Nursing Entrepreneurship

NURSING
ENTREPRENEURSHIP
Nursing Entrepreneurship
“Nurses should start thinking of being entrepreneurs. Nurses can go beyond
being mere employees of hospitals, clinics and health units. They can organize
themselves into associations and cooperatives to set up home healthcare
services, birthing places, or health facilities for older people among various
other similar possibilities”.
-DoLE Undersecretary Carmelita Pineda
• In human’s perception, nurses are designed only for caring and
assisting sick people. Due to their medical learning background, people
cannot avoid to refer their job mainly in medical services.
• Nursing is no longer just about offering services to patients, and
working in hospitals and homes. Today, experienced nurses can
become entrepreneurs, and be their own boss. While becoming a nurse
entrepreneur can be exciting, the job also has challenges and
difficulties, something that is part of all businesses.
• Having your own business can be very rewarding, as health and social
care are changing all the time, long as you approach it in a business-
like way.
Nurse Entrepreneurs
• Nurse Entrepreneurs combine their nursing background with
business and utilize their individual creativity and
resourcefulness to start their own companies. The Nurse
Entrepreneur may provide patient care, equipment, consulting
services, and education as it relates to nursing while assuming
inherent risks of business accountability.
• These men and women apply their skills and training toward
establishing, promoting, or consulting in business ventures in
the health care industry. They can build on their nursing
knowledge to develop medical devices or computerized
systems for delivering healthcare, freeing staff nurses to spend
more time caring for patients.
The ICN guidelines on the nurse entrepreneur
providing nursing service:
• Three to five years nursing experience
• Continuing education relevant to your area of
practice
• Competence in communication, negotiation,
marketing, time management, public relations,
time management and accounting skills
• Knowledge of legal, insurance, grants and tax
matters
How to Become Successful Nurse Entrepreneur:
Here are some ways to becoming a successful nurse
entrepreneur:
1) Hands on Approach
You need to know and understand the needs of your
patients. Apart from that, you need to combine various
approaches to provide the best healthcare possible,
from educational to management and training. The
American Association of Diabetes Educators, for
example, provides training and advice to potential
nurse entrepreneurs, and helps them start a nursing
business.
2) Getting Started
Make plans before you start with your

business. How will you source funds for your
business? How much time can you devote to
it? What kind of property and equipment do
you need to invest in? How about stationery
with logo on it, and business cards? Every little
detail needs to be taken care of before you
can become a nurse entrepreneur.
3) Think Positive
Nothing works like a positive attitude. You need to be a

good leader and motivate people in order to make a
success of your nursing business.
4) Don't Put All Eggs in One Basket
Since you are a newcomer to nurse entrepreneurship,

you do not know how successful your business might be.
If it does not work out, you should have a fall back
option. Think about nursing consultancy services,
speaker, education etc.
Advantages of Becoming a Nurse Entrepreneur:
1) Opportunities
• The nursing profession has a problem of
shortage, so anyone with experience in
nursing is welcome at hospitals and healthcare
sector.
2) Flexibility
• Being your own boss means that you can
choose you working hours to some extent.
Apart from hospitals, you can also be
associated with old age homes, maternity
homes and similar sectors.
Setting up your own business is a decision that needs
careful consideration. To go it alone you must:
✦ be passionate about developing an area of interest

