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Turning a new innovative idea into a business model is called entrepreneurship. Entrepreneurship develops the business in order to make a profit from the new market. By inventing new business ideas, technology products, or services the entrepreneur helps significantly in the economy of the UK. Recently, entrepreneurs can be seen in every sector. In healthcare entrepreneurs emerge, observing the potential opportunity. In healthcare, the entrepreneur can bring venture by providing new visions and ideas. Medical entrepreneurs are so successful because they know their limits, choose the right investor, and aren't afraid.
The essay primarily highlights the entrepreneur's attributes and behaviour. The essay also focuses on the different models and theories of entrepreneurism. Moreover, the essay mainly focuses on the role of entrepreneurs in healthcare. Besides that, the essay is going to discuss the application of the theory of entrepreneurship and the ethical framework of entrepreneurship.
Creativity, creativity, innovation, values, and organization are involved in the entrepreneur's behaviour. The main behaviour of entrepreneurship is innovation beyond recovery.
As per Sendawula et al. (2018), Flexibility is one of the important behavioural characteristics of an entrepreneur beyond recovery it helps to make flexible decisions regarding the business plan beyond recovery. Flexibility mindset allows the entrepreneur to mould according to the circumstance. Therefore, flexible behaviours in entrepreneurs help to make healthcare development.
An entrepreneur thinks positively regarding their work in Beyond recovery. They think that Beyond recovery success can be achieved through positive thinking (Gupta et al. 2020).
Activity, values, thoughts, and freedom are primary traits of entrepreneurship. Entrepreneurs like to develop self-instruction rather than following others' instructions.
The motto of an entrepreneur& s success in healthcare is self-confidence. All work in healthcare an entrepreneur can do is through self-confidence.
In Beyond recovery, the behaviour of entrepreneurs is that they do not think so much. Through strong behaviour, they can easily complete any small or big task that helps them to achieve their goals.
The main purpose of an entrepreneur is to reach high achievement Beyond recovery. As per Nazareno et al. (2018). Entrepreneurship is known as a high achievement capacity concept. Through this capacity, an entrepreneur can take decisions and make innovations for the beyond recovery sector. An entrepreneur always knows his capacity such as understanding their customers' needs. In order to run beyond recovery& s business the knowledge of entrepreneurs helps to decrease business risks.
In order to work with confidence, an entrepreneur motivates their employees. Moreover, in order to the growth of Beyond recovery, an entrepreneur utilizes his skills.
According to Davies and Chambers, (2018) an entrepreneur has the ability to quickly learn from mistakes. In Beyond recovery, they encourage their staff to work with confidence so that they can easily do their work fast. In order to develop their healthcare, an entrepreneur always looks for new technology and products. Through building a team, and showing leadership quality in Beyond recovery an entrepreneur can manage their business. Moreover, they are capable of implementing and setting budgets while providing full potential such as developing staff, dealing with consumers, and many more. They have their target and vision where they spot the opportunity in order to develop the Beyond recovery.
On the other hand, an entrepreneur has some characteristics that can make an impact beyond recoveries such as adaptability, structure, experimentation, decisiveness, team building, risk tolerance, comfortable with failure, innovation, long-term focus, and many more (Nosratabadi et al. 2019). A great entrepreneur always focuses on building a team. An entrepreneur generates a new idea that helps manufacture new products and services. Those people who have an issue in their health, at that time entrepreneurs help themself to solve their issues.
In the essay, there are many theories of entrepreneurism such as psychological theory, economical theory, sociological theory, anthropological theory, opportunity-based theory, resource-based theory, innovation theory, and many more. All theories of entrepreneurism are important Beyond recovery.
According to Eichler and Schwarz, (2019), the economical theory comes from classic theory. It helps to enhance the entrepreneur's behaviour. Moreover, an entrepreneur can make an impact on the company's supply chain such as raw products. Classical theory and neo-classical theory are part of the economic theory that makes an impact on the Beyond recovery through the entrepreneur. The classical theory states that the entrepreneur plays a direct role in order to distributing goods and production context.
