ENTREP- CHAPTER 5 Flashcards
Getting started
__________________________ who are committed to opening a private practice or starting their own business should educate themselves about business principles. Reading books and journals about health care policy, legislation, service matters, reimbursement issues and budgeting and
financial reporting is a way to start.
Nurse entrepreneurs
Getting started
Part of the planning process includes _______________________________________, especially as it relates to a nursing venture.
acquiring an understanding of business terminology
Getting started
In the ___________________, and possibly in other countries, some universities have created advanced degree programmers specifically for nurse entrepreneurs.
United States
Getting started
In ______________, two US nursing colleges launched the first degree programmes focusing on innovation, and intra/entrepreneurship.
2006
Getting started
In Australia, ___________________________has
established a Master of Entrepreneurship and Innovation degree.
Swinburne University of Technology
Getting started
The programme focuses on the specific needs of _________________ and ________________ who want to successfully commercialize their innovation.
entrepreneurs, innovators
Getting started
For entrepreneurs, a major undertaking involves the preparation of a ____________________that sets forth the description of the business and demonstrates an understanding of the issues that must be addressed in order to be successful.
‘Business Plan’
Getting started
- Executive summary – a concise description of key elements of plan;
- Overview of industry involved, including current trends and issues;
- Details of target markets, pricing structure, promotion and advertising;
- Comprehensive description of the product or service, uses and features;
- Identified competition and comparison with proposed product or service;
- Description of operations, facilities
- Identification of potential risks and how they might be managed;
- Time frame for implementation of various stages of business; and
- Financial plan including how much money is needed and a repayment schedule for money that may have been borrowed.
Flanagan (1993) identifies the components of a business plan as
Always remember, starting a small business is not a small thing.
________________________, ___________ is a
designation that refers to a company that
has not been running long.
Understanding startup, startup
Always remember, starting a small business is not a small thing.
Most of the companies that enter the start up business are newly established
companies in the ___________________ and
are still reviewing the right market to market their products or services.
development stage
Always remember, starting a small business is not a small thing.
The early history of the emergence of the
term startup was popularized by buble
dot-com around _____________.
1998-2000
Always remember, starting a small business is not a small thing.
The term then went ____________, and many entrepreneurs established a dot-com business simultaneously, many companies opened personal websites and, the development of the internet when it made many people start the businesses.
global
How do we define start up?
- A ______________ is a young company born out of a desire to solve a problem, fulfill a demand, or bring a unique product or service to market.
- Typically, ______________ companies are funded solely by their founders or, with the help of friends and family.
startup
How do we define start up?
The time in the process of starting up a
business will vary from one country to
another. Nevertheless, there are common
steps in the process of starting up a
business that are quite similar across all
_________________.
geographical locations
Steps in the Process of Starting Up a Business
It is often linked to its creator who needs to identify the business’ value proposition to launch to market and establish _____________________.
competitive advantage
Steps in the Process of Starting Up a Business
A business idea is a concept that can be
used for financial gain that is usually centered on a product or service that can
be offered for money. It is the first
milestone in the process of building a
successful business.
Identify a Business Idea
Steps in the Process of Starting Up a Business (Identify a Business Idea)
– products or services may relate to your hobbies or solve common problem.
Mining your interest
Steps in the Process of Starting Up a Business (Identify a Business Idea)
– see common complaints and frustrations about the popular product and see if you can identify gaps in the market.
Research existing product
Steps in the Process of Starting Up a Business (Identify a Business Idea)
- get a memorable business name and logo
Name your business
Steps in the Process of Starting Up a Business (Identify a Business Idea-Name your business)
- quick recall of name, three or four words that create memorable phrase
Short and simple
Steps in the Process of Starting Up a Business (Identify a Business Idea-Name your business)
- differentiation is the key to
stand out in your small business.
Different
Steps in the Process of Starting Up a Business (Identify a Business Idea-Name your business)
– make sure that name was not use by any competitors. Establish a free trademark search.
Unique/Original
Steps in the Process of Starting Up a Business
If there is a feasible business idea in place, it should be officially written down in a business plan. Validate your business idea. Consider the following:
✓ How specific is your idea?
✓ Who are your target market?
✓ Where would be the location of your
business? (environmental scanning, set up, capacities)
✓ How will you measure your progress and success (mission)
✓ Have you set a milestone? It is achievable (vision)
✓ Are providing solutions? Or are you
introducing a new concept? (Marketing
strategies)
✓ How unique is your business from your
competitors? (Pricing, features, edge)
✓ Do you have capital? (Financial aspects)
✓ Are you fully invested in it?
(Proprietorship or partnership)
Write a short business plan
Steps in the Process of Starting Up a Business
- Starting a business and running a
business requires constant supplies of
money. Owners of small business will
use their own savings or obtain loans
from banks to finance their start-ups in
the first few years of operations. - The loan process can take several
months to complete, with the lender
usually requesting a completed
business plan before any funds are
approved. - On the later, finance will be needed to
fund business activities, such as
manufacturing and marketing of the
firm’s products. - Record keeping of financial accounts
needs to be done according to the legal
requirements, sometimes many firms
hire certified accountants to help them
do this. - May opted to choose the right bank for
your business.
Obtain your Capital
Steps in the Process of Starting Up a Business
Choosing the right business structure is
about balancing the legal and financial
protection you need with flexibility.
Choose the right structure for the
business
Steps in the Process of Starting Up a Business (Choose the right structure for the business)
– consider the legislation will help outlined the business.
Business Location