ENTREPRENEURSHIP AVENUES Contemporary markets offers several avenues for entrepreneurial activities: ​ Firstly, entrepreneurs can seek information to understand the balance of trade relationships between the exports in potential markets and the merchandising imports. ​ Secondly, entrepreneurs can conduct extensive research to understand the political aspects of the global economy to seek other outlines for strategic and operational aspects concerning barriers to enter a market. ​ Thirdly, entrepreneurs can understand the developments of any domestic market of a country and comprehend how these nations protect their industry by establishing tariffs, quotas, boycotts, non-tariff, monetary, and market barriers (Ramachandran & Gokila, 2012). ENTREPRENEURSHIP CHALLENGES Although entrepreneurship activities are beneficial, they come with certain challenges. Some of those are mentioned herewith: ​ KNOWLEDGE GAP between the developed, emerging, frontier, and under-developed markets for conducting business. ​ DIFFERENCE in accounting systems in several countries. ​ VARIABLE RATES OF RETURN ​ NON-CONVERTIBILITY of the currencies ​ COMMUNICATION GAPS ​ LANGUAGE BARRIERS (Ramachandran & Gokila, 2012). In addition, there are also some other challenges that are commonly found in entrepreneurship: ​ POLITICAL UNREST and LEGAL CONCERNS ​ CULTURAL DIFFERENCES ​ DISCREPANCIES in the use of technology ​ COMPLEXITY in the markets ​ SUPPLY CHAIN CONCERNS ​ LACK OF SPECIFIC INFRASTRUCTURE in some countries or regions ​ FINANCIAL MARKETS; and their VOLATILITY 3