Entrepreneurship in Healthcare: Leadership, Strategy, and Innovation

This essay provides a comprehensive overview of entrepreneurship, with a specific focus on its application within the healthcare industry. It defines the role of an entrepreneur as an innovator and risk-taker, emphasizing the importance of identifying opportunities and solving problems. The essay explores the significance of leadership principles, strategic planning, and market assessment in entrepreneurial ventures, particularly within the healthcare realm. It highlights key concepts such as developing business plans, attracting stakeholders, and building high-performing teams. The essay also analyzes the impact of technological advancements and changing market dynamics on the healthcare sector, including the emergence of new business models and the adoption of data-driven approaches. Furthermore, it discusses the principles of leadership in entrepreneurship with an emphasis on decision making, risk-taking, and the importance of selecting the right team. The essay also touches upon various medical innovations and the role of interoperability, along with different stakeholders involved in entrepreneurial ventures and skills required for new entrepreneurial ventures.

Entrepreneurship
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This essay will bring out a discussion on entrepreneurship that creates business, bears most risk
and also enjoys most of the rewards. An entrepreneur is seen as innovator of new ideas, goods,
businesses, and services. Entrepreneurs play an important role in the economy, which has the
ability to generate such ideas that could solve the problem of person by availing them such
products1. People who have skills and procedures in necessary anticipated future and current
needs by bringing by taking the risks for any start-up that rewards profits. This essay describes
the relevant main concepts of entrepreneurs and how it is relevant to become an entrepreneur
especially when related to realm of healthcare. Furthermore, it will analyze principles of
entrepreneurship leadership with the application of key concepts in discovery, strategy, and
market assessment2. It further analyses how it will move to the entrepreneurship opportunities
with an aim to implement to know how it is important to refine and convey concepts, attract
stakeholders with the inclusive of high performing teams, develop business plan, and
entrepreneurial ventures. Further, it is important to know the steps through which it will be able
to develop and create several skills for new entrepreneurship ventures3.
What makes the art of entrepreneurship so effective, purposeful, flexible, and also autonomous is
its nature and priorities. Entrepreneurs want them to be always own boss, control the
performance, run the business, and analyze the results. They have the power to recognize
organizational success of failure resting, do not see the responsibility as a burden, and mark
freedom. Most entrepreneurs realize that they are not going to become billionaire but there are
1 Venkataraman, Sankaran. "The distinctive domain of entrepreneurship research." Seminal Ideas
for the Next Twenty-Five Years of Advances. Emerald Publishing Limited, 2019. 5-20.
2 Bosma, Niels, et al. "Global entrepreneurship monitor 2015 to 2016: special topic report on
social entrepreneurship." Available at SSRN 2786949 (2016).
3 Maier, Michl Sebastian. Corporate diversification strategies and their effects on firm
performance-the case of Samsung's venture into healthcare. MS thesis. BI Norwegian Business
School, 2017.

some magic bullets. With the enhancement of the healthcare industry, technology has been
improving widely available passion and risk taking nature. Healthcare industry open huge
success and opportunities for entrepreneurs4. In this sector, value driven business models have
been looking for efficient improvement growth perspective and services that require
entrepreneurship talent and disruption. This transformational forces can innovate business model
which traditionally providers cannot deliver. Several companies have been directing into
healthcare and adjacent fields, which are led by the entrepreneurs who can see the value of
emerging market. Healthcare organizations have been becoming numerous and also it experience
great level of competition. Market incentives are forcing MBA professionals and investors to get
into the healthcare industry as they are open to the new and innovative ideas and other
technologies5. Healthcare has been directive and open to the industry that embraces their patients
as consumer mindset. Traditional clinical models such as fee for services model healthcare, and
making of the money where the patients are run away. New emerging population management
models reward healthcare providers to keep the patients healthier that are opposed to allow them
to make money off for the sick person. Preventing illness is the key to avoid useless treatment is
a policy where population management models rewards healthcare providers to keep the patients
healthier. Healthcare workers attempt to work to introduce the shifts that can lead to health
preserving measures, systems, techniques such as fitness apps, and wearable technologies.
Entrepreneurial minded professionals have been applying analytical and predictive data to
continue healthcare needs of a community in ensuring adequate and intensive care. It makes
4 Parker, Simon C. The economics of entrepreneurship. Cambridge University Press, 2018.
5 Venkataraman, Sankaran. "The distinctive domain of entrepreneurship research." Seminal Ideas
for the Next Twenty-Five Years of Advances. Emerald Publishing Limited, 2019. 5-20.

