1. Entrepreneurship in Healthcare

2. Introduction
Entrepreneurs can change the world. - YouTube

3. Entrepreneur – what is it?
Definition – a person who organizes, manages, and assumes the risks of a business enterprise, including taking a profit when successful and a loss if business fails.
Represents basic American values.
Must have initiative, persistence, and inventiveness to succeed and show a profit.

4. Characteristics of an Entrepreneur
Well-motivated
Persistent
Self-Confident
Responsible
Creative/inventive
An independent thinker

5. Several factors influence success:
Estimate of finances involved, capital outlay, operating expenses, hidden costs, and living expenses
Competition of other businesses
Advertising and marketing of the business
Accurate record keeping
Maintaining supplies and materials
Updating and improving methods of operation

6. Types of Ownership Sole Proprietor
Vast majority of small businesses start this way
Owned by one person, usually the individual who has the day-to-day responsibilities of running the business
Own all the assets and profits generated by it
Also have complete responsibility for all liabilities and debts

7. Types of Ownership (cont’d)
Partnerships
Two or more people share ownership of single business.
Should have a legal agreement that sets forth how decisions will be made, profits will be shared, disputes will be resolved, how future partners will be admitted to the partnership, how partners can be bought out, and what steps will be taken to dissolve the partnership when needed.
General Partnerships and Limited Partnerships

8. Types of Ownership (Cont’d)
General Partnership
Partners divide responsibility for management and liability as well as the shares of profit or loss according to their internal agreement.
Equal shares are assumed unless there is a written agreement that states otherwise.
Limited Partnership
Limited means that most of the partners have limited liability (to the extent of their investment) as well as limited input regarding management decisions, which generally encourages investors for short-term projects or for investing in capital assets.
This form of ownership is not often used for operating retail or service businesses.
Forming a limited partnership is more complex and formal than that of a general partnership

9. Types of Ownership (cont’d)
Corporation
A corporation chartered by the state in which it is headquartered is considered by law to be a unique entity, separate and apart from those who own it.
A corporation can be taxed, it can be sued, and it can enter into contractual agreements.
The owners of a corporation are its shareholders. The shareholders elect a board of directors to oversee the major policies and decisions.
The corporation has a life of its own and does not dissolve when ownership changes.

10. Entrepreneurs must develop a plan of action to include:
Business plan – a written document describing the nature of the business, the sales and marketing strategy, and the financial background, and containing a projected profit and loss statement
Marketing strategies - A strategy that integrates an organization's marketing goals into a cohesive whole. Ideally drawn from market research, it focuses on the ideal product mix to achieve maximum profit potential. The marketing strategy is set out in a marketing plan.

11. Components of a Business Plan
Product or service to be sold
Customers who will make the purchases
Competition
Kind of financing necessary and the method to obtain
Time commitment required to make it work
What it takes to keep a business going

12. Marketing Strategies
Targeting a customer base with advertising, meeting supply and demand with a quality product, competitive, and providing quality services
Successfully completing a product or service by a work force
Maintaining a plan of action throughout the business venture

13. Conclusion
Starting and operating a successful, small business requires a thorough understanding of the endeavor.
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