One of the elements of a business plan is market analysis. A common approach for market analysis is a SWOT analysis. This involves a review of strength, weaknesses, threats, and opportunities.
In the future, nurse leaders will take on greater responsibilities to innovate within the healthcare system. So they must become
Assignment 8.1 SWOT Analysis
familiar with the concept of entrepreneurship. In this lesson, entrepreneurship will be defined and analyzed. This analysis will describe indicators for innovative opportunity and the aspects of innovation needed in healthcare systems. We will also identify the skills and knowledge innovators should possess. As entrepreneurs within the healthcare system, nurse leaders will have to cultivate business acumen to make their case for innovations. A critical part of this business acumen is the business plan. Thus, the construction of a business plan will be described.
Review a list of all items due this week in your course’s syllabus.
Change in healthcare has been constant and will most likely accelerate. Nurses as managers and leaders will have an important role in this change. This lesson will define the concept of entrepreneurship. Specific skills and knowledge required by an entrepreneur will be described. Business skills are key to an entrepreneur’s innovation. These business skills include being able to develop a business plan. Thus, the different elements of a business plan will be described in this lesson.
Describe the knowledge and skills of an entrepreneur and an intrapreneur.
Identify indicators of an innovative opportunity.
Identify entrepreneurial opportunities (innovations needed) in healthcare systems.
Describe the factors that are driving the need for these innovations.
Identify the steps in constructing a business plan.
Create a SWOT analysis of your department, unit, or entire organization.
Before attempting to complete your learning activities for this week, review the following learning materials:
Learning Materials
Read the following in your Financial and Business Management for the Doctor of Nursing Practice textbook:
Chapter 14, “Entrepreneurial Leadership: Innovation and Business Acumen” (pp. 327–343)
The chapter provides additional references to economic evaluation of health services.
Summary
The future of healthcare will require innovative leadership and this innovation will require the requisite business expertise. Nurse managers will be part of this innovation process and so will have to develop entrepreneurial skills and knowledge. In this lesson, these skills and knowledge were described. These included the indicators for innovative opportunity and the aspects of innovation required in healthcare. Finally, to convince others in an organization of the value of your innovation, a business plan may be necessary and this process was described.
Assignment Rubric
Criteria
Ratings
Pts
Responses
5 to >4 pts
Meets Expectations
Answers to all questions are correct. Graphs are all properly labeled and axes all properly identified. All graphs are properly drawn. (If applicable.)
4 to >2 pts
Nearly Meets Expectations
Answers to most questions are correct. Graphs are mainly labeled correctly and axes are usually properly identified. (If applicable.)
2 to >0 pts
Does Not Meet Expectations
Answers to most questions are incorrect. Graphs are not labeled or axes are not properly identified. Graphs are not drawn properly. (If applicable.)
/ 5 pts
Explanations
5 to >4 pts
Meets Expectations
Provides thorough explanation of rationales and skillfully applies course materials to develop conclusions. There is always a close and strong connection between the explanations provided and the material from the lessons.
4 to >2 pts
Nearly Meets Expectations
Provides adequate explanation of rationales, but conclusions could be supported more strongly using course materials. There is a connection between explanations and concepts from the lessons but this connection is not always strong or clear.
2 to >0 pts
Does Not Meet Expectations
Neither provides adequate explanation of rationales nor uses available resources to substantiate conclusions. There is no close connection between the explanations provided and the concepts given in the lessons.
/ 5 pts
Structure and Mechanics
5 to >4 pts
Meets Expectations
Contains one or two errors in grammar, spelling, and/or APA format.
4 to >2 pts
Nearly Meets Expectations
Contains several errors in grammar, spelling, and/or APA format.
2 to >0 pts
Does Not Meet Expectations
Contains many errors in grammar, spelling, and APA format.