✦ be willing to take risks
✦ be willing to make a commitment
✦ be enthusiastic
✦ believe in yourself and your dream
✦ have a strong self-image and plenty of self-
confidence
✦ have the drive to achieve and succeed
✦ have a strong ‘customer’ orientation.
Make sure you consider the risks involved in
becoming self-employed. These include:
✦ spells without work
✦ irregular and unpredictable income
✦ having no one else to take the responsibility
for mistakes
✦ no employer contributions towards sickness,
annual leave and pensions.
The main types of business ownership:
✦ Sole traderships or sole proprietorship were generally only one
person funds the business activity
• is a for-profit business owned by one person.
✦ Partnerships, where two or more people band together to finance or
run a venture
✦ Corporations/limited companies where it is possible for many
thousands to subscribe for a share in business ownership and, in
theory at least, a say in its governance and direction.
• Corporations can be eithergovernment-owned or privately-owned,
and privately-owned corporations can organize either for-profit or
not-for-profit.
✦ Co-operatives. This is the least common form.
• A cooperative differs from a for-profit corporation in that it has
members, as opposed to shareholders, who share decision-making
authority.
Advantages of Sole traderships:
✦ There are relatively simple formalities involved
in setting up
✦ There is no obligation to submit copies of
accounts for public scrutiny
✦ There are no limitations on capital, assets and
the scope of business as there are with a limited
company
✦ There is no requirement to share business
decisions as sole control is retained.
Disadvantages:
✦ The individual is personally liable for all
business debt
✦ The responsibility of being solely charged with
all business decisions can be onerous
✦ The available business expertise is limited to
that of the individual
✦ The absence of public accounts can make it
difficult to demonstrate the true financial
position and may deter larger potential
customers.
Partnership:
✦ all partners contribute capital equally
✦ all partners share profits and losses equally
✦ no partner shall have interest paid on his or
her capital
✦ all partners have an equal say in the
management of the business
Advantages
✦ There are relatively simple formalities involved in
setting up, although it is important to get a legal
partnership deed drawn up
✦ It’s less lonely than starting up by yourself
✦ There is no obligation to submit copies of accounts
for public scrutiny
✦ You can start your business with more capital than
if you were on your own
✦ There are no limitations on capital, assets and the
scope of business as there are with a limited
company.
Disadvantages
✦ Each partner is liable for the debts of the
partnership, regardless of who actually incurred the
debt
✦ There is a risk of personality clashes between
partners
✦ The death or bankruptcy of any partner
automatically dissolves a partnership, but liability
remains against the other individuals, unless there is
an agreement to the contrary
✦ The absence of public accounts can make it difficult
to demonstrate the true financial position and may
deter larger potential customers.
Corporations/ Limited liability companies:
• The directors are charged with the
responsibility of making the business decisions
and the shareholders are the owners of the
company.
• A minimum of one shareholder and one
director is required to form a company.
• Companies pay corporation tax on their
taxable profits.
Advantages
✦ Financial liability of directors and shareholders is limited to
the amount of money they have paid for shares, providing
there has been no fraud or negligence
✦ The management structure makes it easy to appoint, retire
or remove directors
✦ Extra capital can be raised by selling more shares privately,
making it simple to admit more members
✦ The death, bankruptcy or withdrawal of capital by one
member does not affect the company’s ability to trade
✦ The disposal of the whole or part of the business is easily
arranged
✦ The company may have higher status with potential
customers.
Disadvantages
✦ The company has to be registered with Companies
House and must provide audited annual returns
and accounts, which involves extra administration
work. There are legal penalties for failing to make
returns
✦ Limited Company statutory details must be
available for public inspection at its appointed
‘Registered Office’, which negates some business
confidentiality
✦ LLCs can be more expensive to set up, and you
may need professional help
A cooperative is owned and controlled by the people
working in it.
Advantages
✦ They are a good way of setting up with a large group
of people
✦ Co-operatives are democratic
✦ Liability is more limited than with a partnership
Disadvantages
✦ Setting up may require professional help
✦ The seven-member minimum may be difficult to
sustain.
IMPORTANT:
Remember that it is important to register your
business to avoid any legal problems once
business operations start. Furthermore, it’s
common practice for competitors to check on
you if you have all the necessary registrations
completed because if not, this will be an
opportunity for them to disrupt and delay
your operations by notifying the proper
authorities.
Depending on the structure of your business,
your first step is to get a certificate of
registration for your business name in one of
these agencies:
• Department of Trade and Industry (DTI) – for
single proprietorship
• Securities and Exchange Commission (SEC) –
for partnerships or corporations
• Cooperative Development Authority (CDA) –
for cooperatives
After getting your certificate of registration, you will need
to visit the following offices:
• Homeowners Association – for businesses inside
villages and subdivisions, you need to get a
homeowner’s clearance
• Barangay Hall – secure a barangay clearance to operate
your business
• Local Government Unit (LGU) – visit the municipality or
city hall office and process your business permit
• Bureau of Internal Revenue (BIR) – apply for a business
taxpayer identification number (TIN), register your
books of accounts, point-of-sales (POS) machines and
receipts
At this point, you may now legally start your business operations,
but you’ll need to then register your employees (which may
include yourself) to the following agencies:
• Social Security System (SSS) – secure an SSS number for yourself
and your employees
• Department of Labor and Employment (DOLE) – for businesses
with five workers or more, register your business with DOLE
• Home Development Mutual Fund (HDMF) – as required by RA
7742, SSS members earning at least P4,000 a month must be
registered with HDMF. This agency administers the Pag-Ibig Fund.
• Philippine Health Insurance Corp. (PhilHealth) – all employers of
are required to register their employees to this agency as stated
in the New National Health Insurance Act (RA 7875 / RA 9241).
PhilHealth manages and administers the government health care
system.
Marketing
• the total of activities involved in the transfer o
f goods from the producer or seller to the
consumer or buyer, including
advertising , shipping, storing, and selling
• A formal approach to this customer-focused
marketing is known as SIVA (Solution,
Information, Value, Access). This system is
basically the four Ps renamed and reworded to
provide a customer focus. The SIVA Model
provides a demand/customer-centric
alternative to the well-known 4Ps supply side
model (product, price, placement, promotion)
of marketing management.

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NURSING

Make plans before you start with your

Nothing works like a positive attitude. You need to be a

4) Don't Put All Eggs in One Basket

Since you are a newcomer to nurse entrepreneurship,

✦ be passionate about developing an area of interest

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