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ENTREP- CHAPTER 5 Flashcards

1
Q

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.

A

Nurse entrepreneurs

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2
Q

Getting started

Part of the planning process includes _______________________________________, especially as it relates to a nursing venture.

A

acquiring an understanding of business terminology

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3
Q

Getting started

In the ___________________, and possibly in other countries, some universities have created advanced degree programmers specifically for nurse entrepreneurs.

A

United States

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4
Q

Getting started

In ______________, two US nursing colleges launched the first degree programmes focusing on innovation, and intra/entrepreneurship.

A

2006

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5
Q

Getting started

In Australia, ___________________________has
established a Master of Entrepreneurship and Innovation degree.

A

Swinburne University of Technology

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6
Q

Getting started

The programme focuses on the specific needs of _________________ and ________________ who want to successfully commercialize their innovation.

A

entrepreneurs, innovators

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7
Q

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.

A

‘Business Plan’

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8
Q

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.
A

Flanagan (1993) identifies the components of a business plan as

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9
Q

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.

A

Understanding startup, startup

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10
Q

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.

A

development stage

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11
Q

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 _____________.

A

1998-2000

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12
Q

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.

A

global

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13
Q

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.
A

startup

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14
Q

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
_________________.

A

geographical locations

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15
Q

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 _____________________.

A

competitive advantage

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16
Q

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.

A

Identify a Business Idea

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17
Q

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.

A

Mining your interest

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18
Q

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.

A

Research existing product

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19
Q

Steps in the Process of Starting Up a Business (Identify a Business Idea)

  • get a memorable business name and logo
A

Name your business

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20
Q

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
A

Short and simple

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21
Q

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.
A

Different

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22
Q

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.

A

Unique/Original

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23
Q

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)

A

Write a short business plan

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24
Q

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.
A

Obtain your Capital

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25
Q

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.

A

Choose the right structure for the
business

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26
Q

Steps in the Process of Starting Up a Business (Choose the right structure for the business)

– consider the legislation will help outlined the business.

A

Business Location

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27
Q

Steps in the Process of Starting Up a Business (Choose the right structure for the business)

– knowing the type of business to run and establishing relationship with possible suppliers and partners incorporated.

A

Type of Business

28
Q

Steps in the Process of Starting Up a Business (Choose the right structure for the business)

– How many workers is needed? May develop many streamline options.

A

Human Resources

29
Q

Steps in the Process of Starting Up a Business

  • Must satisfy registration and licensing
    requirements.
  • Must also register the legal status of the
    business such as the type of business
    organization.
  • Other legal issues that come from the
    legal environment of the business must
    also be considered,
  • If the business does not operate
    according to recent rules and regulations
    and infringes legal issues, it can present
    huge problems for a business,
A

Finalize formal procedures at the
government to register the business.

30
Q

Financing the start-up of
business

Two ways to finance a business using
funds from external sources:
- involves borrowing money (capital, or the loan “principal”), usually with an identified interest rate, both of which must be paid back in full by a certain date.

A

Debt

31
Q

Financing the start-up of
business

Two ways to finance a business using
funds from external sources:
- involves selling part of the business in exchange for a financial investment. When individuals offer those
investments, the business may be established in the form of a partnership with the investors.

A

Equity

32
Q

Financing the start-up of business

The new entrepreneur should be aware that outside investors or lenders often have a relatively short time frame in mind for repayment. Typically, investors expect
to have an opportunity to recoup their money plus a profit within five years. Lenders are likely to expect repayment,
including interest, within three to seven years _____________.

A

(Galkin, 2003)

33
Q

Financing the start-up of business

The decision to bring in partners may involve more than ____________. Sometimes partners can supply needed expertise for the practice, or they may fill specific roles on the management team. For example, a nurse might invite an
accountant, a physician or a physical therapist to join a clinical practice treating orthopedic patients.

A

money

34
Q

Laws and legislation on putting up a business in the Philippines

  • The laws that control businesses are known as _____________________. They cover laws pertaining to things like intellectual property, employment, insurance, the creation of legal entities for businesses, and other things.
  • The laws you must abide by are determined by the kind of
    business you have, how big it is, where you are located, and other factors. You can be subject to more laws and
    regulations if you conduct business over county or state lines.
A

business laws and legislation

35
Q

Common Types of Business Laws

  • What activities are illegal or constitute misconduct
  • Financial and operational codes
  • Special licenses and permits
  • Liquor licenses
  • State and local building codes
  • Federal taxes
  • Bankruptcy
  • Environmental laws
  • Employment
  • Safety and health standards for the workplace
A

A wide range of legislation applies to businesses, including but not limited to rules associated with:

36
Q

Business Laws and Legislations

These types of laws, issued by federal, state, and local governments, govern how businesses must operate.
Certain industries, particularly those affected by environmental laws and building codes, must comply with
even more regulations.