statistical predictions for care which is required next. These are exposed to inefficient correction
in the traditional healthcare by making new models on the basis of work.
Entrepreneurs are charismatic and transformational leaders where it include numerous academic
fields, fields of leadership, strategy and entrepreneurship. When management wants its members
to get things done from others. Leadership should define social, formal and informal sources,
which can use it to inspire several actions opted by others. It helps to mobilize others so that it
can achieve goals with the help of great leaders that build up company`s human capital which
can motivate persons to take particular actions. Leadership is inclusive of understanding of how
it can use formal sources of authority and power. For instance- P&G avails a current illustrations
that focuses on shifting leadership, which is the main key principle of management. P&G recruits
and promotes individuals that can demonstrate success under the influence of direct and
coercive. A good leader and leadership will always important, useful principle of the
management, and valuable for inspiration. While defining the principle of management,
leadership and entrepreneurship, it is important to answer “who”, “what”, and “how”.
Entrepreneurship organizations and good leader are fanatical finding several opportunities and
solve issues for every organization6. Some of the important principles of entrepreneurship are
decision making, risk taking, solution provider, visionary, selection of right team, value creation
of products and services, accountability, capital, know the customers, marketing and growth,
never give up, and priorities. In regards to the medical sector, it is seen that there are some top
medical innovation such as hybrid closed loop insulin delivery system, foot therapies, gene
therapies for the inherit retinal diseases, emergence of distance health, generational vaccine
platforms, artificial intelligence, block chain for healthcare, internet of medical things, breast
6 Levie, Jonathan. "Global Entrepreneurship Monitor Scotland 2014." (2015).

cancer drug, and Tricorder XPrize7. For instance- hybrid closed loop regarding the insulin
delivery system, which is renowned as artificial pancreas approved by FDA, 2016. This
technology enables direct and effective communication between insulin pumping and continuous
glucose monitoring so that it can determine how much an insulin can inject. By 2028, the
entrepreneurs started to approve new genetic therapy for the inherited retinal diseases. It will
lead to the opportunity in the delivering of new gene to the target cells in the body through viral
vectors that are anticipated to avail visual function enhancement among some patents. In order to
treat the breast cancer, a huge targeted treatments in terms of PARP inhibitors for the patients in
novel CD, BRCA1 and BRCAD2. Cleveland clinic elaborates that experts believes that
cumulative results can increase the survival rate with significant population of breast cancer
patients. Continuous treatment can effect sleep disturbance where 21 million Americans can lead
to high blood pressure, stroke, and heart diseases. A continuous positive pressure devices can be
gold-standard treatment that is nearly more than 40 percent of sleep apnea patients refusing in
order to use it8. Organizations have been now marketing and implant, which can deliver
stimulation so that it can open main airways muscles during sleeping. It has been controlled by
the remote, wearable patch, pacemaker acting as a technology, with the use of air intaking with
tongue action, breathing sensor, and battery leading. This type of neuromodulator system has led
to positive consequences in the clinical testing, and that will give better sleep at nights. All these
products have derived after looking at the needs of customers and conducting market analysis
regularly. With the increasing awareness regarding the patient care, wants and needs will have to
structure costs and several governmental initiatives to improve the patient experience for
7 Thongpravati, O. N. N. I. D. A., Alex Maritz, and P. A. U. L. Stoddart. "Fostering
entrepreneurship and innovation through a biomedical technology PhD program in
Australia." International Journal of Engineering Education 32.3 (2016): 1222-1235.
8 Mossman, Kathryn, et al., eds. Private Sector Entrepreneurship in Global Health: Innovation,
Scale and Sustainability. University of Toronto Press, 2019.

intensive care are some of the factors to drive healthcare market growth. Interoperability is an
product or system that can interface when it is completely understood and started working on
systems and products that play an important role in enhancing health results9. Mobilization of
data in regards to health of an individual in the near complete spectrum in the healthcare
companies enacted coordinated, high quality, and safe that could support transparency efforts,
payment reforms, capability to manage the individual`s health. This will benefit healthcare data
software that will propel the industrial growth in the upcoming years. With the growing use of
technology in the form of EHR software in the developing and developed regions. It is important
to know that data in the interoperability software enabled the healthcare companies to access the
patient`s medical data by reducing the number of repeated testing and creating it more easier for
the staff while coordinating various departments in the company10. Lack of awareness is relation
to data interoperability software among the underdeveloped countries that depend on industry
growth over the timeframe. The healthcare data has been valued in terms of structural
interoperability segment worth at USD 900 million 2018. This structural interoperability enables
the uniform movement of the healthcare from one to other system. Diagnosis segment has been
valued nearly to USD 1 billion in 2018 and it is expected to increase in a significant manner
during the forecasting years. Each year handle huge diagnostic data that has been generated
where data management is very difficult. With the compliance HER software, it is seen that
clinicians adopt technical upgraded and updated healthcare services which can reduce errors and
9 Johanson, Martin, and Pao Kao. "Emerging market entry and institutional change–three
Swedish manufacturing firms in China between 1980 and 2010." Management & Organizational
History 10.2 (2015): 189-208.
10 Stern, Ariel Dora. "Innovation under regulatory uncertainty: evidence from medical
technology." Journal of public economics 145 (2017): 181-200.