It has been observed that innovation theory helps entrepreneurs to gain their healthcare profit through searching for new machinery, new resources, and raw material that provide people's satisfaction in the Beyond recovery. The innovation theory states that developing resources, improving the Beyond recovery, and introducing new techniques are possible through the entrepreneur.
According to Fabeil et al. (2020), a successful innovation reduces the cost of production and helps to increase the demand for the product. In this case, the innovation theory of entrepreneurism is important in Beyond recovery.
As per Garbuio and Lin, (2019), specific theory comes from obtaining high achievement. By using achievement theory the entrepreneur develops combinations Beyond recovery and they can think and imagine.
According to risk-bearing theory, an entrepreneur makes money for their Beyond recovery by taking risks. The risk-bearing theory also states prediction of future events is one of the main characteristics of an entrepreneur.
An entrepreneur can perceive such as they can buy and sell opportunity into the market and transform possibility. An entrepreneur can be a leader who can build an ambition into the mind of healthcare staff. The evaluation theory of entrepreneurs states that it can develop the economic condition of poor countries (Fairlie, 2020). Moreover, the evaluation theory also shows that the Beyond recovery can reach its maximum efficiency when the Beyond recovery is feeling lost.
The opportunity-based theory states that entrepreneurs always find opportunities through searching for responses, change, and many more. Moreover, for entrepreneur research, the opportunity-based theory gives a conceptual framework that helps Beyond recovery to change its technology.
The reason for born entrepreneurs is to build their healthcare industry. An entrepreneur always tries to do some new task Beyond recovery. By providing experience and skills they can easily do different tasks in Beyond recovery. An entrepreneur can develop through conducting motivational training events. The innovation theory states that it helps the entrepreneur to open new markets. By using innovation theory the entrepreneurs can help the Beyond recovery to supply the raw materials.
John Kunkel propounds the behaviour theory. The development of an entrepreneur depends on his thinking skills or ability. Moreover, the opportunity depends on different factors such as training opportunity, production methods, labour, and many more. Entrepreneurs don't depend on luck, they depend on their hard work. Through their hard work, they guide hospitals into the future.
An entrepreneur is known for his big opportunity Beyond recovery. Applying innovation in the Beyond recovery they utilize new technology that helps the Beyond recovery to low cost and improve quality. Entrepreneurs did not follow the other marketing style because they have their marketing styles. The role of an entrepreneur is to guide the Beyond recovery by maintaining the products' price and quality (García-Holgado et al. 2019). Moreover, technology has completely changed modern healthcare. Moreover, without the help of human technology, it can make decisions. It plays a big role Beyond recovery. An entrepreneur guides healthcare in order to develop all the requirements of the industry. In many cases doctors are inexperienced and at that time an entrepreneur provides medical services. Due to the deficiency of integration among systems the electronic medical record can not be an advantage Beyond recovery. At that time an entrepreneur can solve their issues. In order to save many lives, timely information is necessary when an entrepreneur makes strategic decisions. In order to achieve this, an entrepreneur proves support. It has been observed that in many developing countries the healthcare system is weak. By using integrated healthcare information professional health providers can achieve timely health information. Many times the beyond recovery workers faced many problems such as conflicting methods, duplicate data, and many more that happened because of no integrated information health. At that time an entrepreneur helps to launch different communication and information technology that helps their workers to solve their issues.
Entrepreneurs maintain health and safety in order to protect their people from harm. Additionally, maintaining health and safety Beyond Recovery keeps their business going. Entrepreneurs encourage their people to keep their work and create new things. Moreover, they take care of people's mental health. They can make an impact on their work by creating relationships between their people.
