Why Would Nurses Prefer Entrepreneurship?
After spending time working in hospitals or other healthcare facilities, nurses may tire of the constraints and unrelenting challenges placed on them. They may desire to set their own schedule and work in a less rigid environment.
What Is a Nurse Entrepreneur?
A nurse entrepreneur has a professional background in nursing. Many nurses have clinical experience so they understand the delivery of patient care. They apply their nursing knowledge and educational preparation to start a business in the healthcare field.
What Can Nurse Entrepreneurs Do?
Nurse entrepreneurs have a multitude of options for creating a business within the healthcare industry. Ventures may include:
- Developing computerized systems, medical devices or healthcare products.
- Providing home health nursing services or telehealth nursing.
- Serving as a legal consultant.
- Working as a medical representative.
- Providing mobile health service.
- Selling medical equipment.
- Serving as a wound care nurse.
What Are the Steps to Starting a Business?
The creation of a business begins with pinpointing a problem and coming up with a solution that is needed. Here are seven steps you should take prior to launching your business.
- Research your idea to see if it is feasible.
- Study the market to consider the demand or any competition.
- Identify your customers.
- Check local licensing regulations.
- Form a financial and marketing plan.
- Choose a business structure for tax purposes. Examples include Sole Proprietorship, a Partnership, Corporation or a Limited Liability Company (LLC).
- Price your service or product.
Where Do They Work?
Nurse entrepreneurs can work in all kinds of settings. They may provide care in private residences or conduct business from a home office or rental location. Additionally, they can be contractors who visit patients in hospitals or clinics. Government agencies, nonprofit groups or community centers also may employ the services of nurse entrepreneurs.
How to Become a Nurse Entrepreneur?
A BSN is the most common level of education for nurse entrepreneurs. Some nurses complete dual master’s degree programs in nursing and business administration. By completing business courses, nurses gain valuable insight into accounting and managerial practices.
Nurses should also have nursing experience in the specialty that is relevant to their business. While certifications are optional, they are beneficial to proving your competency. A nurse who runs a home health company may want to obtain Basic Life Support (BLS) Certification, which is available from the American Heart Association or American Red Cross.
What Skills Do You Need?
Successful nurse entrepreneurs are capable of performing many functions depending on the type of business. Nurses may work alone or employ staff. They may have to schedule appointments, travel, conduct presentations and handle finances. Thus, they may function as a chief executive officer (CEO), administrative assistant, salesperson and accountant. Successful nurse entrepreneurs exhibit:
- Ambition.
- Autonomy and independence.
- Decisiveness.
- Excellent communication skills.
- Problem-solving.
- Self-motivation.
Being a business owner is a huge commitment but it allows you the freedom to use your nursing skills in innovative and creative ways. When you go into business for yourself, you have to know your potential and set realistic expectations. A thriving business depends on your dedication and expertise. You may want to seek out other nursing professionals who have businesses for advice and guidance. Most importantly, a BSN will aid you in achieving your aspirations.
Learn more about Lamar University’s online RN to BSN program.
Sources:
Nurse Keith’s Digital Doorway: Common Questions About Nurse Entrepreneurship
Nurse Entrepreneurs or Intrapreneurs: Nurse Entrepreneurs or Intrapreneurs?
Daily Nurse: Entrepreneur/Nurse Entrepreneur
Johnson & Johnson: Nurse Entrepreneur
RegisteredNursing.org: Nurse Entrepreneur
Medical World Update: Nursing Entrepreneur: Definition, Ideas, How to Start a Business, etc.
The Balance: 7 Steps to Starting Your Own Business Quickly and Effectively