avails in the protection of diagnostic data. Increasing awareness of the benefits of the analysis of
the diseases have been augmented growth of segmentation11.
Apart from government, customers, policy marker, practices, employees, creditors, healthcare
providers, shareholders, and other regulatory authorities, there are many other important
stakeholders such as finance entrepreneurial ventures, high performing teams, and the
development of pitches and business plans. A finance ventures for entrepreneurs in regards to
recent projects, which can have financial impact on company for the insight of the board
activities, members, CEO, and CFO, which are the valuable resources in the stages of planning12.
Strategic leaders can help project managers to understand the financial plans of project within
context of huge budget. This will enable the project manager to improve what level of
investment in project for the key stakeholders. It will include stakeholders throughout medical
functions of any hospital that is quite critical. Departmental leaders and IT projected leaders are
quite able to address various concerns regarding the effect of the project and get valuable
concerns from the top level management13. Project management teams consult and involve
critical leadership that would get more credibility in the organization, which would bring
appropriate momentum for project and keep it moving till the completion. Medical leaders will
help IT project leaders to the valuable based end-user stakeholders. Healthcare leaders find to
ensure the development of team based culture in the healthcare environment, which will result
into exceptional patient care. A healthcare leader always emphasize on ensuring patient safety
11 Wells, Robert A., et al. "Application of Service Dominant Logic to the medical device
industry." International Review on Public and Nonprofit Marketing 12.3 (2015): 207-235.
12 Moultrie, James, Laura Sutcliffe, and Anja Maier. "Exploratory study of the state of
environmentally conscious design in the medical device industry." Journal of Cleaner
Production 108 (2015): 363-376.
13 Wells, Robert A., et al. "Application of Service Dominant Logic to the medical device
industry." International Review on Public and Nonprofit Marketing 12.3 (2015): 207-235.

with high quality of patient can amid challenges regarding the shrinking resources, need to
ensure consistent high performing teams, positive staff morale, and functioning teams. It will
help to depict the constitution of high performing teams and patient focused teams. With the
development of stages of team, a group undertake four phase model including forming, storming,
performing and norming14. It results at well-known development procedure which can provide
useful framework for leaders and team seeking for leadership to understand the nature of
evolution and group dynamics. These types of high performance work teams include parallel
teams, work teams, project teams, virtual teams, and management teams. Work teams have been
continuously responsible to produce goods and services. This membership is stable, well defined
and mostly full time15. These teams are found at both service and manufacturing settings as
directed by the supervisors that can most of the decision regarding what is done, can be done,
and will be done. These teams include employees that make decision formerly conducted by
supervisors that can gain favor. Further, after finding it is important to develop and create skills
entrepreneurship ventures that will be applied are interpersonal skills such as leadership,
motivation, listening, communication skills, personal relations, ethics and negotiation. An
entrepreneur can lead and motivate team members to follow dreams and achieve16. As an
entrepreneur, it will all depend on others to go beyond in the starting stages at your business. It is
important to know communication skills must be competent enough with all the kinds of
14 Kansakar, Prasanna, Arslan Munir, and Neda Shabani. "Technology in the Hospitality
Industry: Prospects and Challenges." IEEE Consumer Electronics Magazine 8.3 (2019): 60-65.
15 Chatterji, Aaron K., Colleen M. Cunningham, and John E. Joseph. "The limits of relational
governance: Sales force strategies in the US medical device industry." Strategic Management
Journal 40.1 (2019): 55-78.
16 Torres, Arturo, and Javier Jasso. "Entrepreneurial capabilities and innovation in firms from late
industrialising countries: a case study of a Mexican firm." International Journal of Work
Innovation 2.1 (2017): 101-120.