The healthcare industry remains a great opportunity to develop a highly profitable business. Entrepreneurs identify these opportunities and start their business activities. As a role of entrepreneurs, they are involved to bring creativity as well as innovation to the healthcare industry. They are more focused on bringing new changes, throughout their operational activities. As an example, they are effectively working to reduce the excess cost of treatment and provide low-cost treatment to all people (Van Dijk et al. 2019). It has been observed that so many people died due to heavy expenses of treatment. Therefore they are trying to reduce the cost of treatment to offer a low-cost treatment. In many cases doctors are inexperienced and at that time an entrepreneur provides medical services. Due to the deficiency of integration among systems the electronic medical record can not be an advantage Beyond recovery. Healthcare entrepreneurs are directly involved to implement new technologies in their hospitals to specialise in medication activities and also they implement artificial intelligence. They are also focusing to satisfy their consumers by providing quality treatment as well as ensuring long term service opportunities. Implementation of AI in the healthcare industry helps to increase the effectiveness of treatment and also be effective to monitor patients' activities (Spieth et al. 2019). In addition, they are more likely to discover more ways to treat people at a low cost, which can be avail by every budget.
An entrepreneur is never born. They are made by their choice. Successful entrepreneurs never stop learning and can quit every comfort to face any challenges boldly. Normal people are afraid to face challenges but entrepreneurs want more and more tough challenges to learn and make them strong physically and mentally. They spent their time reading to learn. In general, there are so many entrepreneur models and theories such as economic entrepreneurship theory, resource-based entrepreneurship, and opportunity-based, psychological entrepreneurship theory, anthropological and sociological entrepreneur theory (Gupta et al. 2020). These six theories are considered the most effective approach to entrepreneurship. The economic entrepreneurs carry out a long term objective as well as a goal throughout their vision. They have the special skill to manage the organisational economic flow. After that, it is more to be clear that economical entrepreneurship is one of the major theoretical approaches. This kind of entrepreneur deals with the market economy of an organisation, in which the entrepreneur is the CEO or owner-manager. They follow economic theory which provides an overview of marketing research to identify economic growth opportunities and challenges (Nosratabadi et al. 2020). In this way, they can get a brief knowledge of the weakness to clutch money flow and invest in the best returning opportunities to ensure economic growth.
Psychological entrepreneurship theory focuses on the factors of an individual's mental and emotional elements which help to lead an entrepreneurial individual. Sociological or anthropological theories help to understand various social contents with the opportunities which can be used as leverage. On the other hand, the anthropological model approach helps to verify the cultural conditions within their organisation and also helps to manage their cross-cultural activities to provide an enormous working environment for the employees (Akpan et al. 2020). Moreover, Anthropological entrepreneurs deal with cross-cultural activities and they have a great ability to manage cross-cultural people and find out many ways to identify opportunities by proper arrangements of them. Resource-based entrepreneurship is a crucial approach for every organisation. Resource-based entrepreneurs are given all access to an organisation and it identifies all opportunities to take the organisation to its venture of success.
Opportunist, enabler, advocate, and producer, are the four models of entrepreneurs. These are the major models followed by every entrepreneur. According to the first model opportunism, influences the identification of opportunities (Nazareno et al. 2018). Following this approach, entrepreneurs will be able to identify every single opportunity connected with their regular practices. They never leave any opportunities. The Enabler model is used to get influence to start any critical operations. Moreover, by applying this theoretical model, entrepreneurs get encouraged to take any risks. Entrepreneurs believe in taking risks to get better opportunities in life. Enabler is the approach that helps to find the critical ways to complete any work by identifying the challenges with its way of mitigations. Advocacy is another approach to the entrepreneur model. This approach helps to recognise individual employees on the basis of their inner potential. After identifying the individuals they got reserved for further training and improvement purposes to lead other employees. Advocacy entrepreneurs dedicatedly identify those talents, provide them training for their purposes, and implement them in higher authorities to distribute the work pressures.
