Mastering the Nerve to Start a Business - Essay Example

?Mastering the Nerve to Start a Business As in most cases of starting a business, setting up a private nursing practice can be daunting and work extensive. This is aggravated by a constant concern for risks and eventual failure. But the most important aspect of this endeavor, once one finally get around with the difficulty of having to deal with the initial jitters and persistent fears, is that, aside from being profitable and convenient (with the prospect of being one’s own boss), is the fact that it can also be deeply rewarding. This piece will explore why this is the case and also cite the experiences of successful ventures undertaken by those people who had the same reservations and fears but eventually succeeded through determination. In the end, as one would be familiar with all success stories, they all began with the first step: they braved the odds and fears and chose and committed themselves to a career in entrepreneurship. Let start with the statistics. Today, several million of new businesses are launched in the United States each year, and most of them end up being successful (Megginson and Smart, 2008, p.823). What this means is that, since, it is a relatively common practice, one who intends to put up his or her own, will never find a shortage of support. For example, financing may be available such as the so-called angel investors, who are typically locally wealthy business people who can invest $50,000 to over $200,000 in a new business (Megginson and Smart, p. 823). More importantly, however, is the fact that it is easy to navigate the process since there are existing and established norms because business is essentially an established technology, with established tasks, objectives and milestones (p.823). Some successful practitioners manage to take advantage of this condition and avoid risks by starting small and eventually finishing big. Consider a nurse who is currently working in an institution. She decides to start a small business that she could conduct while she is working as a nurse. It is more like part time work but it is a start. She sets up a nursing home business by accepting old people in the community who can no longer take care of themselves. She hires an employee and proceeded on charging $150 per day. Since these are adults and not very mobile wards, she is able to accept 6-7 elderly per day, with her staff and her help during her free time. So that would be about $900-1050 per day. The elderly population in her community is quite large, so the business is poised to be popular and expansion, inevitable. The above example demonstrated several of the opportunities and the abilities involved in starting a business. It also depicts how creativity can be rewarded with success. The approach was able to address the financial problem of securing a steady flow of capital with the plan, since the example cited how the nurse began the business while still working. This is especially important in instances when financial loans are difficult to come by. This is true in the case women. Sometimes being female can be a disadvantage in securing loans (Fielden and Davidson, 2006, p.114). Private practice can also become rewarding since a nurse is in a more position to make a meaningful difference to his or her clients. This is because, in the course of the practice, there is an opportunity to immediately decide on additional services or modifications in service being provided. The following case study demonstrates this best: Mandy, a community pediatric nurse, thought she was selling home care for children. But when she questioned her patients and their families, she found that for the parents of sick children she provided reassurance, a source of reliable information, a shoulder to cry on and a tension diffuser… The response of the patients varied according to their illness. One said, ‘You can change dressing without hurting me very much, and you always tell me a nice story when you come’, while another commented, ‘You make the morning go much quicker and you make sure I don’t have to go to hospital (Royal College of Nursing). The circumstance of the business, with Mandy as the owner, made it possible to introduce a service immediately that is better able to help patients and their well being. Presently, Mandy introduced a counseling service to her business, which became popular as well. This is something that a nurse for a hospital cannot easily accomplish. On the business side, Mandy’s experience also highlighted an ability to achieve “clarity”, which, according to Meier, is important in business because the knowledge of important things - such as goals and opportunities - to the last detail is important in achieving them (p.86). There are cases when the business does not go well as expected. For example, Twyla Bradley began offering personalized care to elderly with mental health problems with the idea of providing holistic, individualized care for these individuals and families (Larsen and Lubkin,2009, p.370). The problem was that Medicare would reimburse her for only 23% of the cost of her services and in order for her business to be viable, she had to bill the patients with the rest. There were those who fail to refuse to pay and those who would not patronize the service (p.370). Bradley struggled for over a year. But because of her belief that she is helping, especially, with the highly fragmented and impersonalized care for adults, her business came to be finally accepted. Her determination to hold out – borne out of a desire to help and the fact that she enjoyed what she was doing – finally rewarded her with profitability on her business second year. All in all, the fear of starting one’s own nursing practice mainly stem from risks entailed in starting a business. But this should not deter anyone from proceeding with the idea. One should be mindful of the fact that life is full of risks – from riding an airplane to securing one’s money in the bank. So it makes no sense be fearful about risk-taking by starting one’s own business. The risk in this respect is even mitigated by the fact that one is investing on himself or herself. If the entrepreneur believes that he has the skill, tenacity and passion for his endeavors then the risk would significantly be whittled down. According to Aspatore, taking risks is even recommended since it allows people to be more creative and maximize their performance (p.9). The key, of course, is to take calculated risks because it is essential in the success of the business. It also helps that the nurse entrepreneurs enjoy what they do and have a innate desire to help others. Business is all about providing what is required by clients and this is highlighted more in the area of nursing practice. Care is an important variable in this industry and the ability to provide genuine and personalized service give nurse entrepreneur an edge over established institutions. Again, starting a business is a challenging but rewarding venture. But one must start now. The market will always be in a state of flux, constantly changing: adding and subtracting variables. Risks and threats will also always be present. These highlight the fact that there is no single best opportunity to set up shop. All it takes is a little daring and making the first step. New entrepreneur should be motivated by the potential for success instead of wallowing in the fear of failure. References Aspatore, J. (2002). Vault Guide to Starting Your Own Business. (2nd ed.). New York: Vault, Inc. Fielden, S. and Davidson, M. (2006). International Handbook of Women and Small Business Entrepreneurship. London: Edward Elgar Publishing. Larsen, P. and Lubkin, I. (2009). Chronic Illness: Impact and Intervention. Sudbury, MA: Jones & Bartlett Learning. Megginson, W. and Smart, S. (2008). Introduction to Corporate Finance. New York: Cengage Learning. Meier, N. (2012). Start Your Own Business and Live Your Dream: Become a Self-Made Millionaire with Your Business. Bloomington, IN: AuthorHouse. Royal College of Nursing. (2007). Nurse Entrepreneurs. London: Royal College of Nursing. Read More