Opportunities for Nurses as Entrepreneurs

When thinking about working in the nursing field, many people consider jobs in hospitals, clinics, or medical offices. But those are only some of the places where nurses can share their knowledge and expertise.

For nurses, entrepreneurship seems to be an unexplored option. One study says only 0.5% to 1% of all working nurses globally are entrepreneurs.

“As nursing students graduate, the typical focus is on transitioning to clinical practice,  providing direct patient care in the hospital or in the community settings,” says Melissa Burdi, dean and vice president of the Purdue Global School of Nursing. “Entrepreneurship isn’t always the first professional path that nurses choose in their career, but it can become a very appealing avenue as one gains experience and expertise in their specialty.”

What Is a Nurse Entrepreneur and What Advantages Do They Have?

Nurse entrepreneurs take health care knowledge and combine that with business acumen to develop business ventures around new product lines, innovative technology, or optimal care delivery. Opportunities are wide open, as long as nurses can innovate from concept to market.

“I think individuals, regardless of their profession, are often intimidated by innovation and believe that they have to come up with something shiny or brand new,” Burdi says. “Innovation is often just repurposing something that has been done before⁠—but perhaps positioning it in a different way.

“You're repackaging it to look different or creating new marriages of two products⁠—or areas⁠—of content. From that marriage, you've developed an exciting, new, and innovative product or service that meets the current needs of the customer or industry.”

Burdi says nurse entrepreneurs have a number of advantages in the health care world.

“Nurse entrepreneurs have independence, autonomy, and flexibility,” she says. “Having that ability to design your career gives you freedom. I think that there's a great degree of satisfaction in being able to take your clinical expertise and business acumen to create that intersection in an innovative way.”

What Are the Attributes of Successful Nurse Entrepreneurs?

There are certain skills and attributes that nurse entrepreneurs should have to be successful. According to Johnson & Johnson Nursing, nurse entrepreneurs should be:

• Independent: Able to work alone or start a separate business
• Managerial: Can guide, learn from, and support other nurses
• Research-oriented: Skilled in analyzing data and discovering new treatments, products, or services for patients or health care consumers

“Strong nurse entrepreneurs are able to function autonomously,” Burdi says. “They have a vision, are creative, and are risk takers. They are willing to step outside of their comfort zone and engage in continuous quality improvement. It takes a lot of dedication and commitment to self-motivate and reinvent.”

How Do You Become a Nurse Entrepreneur?

According to NurseJournal, there are a few important steps to enter the nursing entrepreneurial field:

• Gain clinical experience: After earning a degree, you need to have practical experience. You’ll also strengthen soft skills such as delegating, planning, problem-solving, and strategizing.
• Find inspiration: While practicing, you’ll be able to identify unmet needs, whether of patients or coworkers.
• Pursue relevant certifications: Nurses will have such basic certifications as well as their license and specialty certification. Keep these up to date, and determine whether you’ll need any other certifications or licenses.
• Create a business plan: Your plan should detail the why and how of your business idea, with summaries of how your business will function and goals.
• Secure funding: This is why a business plan is important to outline your idea for investors. You’ll have to understand how much money you’ll need to make your plan successful.
• Grow and market your business: There are many ways to get the word out, from social media to paid advertising to digital marketing. Find out what’s right for your needs and budget.

Burdi says nurse entrepreneurs need to think about more than health care when considering a business.

“The key is to maintain self-awareness and social awareness of others around you, knowing what the market needs are, and the driving forces that are happening inside and outside of health care,” she says.

“Maintaining relevance is also important. As an entrepreneur, you should always be seeking the latest evidence that's emerging. There's always new research that's evolving, and it's important to stay on top of it.”

What Kind of Businesses Can Nurse Entrepreneurs Start?

There are several business ideas for nurse entrepreneurs, Burdi says.

“From opening up nurse practitioner minute clinics to nursing staffing agencies to tech agencies to home health agencies—there are so many opportunities,” she says.

Burdi spoke about consulting as one option for nurse entrepreneurs.

“Consulting is probably one of the most prevalent opportunities for nurses,” she says. “I've had the opportunity to work with nurse consultants who perform a variety of services that prepare hospital organizations for upcoming accreditation visits. I’ve also consulted on nursing education and with subject matter experts who assess the landscape and provide detailed input.”

Other career options, according to BMJ Journal, include:

• Freelance communications
• Health coaching
• In-home care
• Legal nurse consulting
• Patient advocacy

What Does the Future Hold for Nurse Entrepreneurs?

Burdi says the landscape of health care is changing, requiring nurses to be open-minded and forward-thinking with how they deliver care.

“I think that you're going to see continued innovation in technology, especially when it comes to improving patient safety,” she says. “There are more and more opportunities for nurses to be leaders in this space—whether it be consulting or from the practice side—and just having that autonomy and flexibility to be at the forefront.”

Burdi says she seeks plenty of opportunities for nurses to become entrepreneurs.

“It's important for nurse educators to illustrate the pathway so those who are interested have the tools, knowledge, and the skills that they will need to create innovative opportunities,” she says.

The exact number of nurse entrepreneurs is hard to pin down, according to the Annals of Nursing and Primary Care. Burdi says, however, that the field is full of promise.

Find out About Opportunities for Nurses

Nursing takes the next step with education. Purdue Global offers an online MSN-MBA Dual Degree that allows students to earn a master’s in nursing and a master's in business administration. This degree program, in addition to being beneficial for nurse entrepreneurs, helps nurses qualify for executive-level leadership positions in health care and beyond.

Purdue Global also offers an online Executive Leader Postgraduate Certificate for nurses that will help in pursuit of administrative, managerial leadership positions. It will also help nurses prepare for the certification examinations.

Learn more about opportunities in Purdue Global’s nursing programs. Contact us today for more information.

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