Ethics is a critical approach for all entrepreneurs. Following proper as well as right ethics makes an individual a great and successful entrepreneur. In general, there are eight ethics followed by all entrepreneurs. The ethics are persistence, passion, customer focus, result-oriented, risk-taking, respect, honour and integrity. Persistence is one of the major ethics that should be followed by all entrepreneurs. An example is when someone is committed to a specific work and tries so hard to achieve their goals, but unlucky they fail (Sendawula et al. 2018). They get depressed and leave their field of approach. In the case of entrepreneurs, they did not leave their field, even if they failed a thousand times. This approach is known as persistence. Persistence is necessary for all people to become successful in their life. Entrepreneurs always follow their passion. Normal people compromise their passions and become involved to achieve others' goals in exchange for some money. Entrepreneurs follow their passions and also look for those persons who can help them to succeed in their dreams. Customer focus is a very common approach for all organisations and entrepreneurs. Because customers are the pillar of the success of every organisation. Entrepreneurs effectively work to satisfy their customers as well as also involve their activities to increase customer engagement through their innovative business ideas.
Customers are the only ones who are involved in purchasing products and services of an organisation according to their needs (Kaur et al. 2018). Therefore customer satisfaction is a major object for all organisations. Entrepreneurs are designing their operations on results based. They develop a clear as well proper ethics to their operational structure by identifying all strengths, weaknesses, threats and opportunities along with the results. In very few words, entrepreneurs develop a clear structural overview of an operation before it physically takes place. Risk-taking is another quality of ethics present in all entrepreneurs. They are always ready to take any kind of risk and to achieve their subjective goals to get more and more success in their life. Honour is another subjective matter; they are working hard to achieve that. Entrepreneurs draw their action plan based on their popularity and they can earn more honour with popularity.
In order to earn the honour, they also get involved with social work and contribute to all several social works (Usak et al. 2020). Integrity is not getting involved in any unethical activities or operations. Entrepreneurs always stay honest and dedicated to their organisation as well as operations. They did not like any unethical or unsocial activities or such operations, which can decrease their brand value and have a negative effect on their organisation. Moreover, it is also to be sure that their employees are not involved with any kind of unethical activities. Therefore they make policies so strong and breaching out will lead to employment hampers and also can lead to imprisonment. The last ethic they follow is respect. They respect all their employees and treat them equally. They believed in the policy of “give respect and take respect". That's why they respect all people and do not judge anyone on the basis of their culture, region, nationalities and socioeconomic standard. They judge people based on their behaviour and talents.
It can be concluded as the essay is based on the topic of entrepreneurship and social enterprise. A brief analysis of entrepreneurs' models and theories is encountered. six theories are considered the most effective approaches to entrepreneurship such as economic entrepreneurship theory, resource-based entrepreneurship, opportunity-based, psychological entrepreneurship theory, anthropological and sociological entrepreneur theory. Opportunist, enabler, advocate, and producer, are the four models of entrepreneurs. These are the major models followed by every entrepreneur. In healthcare entrepreneurs emerge, observing the potential opportunity. Risk-taking is another quality of ethics present in all entrepreneurs. They are always ready to take any kind of risk and to achieve their subjective goals to get more and more success in their life. In healthcare, the entrepreneur has the ability to bring venture by providing new visions and ideas. It has been observed that innovation theory helps entrepreneurs to gain their healthcare profit through searching for new machinery, new resources, and raw material that provide people's satisfaction in the beyond recovery.
Book
Van Dijk, G., Sergaki, P. and Baourakis, G., 2019. The cooperative enterprise: Practical evidence for a theory of cooperative entrepreneurship (pp. 1-204). Cham, Switzerland: Springer International Publishing.
Journals
Davies, I.A. and Chambers, L., 2018. Integrating hybridity and business model theory in sustainable entrepreneurship. Journal of Cleaner Production, 177, pp.378-386.