A

Regulatory Laws

37
Q

Business Laws and Legislations (Regulatory Laws)

  • The Clean Air Act, which regulates air emissions
  • The Comprehensive Environmental Response, Compensation, and Liability Act (CERCLA) governs the mitigation of hazardous waste sites.
  • The Endangered Species Act protects both plants and animals that are endangered or at risk of endangerment.
  • The Occupational Safety and Health Act (OSHA) addresses workplace safety and environmental issues.
A

Major federal environmental regulations are typically enforced by the Environmental Protection Agency (EPA)
and include:

38
Q

Business Laws and Legislations

Labor laws govern the rights and responsibilities of
employees in the workplace. These include:
* Wage garnishment rules
* Minimum wage regulations
* Worker protection rules
* Child labor laws
* Some sections of OSHA
* Employee insurance and benefit programs
* Immigration and employment
* The Fair Labor Standards Act, which governs overtime, child labor, minimum wage, and record-keeping.
* Federal Equal Employment Opportunity laws prevent employers from discriminating based on religion, race, sex, or national origin, require equal pay for women and
men, and provides protection for people with disabilities.
* The Family and Medical Leave Act, which provides time off if an employee or immediate family member is dealing
with a medical condition
* Workers’ compensation insurance
* At-will work doctrines

A

Employment Laws

39
Q

Business Laws and Legislations

Regardless of whether they are a permanent resident, a citizen, or in the country on a work visa, all employees in
the US must demonstrate their eligibility to work there. The employee normally needs to submit IRS Form I-9
together with a state-issued ID card, Social Security card, or other recognized form of identity as this proof. Original
documents must be provided; photocopies will not be accepted.

A

Immigration and Employment Laws

40
Q

Business Laws and Legislations

Other laws that may impact the operation of your business
include those regarding:
* Taxation
* Reporting finances to investors and to the government
* Truth in advertising and marketing
* Telemarketing sales
* Sales tax collection
* International sales laws
* Data security
* Healthcare privacy
* Intellectual property
* Bankruptcy

A

Miscellaneous Business Laws

41
Q

Business Laws and Legislations

  • The rules that apply to businesses may be updated by the government, so it’s crucial to make sure your understanding of those laws is current.
  • One of the most frequent ways that new laws directly impact businesses is through tax policy.
  • Another is how employers and employees interact with one another, which may alter if employment rules
    change.
  • The effects of international trade tariffs, which control the items that may be imported and exported as well as
    which parties can engage in global trade, must also be taken into consideration by businesses.
  • Governments make sure that corporations operate with health, safety, and ethics in mind even if the majority of
    them exist to make a profit.
A

The Effect of Laws on Businesses

42
Q

Business Laws and Legislations

Obtaining licenses and permissions is one of the first duties for any new firm.

A

Business Licenses and Permits

43
Q

Business Laws and Legislations (Business Licenses and Permits)

  • A license and a permit differ in a subtle but significant way.
  • When you look up each term’s definition, you’ll find that the other is used as a synonym: “License” is defined as “permission,” and vice versa.
A

What’s the Difference Between a License and a Permit?

44
Q

Business Laws and Legislations (License and Permits)

  • is typically essential for those who work in dangerous occupations because it suggests competence.
  • A ____________may occasionally need to pass an exam, such as for a professional license.
  • Cosmetologists, for instance, need to have a state license.
A

License

45
Q

Business Laws and Legislations

Your business must comply with a variety of federal regulations, some of which require licenses and permits.
In addition to local and state requirements, several federal
agencies may require you to have specific licenses, permits or certificates.

A

Federal Licenses and Permits

46
Q

Business Laws and Legislations

  • The state will require you to have several different types of licenses and permits, depending on what kind of
    business you are starting, whether you have employees and if you are selling products or services.
A

State Licenses and Permits

47
Q

Business Laws and Legislations (State Licenses and Permits)

Here are the three most common licenses and permits are required by states:
- nail technicians, cosmetologists,
and massage therapists.

A

Professional licenses

48
Q

Business Laws and Legislations (State Licenses and Permits)

  • medicine
  • nursing
  • law
  • dentistry
  • teaching
  • accounting
  • veterinary medicine
  • pharmacy
  • psychology
  • engineering
  • architecture
A

People in these professions must get a state license before they can begin to practice:

49
Q

Business Laws and Legislations

Each city and county has specific permits that must be approved. Whether your business must have a permit
depends on your business type and location. For example, a home-based business must usually obtain a
variance from the municipality to do business in a residential area.

A

Local Business Permits

50
Q

Sponsorship for Intrapreneurs

He defines a sponsor as an experienced person who can be trusted to ensure that the project gets the required
resources within the organization, and who can moderate the concerns of those who feel threatened by the innovation.

