NSC 300 ENTREPRENEURSHIP IN NURSING

Who is an entrepreneur?
An entrepreneur is someone passionate and innovative who creates a new business. The business
doesn’t need to reinvent the wheel, but it takes an entrepreneurial mindset to bring their ideas to
life.
Entrepreneurship is all about pursuing opportunities. It’s about looking for areas to provide a
service or a new product the public might need. It’s also about taking the initiative to bring ideas
to life.
For example, in the 1970s, Steve Jobs noticed computers were popular among hobbyists but
inaccessible to the average consumer. He saw an untapped market with huge potential, he just
needed to create user-friendly products. From the Apple 1 computer to the iPhone, he did exactly
that. His company became one of the most profitable businesses in the world.
At their core, entrepreneurs are individuals who start a business. But on a deeper level, they’re
people who innovate. Someone who starts a business is comfortable with discomfort and pushing
the limits of their comfort zone. They see challenges and think of creative ways to overcome
them. They fill society with new ideas and keep refreshing the old ones.
When we think of an entrepreneur, we might think of big names like Henry Ford or Bill Gates.
But you don’t have to fund a Fortune 500 company to walk in their shoes.
The 4 types of entrepreneurs
Entrepreneurs come in many forms, whether they yearn to be their own boss or disrupt the status
quo. Here are some common types of self-starters you might run into:
1. The inventor
This person wants to create the next big thing. They see the big picture, imagine products or
business ideas that don’t exist yet, and work to bring them into reality.
2. The small business owner
Small business entrepreneurs employ less than 500 workers. These people operate everything
from small consultancies to popular local restaurants. They understand the value of hard work
and leading a talented team of employees.
3. The online entrepreneur
Whether it’s a side hustle or a full-time job, these entrepreneurs make the Internet work for them.
They might sell products on Jumia, Konga etc, maintain a popular financial blog, or develop
software to distribute online. But no matter what, they have a direct relationship with clients
through their online business.
4. The home business owner
These people use their homes as their home base. A family plumbing business might use its
home garage to store equipment. On the other hand, an artisan soap maker could use the
basement as their production line. These people make their space work for them.
Characteristics for becoming a successful entrepreneur
It all starts with an idea. Starting a company can be intimidating. You may need to take out a
loan, lease a commercial property, or hire staff. The details can feel overwhelming.
But those who have the entrepreneurial spirit necessary, will make it happen and will feel more
at peace running their own company than they ever would in an office job.
Qualities of a successful entrepreneur
Starting a new business comes with an inherent amount of risk. You can do everything right, but
external events could lead to a negative outcome. While there’s no formula for entrepreneurship,
there are good or bad entrepreneurs. Characteristics of a leader are all part of the characteristics
of an entrepreneur, and they include:
• Persuasiveness
• Problem-solving
• Communication skills
• Flexibility
• Self-motivation
• Networking
• Active listening
Some skills of successful entrepreneur:
1. Discipline
The number one quality of an entrepreneur is self-discipline. He /She needs to do the work even
when he doesn’t feel like it. One needs the self-motivation to wake up early or stay up late as a
new venture is started.
2. Curiosity
The best entrepreneurs always want to learn more. They ask good questions and look for
opportunities to grow themselves and their business. These people don’t dwell on what they
think they know but instead, change their opinions when presented with new information.
Curiosity to learn is just part of how they approach the world.
3. Creativity
This is the spark that drives many successful startups. Creativity isn't just for creatives, it's a skill
that everyone can cultivate. Entrepreneurs always look for creative ways to solve problems or
deliver a service, often with limited resources.
They look in many different places for inspiration, and their creativity helps fuel their love for
what they do. Find what gives you ideas and use it as your fuel. To cultivate this skill, lean on
habits that support creativity. It could be music, meditation, or meeting new people. 4.
Willingness to try things
As an entrepreneur, you’ll constantly be presented with new tasks that challenge your skillset.
Resourcefulness goes hand-in-hand with experimentation and problem-solving. Be ready to get
creative, think outside the box, and pull from your vast network, experiences, and skills to take
on a challenge.
Prepare to watch your solution fail, too. It’s inevitable, and every failure is an opportunity to
learn and improve on your ideas.
If you strategize well and outline metrics for tracking success, you can quickly make adjustments
and find appropriate solutions. Show your product to a trusted group of friends, read market
research to see if there’s adequate demand, and stay up to date on the latest industry news.
These strategies will help you take calculated risks while trying new things.
5. Honesty
In the business world, you’re only as good as your word. Honesty and integrity are important
traits of an entrepreneur. These personality traits will reap several benefits:
• You will develop a reputation as a strong and honest communicator
• Your employees will value your leadership
• Clients will know you can deliver on your promises
• People will be more willing to lend you money for your next idea
• Your community will support you during tough times
6. Always have a plan
Successful businesses leave little up to chance. They look far into the future, with backup plans
to adapt to unexpected events.
You should have a vision for your company 5–10 years from now. To bring that vision to life,
you can use the SMART goal-setting method to set short and long-term business goals.
These are goals that are:
• Specific: What is the exact outcome you’re hoping for?
• Measurable: How will you know you achieved this outcome?
• Achievable: Is it reasonable for you to expect to achieve this goal?
• Realistic: Can you arrive at your goal with your current resources?
• Time-Bound: Do you have a clear deadline for your goal?
Each goal should build on the last, bringing you closer to your vision and closer to reality. Also,
remember that a lot can change over the years. You’re allowed to adjust your plan if needed.
7. Understanding the value of self-care
Great leaders understand that exhaustion and overwork are a recipe for disaster. They may have
all the skills in the world, but without proper wellness, they won’t be able to execute. Budgeting
time for self-care will pay you back tenfold.
The same philosophy applies to your employees. Make sure they understand the value of their
work and encourage them to rest when they need it. They will pay you back with a positive
attitude and stronger work ethic.
8. Taking risks
Risk takers often do well as business leaders. But you should be clear on your approach and have
a backup plan ready to go should things go awry.
This is a characteristic of a good entrepreneur because business owners often need to go off the
beaten path. This can be scary, but entrepreneurs must set aside their fears and take the leap
needed to make their vision come to life.
9. Adaptability
The world is constantly changing-and so is how we do business. Entrepreneurs have no shortage
of unexpected challenges and surprise opportunities, so they must act quickly and efficiently.
This adaptability is what makes a successful business, and it’s particularly true for entrepreneur.
Rather than trying to force templates that worked in the past, entrepreneurs must be flexible to
changing norms and offering better employee work-life balance.
10. Persistence after failure
Successful entrepreneurs understand that failure isn’t the end of the world. Instead, failure is a
rehearsal for success. Persisting despite any roadblocks increases your confidence, conviction,
creativity, and innovation.
If you fail, you learn lessons to apply to the next challenge and teach yourself you’re grittier than
you thought. All that radical thinking may lead to radical results.
Common mistakes to avoid as an entrepreneur
1. Not sticking to your budget
It’s easy to get carried away when you’re starting out. Be careful not to blow your budget too
quickly. Stick to the essentials for now, like hiring the right staff, investing in the right tools, and
building out your client list. The rest will come later.
2. Making ill-advised hiring decisions
Your business will thrive or die based on who you hire. Choose your employees wisely. Look for
people who share your entrepreneurial mindset and have experience working at a new business.
It’s also useful to find people who have different expertise than you to cover any of your blind
spots. If you think your team could use assistance in getting up to speed, you might want to think
about providing them with business coaching.
3. Setting unachievable goals
Don’t expect to make it in your first year. Set achievable goals when you’re starting out. Stick to
the SMART method.
4. Forgetting to delegate
You hired great people. Use them! Many entrepreneurs don't know how to delegate to others or
they're afraid to. Consider whether you need to own a task. You can't control everything so only
keep the most important ones.
Assign tasks based on others' strengths, set clear expectations, and check in with them regularly.
They’re your team and they will deliver.
5. Making decisions out of fear
Clear your head before making big decisions. Emotions like fear, anger, or frustration can cloud
your judgment. When you encounter a stressful situation, take a step back, be mindful of your
feelings, and approach the problem later with a clear mind.
Entrepreneurship in healthcare plays a significant role in the economy, with healthcare
businesses having a prominent role in the transformational changes taking place in the public and
private healthcare sectors. There is an enormous potential for entrepreneurship in the nursing
profession due to people's need for healthcare services and the capability of nurses to address
these needs.
A nurse entrepreneur is defined by the International Council of Nurses as “a proprietor of a
business that offers nursing services of a direct care, educational, research, administrative, or
consultative nature.”
It is someone who uses their nursing skills, education and experience to start a healthcare-related
business. Several types of nursing businesses exist, such as independent nursing practices, nurse-
owned skilled nursing facilities, and consultancy agencies.
Additional Characteristics of Nursing Entrepreneurship
1 The Ability To Be In Control
A nurse entrepreneur should have the ability to remain in control over any type of situation.
When you become an entrepreneur and start your own nurse practice, you need to be in charge of
various aspects all at once. You need to be a leader and have the ability to recognize situations
that may spiral out of control quickly – and then take charge to avoid such problems.