Eichler, G.M. and Schwarz, E.J., 2019. What sustainable development goals do social innovations address? A systematic review and content analysis of social innovation literature. Sustainability, 11(2), p.522.
Fabeil, N.F., Pazim, K.H. and Langgat, J., 2020. The impact of Covid-19 pandemic crisis on micro-enterprises: Entrepreneurs& perspective on business continuity and recovery strategy. Journal of Economics and Business, 3(2).
Fairlie, R., 2020. The impact of COVID?19 on small business owners: Evidence from the first three months after widespread social?distancing restrictions. Journal of economics & management strategy, 29(4), pp.727-740.
Garbuio, M. and Lin, N., 2019. Artificial intelligence as a growth engine for health care startups: Emerging business models. California Management Review, 61(2), pp.59-83.
García-Holgado, A., Marcos-Pablos, S., Therón-Sánchez, R. and García-Peñalvo, F.J., 2019. Technological ecosystems in the health sector: A mapping study of European research projects. Journal of Medical Systems, 43(4), pp.1-11.
Gupta, P., Chauhan, S., Paul, J. and Jaiswal, M.P., 2020. Social entrepreneurship research: A review and future research agenda. Journal of Business Research, 113, pp.209-229.
Muñoz, P. and Kimmitt, J., 2019. Social mission as competitive advantage: A configurational analysis of the strategic conditions of social entrepreneurship. Journal of Business Research, 101, pp.854-861.
Nazareno, J., Zhou, M. and You, T., 2018. Global dynamics of immigrant entrepreneurship: Changing trends, ethnonational variations, and reconceptualizations. International Journal of Entrepreneurial Behavior & Research.
Nosratabadi, S., Mosavi, A., Shamshirband, S., Kazimieras Zavadskas, E., Rakotonirainy, A. and Chau, K.W., 2019. Sustainable business models: A review. Sustainability, 11(6), p.1663.
Sendawula, K., Nakyejwe Kimuli, S., Bananuka, J. and Najjemba Muganga, G., 2018. Training, employee engagement and employee performance: Evidence from Uganda& s health sector. Cogent Business & Management, 5(1), p.1470891.
Spieth, P., Schneider, S., Clauß, T. and Eichenberg, D., 2019. Value drivers of social businesses: A business model perspective. Long Range Planning, 52(3), pp.427-444.
Gupta, P., Chauhan, S., Paul, J. and Jaiswal, M.P., 2020. Social entrepreneurship research: A review and future research agenda. Journal of Business Research, 113, pp.209-229.
Nosratabadi, S., Mosavi, A., Shamshirband, S., Kazimieras Zavadskas, E., Rakotonirainy, A. and Chau, K.W., 2019. Sustainable business models: A review. Sustainability, 11(6), p.1663.
Akpan, I.J., Udoh, E.A.P. and Adebisi, B., 2020. Small business awareness and adoption of state-of-the-art technologies in emerging and developing markets, and lessons from the COVID-19 pandemic. Journal of Small Business & Entrepreneurship, pp.1-18.
Nazareno, J., Zhou, M. and You, T., 2018. Global dynamics of immigrant entrepreneurship: Changing trends, ethnonational variations, and reconceptualizations. International Journal of Entrepreneurial Behavior & Research.
Sendawula, K., Nakyejwe Kimuli, S., Bananuka, J. and Najjemba Muganga, G., 2018. Training, employee engagement and employee performance: Evidence from Uganda& s health sector. Cogent Business & Management, 5(1), p.1470891.
Kaur, P., Sharma, M. and Mittal, M., 2018. Big data and machine learning based secure healthcare framework. Procedia computer science, 132, pp.1049-1059.
Usak, M., Kubiatko, M., Shabbir, M.S., Viktorovna Dudnik, O., Jermsittiparsert, K. and Rajabion, L., 2020. Health care service delivery based on the Internet of things: A systematic and comprehensive study. International Journal of Communication Systems, 33(2), p.e4179.
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