A

Pinchot (1985)

51
Q

Marketing: public relations and advertising

“marketing can no longer be considered vulgar commercialism.
Ethically applied, marketing is in fact one of the necessary building stones and development tools for the future development of nursing”. Once nurses accept the appropriate place for marketing in a competitive environment, their ability to negotiate the system will improve.

A

Kingma (1998 p. 45)

52
Q

Marketing: public relations and advertising

Effective marketing calls for the expertise to:
* adapt acquired knowledge and skills to the needs of potential clients;
* estimate the number of potential clients;
* develop a business strategic plan, including budget;
* choose a work setting and furnish the workplace appropriately;
* locate financial support;
* develop a brochure and business card; and
* draft announcements/advertisements, if and when appropriate.

A

(Jowett & Vaughan 1997)

53
Q

Marketing: public relations and advertising

An essential step for assuring success in any business venture involves a clear ____________________________ – the users of the service or product – and whether that market will be able to sustain the business in the long run.

A

identification of the target market

54
Q

Marketing: public relations and advertising

  • are always a good idea to identify
    name, credentials, contact numbers and email address and possibly a brief description, such as “Geriatric Case Manager”.
A

Business cards

55
Q

Marketing: public relations and advertising

  • can be very effective, especially within an institution or among a group of
    professionals.
A

Word of mouth advertising

56
Q

Marketing: public relations and advertising

  • is important whatever the practice or
    service. Within nursing associations, specialty organizations and alumnae associations, nurses have opportunities to meet with peers and explain
    what they are doing.
A

Networking

57
Q

Marketing: public relations and advertising

is often an effective mechanism for marketing. It is a chance to demonstrate expertise, highlight the scope of services available, and plant ideas in the minds of the audience.

A

Making presentations about the nurse’s specialty to seminars or conferences

58
Q

Marketing: public relations and advertising

  • can now be done, easily and inexpensively, on a computer at home or at an Internet café.
A

Preparing brochures or flyers about the service or business

59
Q

Marketing: public relations and advertising

  • have phenomenal potential for marketing if your target audience has computers and internet access.
A

Websites

60
Q

Marketing: public relations and advertising

  • can be another cost effective way to market your services.
A

Listing the new business in the local or regional telephone directories

61
Q

7 to 12

  • Laws and regulations will have much to say about the type of consultancy or business to be established as well as its location. Those laws will determine legal liabilities as well as the insurance coverage, licenses and permits needed.
  • For a consulting business run out of a home, the town or municipality might have real estate zoning laws or regulations requiring a license or permit.
  • A nurse entrepreneur setting up a business to teach training programs should investigate whether she
    needs to develop original curricula, or whether published materials will be used.
A

Insurance Coverage,
licenses and permits

62
Q

7 to 12
- The scope of legal authority to practice will determine what services nurses may provide.
- This does not mean that only such services as referenced in a law may be performed. Often legislative language is
general so as not to limit changes in a profession or industry.
- In some countries, legal restrictions limit and control entrepreneurship.
- For example, in Korea, nurses can operate certain institutions such as nursing homes, children’s centres
and postpartum care centres. However, they cannot operate elderly welfare centres or social reinstatement
centres. Likewise, nurses in Hong Kong can operate nursing homes, but face restrictions in other areas.

A

Service Issues

63
Q

7 to 12

  • Keeping abreast of the latest developments in health care and keeping one’s skills up-to date in clinical practice issues are obviously essential for nurses providing direct patient care.
  • One of the popular businesses for nurse
    entrepreneurs is the establishment of an
    organization that provides continuing education or staff development programs for other nurses.
  • Nurse entrepreneurs setting up their own business have a wide range of resources available to them
    that provide general and specialized continuing education that are appropriate for nurse entrepreneurs:
A

Continuing Education

64
Q

7 to 12

Any nurse innovator will benefit greatly from support
offered by their family and friends.

  1. Family members and friends may act as a ‘sounding board’ as ideas and concepts are created.
  2. They may assist her in developing plans as she gathers information. They can help to examine issues as she generates alternative scenarios to test the validity of the concept.
  3. They may indicate whether they will be supportive as the nurse pursues her goal.
  4. Friends and family may be a source of funding for the business.
A

Personal Support Systems

65
Q

7 to 12
- There are a number of considerations in deciding whether to set up a home-based business or consultancy service. Working from home has the advantages of
flexible work hours, no dress code, and greater independence – and it eliminates travel to and from work. But, working at home requires discipline to separate work life from home life. Distractions should be minimized to enhance productivity.
- Other family members will be directly affected if the nurse entrepreneur is working from home. Friends and
family will need to respect the business hours and the place within the home where she will work.

A

Working from home

66
Q

The time it takes to establish a business or innovative role within a health system ranges from weeks to years.
it depends to the following:
- the amount of time the nurse can devote to research and planning,
- the availability of resource people, the timing of procedures to secure licenses, permits and insurance, the time required to process filings with governmental agencies, and the time required to raise the start-up financing of the business.

A

Credible timeframes

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