communication17. An entrepreneurship should be able to communicate well to vision of future to
the investor, team members, and potential clients. It is important to become a good listener as it
should have the skills of empathetic listening and active listening. An entrepreneur should be
intelligent emotionally18. Higher is the EI, it will easier to work with others. A good news cannot
judge the EI in a leader whereas, it is better to keep them in a realistic situation and work for
others. An entrepreneur should be a good negotiator for keen prices and you will need to
difference between people in such a positive way. Till what extent a leader deal with people on
the basis of integrity, respect, truthfulness, ad fairness can lead to ethics. It is necessary to build a
happy and committed relation to the teams while dealing with people such as suppliers and
customers. As critical development of creative thinking and problem solving technique and tool
will lead to the expansion of business innovation19. Creativity is a skill which will help to
develop to the investment of time and effort through creative thinking and problem solving. It is
important to get experience from different situation through variety of perspective and at last
follow up with original ideas. An entrepreneur will come up with the sound solution for the
problems that is faced20. Tools can be cause and effect analysis to which technique can be
familiar to the problem solving tools. At last, one has to identify the opportunities and present
themselves. The trend is quite spotting and finally create a plan to opt the advantage of
opportunity that has been identified21.
17 Torres, Arturo, and Javier Jasso. "Entrepreneurial capabilities and innovation in firms from late
industrialising countries: a case study of a Mexican firm." International Journal of Work
Innovation 2.1 (2017): 101-120.
18 Lundh, Andreas, et al. "Industry sponsorship and research outcome." Cochrane Database of
Systematic Reviews 2 (2017).
19 Mazzucato, Mariana. The entrepreneurial state: Debunking public vs. private sector myths.
Vol. 1. Anthem Press, 2015.
20 Brush, Candida, et al. "The gender gap in venture capital-progress, problems, and
perspectives." Venture Capital 20.2 (2018): 115-136.
21 Maresova, Petra, et al. "The potential of medical device industry in technological and
economical context." Therapeutics and clinical risk management 11 (2015): 1505.

From the above discussion, it can be concluded that principles of management can be defined
into three main areas such as entrepreneurship, leadership and management. One can understand
and grab leadership skills for the critical analysis of good leadership by identifying several
opportunities and solve issues. In the organizations, one prevents answering to the higher
authority regarding “what” an organization may be. One always understand and learn strategic
aims of management to aim so that they can ensure the right choices that are made especially the
good strategy to exploit big opportunities. Entrepreneurship strategy is the main primary block of
the competitive advantage. During the organizational process, there is an encompassment of
different activities where organizations engage to sustain the competitive advantage. As
compared to other established organizations, firms may experience several challenges which
destroy likelihood of the success and its survival including its research on the entrepreneurial
strategy that mostly focuses on crucial challenges of business persons.

References
Bosma, Niels, et al. "Global entrepreneurship monitor 2015 to 2016: special topic report on
social entrepreneurship." Available at SSRN 2786949 (2016).
Chatterji, Aaron K., Colleen M. Cunningham, and John E. Joseph. "The limits of relational
governance: Sales force strategies in the US medical device industry." Strategic Management
Journal 40.1 (2019): 55-78.
Johanson, Martin, and Pao Kao. "Emerging market entry and institutional change–three Swedish
manufacturing firms in China between 1980 and 2010." Management & Organizational
History 10.2 (2015): 189-208.
Kansakar, Prasanna, Arslan Munir, and Neda Shabani. "Technology in the Hospitality Industry:
Prospects and Challenges." IEEE Consumer Electronics Magazine 8.3 (2019): 60-65.
Levie, Jonathan. "Global Entrepreneurship Monitor Scotland 2014." (2015).
Lundh, Andreas, et al. "Industry sponsorship and research outcome." Cochrane Database of
Systematic Reviews 2 (2017).
Mossman, Kathryn, et al., eds. Private Sector Entrepreneurship in Global Health: Innovation,
Scale and Sustainability. University of Toronto Press, 2019.
Moultrie, James, Laura Sutcliffe, and Anja Maier. "Exploratory study of the state of
environmentally conscious design in the medical device industry." Journal of Cleaner
Production 108 (2015): 363-376.
Parker, Simon C. The economics of entrepreneurship. Cambridge University Press, 2018.

Stern, Ariel Dora. "Innovation under regulatory uncertainty: evidence from medical
technology." Journal of public economics 145 (2017): 181-200.
Thongpravati, O. N. N. I. D. A., Alex Maritz, and P. A. U. L. Stoddart. "Fostering
entrepreneurship and innovation through a biomedical technology PhD program in
Australia." International Journal of Engineering Education 32.3 (2016): 1222-1235.
Venkataraman, Sankaran. "The distinctive domain of entrepreneurship research." Seminal Ideas
for the Next Twenty-Five Years of Advances. Emerald Publishing Limited, 2019. 5-20.
Wells, Robert A., et al. "Application of Service Dominant Logic to the medical device
industry." International Review on Public and Nonprofit Marketing 12.3 (2015): 207-235.
Wells, Robert A., et al. "Application of Service Dominant Logic to the medical device
industry." International Review on Public and Nonprofit Marketing 12.3 (2015): 207-235.