2 The Ability To Analyze A Situation And Know When It’s Okay To Take A Risk
Another critical characteristic lies in your ability to take risks at the right times. There are many
risks that have to be taken to succeed in the business world. Understanding how these risks will
play out and when it is appropriate to take such a risk is critical.
3. A Need For Achievement
You should have a desire for achievement. Once you have established your new office, you need
to recognize the fact that there is always room to grow. You should know how to set goals – both
short term and long-term goals. You should also know how to continue striving toward those
goals, ultimately ensuring a consistency in achievements reached.
4. Innovation
Innovation – the ability to adapt to new things – is a characteristic that is now more critical than
ever before in a nurse practitioner. You should be able to adapt to the latest technological
advancements that have been made. Plus, you need to be able to accept new changes in the
industry and ensure you always have the latest treatments for patients.
5. Ambiguity Tolerance
Finally, ambiguity tolerance is another characteristic that you need. As a nurse practitioner, there
will be times where the result of something you strived for turns out as a disappointment. You
should be able to bounce back and avoid thinking negatively about such events.

There are several options open to nurses such as consulting, coaching, and education. These
business ideas for nurses are for those who want to explore their entrepreneurial spirit. This is
enhanced by the nurse’s knowledge of anatomy, physiology and all the concepts of nursing
training.
Types of nurse-owned businesses currently being pursued.
• Private nursing home or maternity
• Acupuncturist
• Aesthetician and spa owner
• App developer
• Childbirth educator, doula, or lactation consultant
• Consultant
• Freelance writer and author
• Influencer
• Inventor and product developer
• Legal nurse consultant
• Life, health, or mindfulness coach
• Massage therapist/bodyworker
• Online course creator
• Owner of a skilled or non-skilled home healthcare agency
• Podcaster
• Private duty or concierge nurse
• Public speaker/presenter
• Trainer/educator
• Yoga teacher or yoga therapist