Analyzing The Entrepreneurial Process In The Health Care Industry

741 words - 3 pages

The main point of this paper is to critically analyse the Entrepreneurial Process in the health care industry. It has been obviously stated that entrepreneurs will apparently come across distinctive challenges in imminent refreshingly new favourable conditions. Relatively, the illustration of this paper is on the acknowledgement of the problem which differentiates the entrepreneurs strive for opportunity while emphasising on decision-making, ambiguity and information irregularity. Finally, in sequence to the entrepreneurs’ advantageous chance in health care nexus is the differentiation in decision-making practice under ambiguity and besides, information one-sidedness.
Blair’s (2007) study found that, there have been relatively lots of arguments on the advantageous chances for the success of entrepreneurship in the health care industry. However, in line with this, it was clearly stated that the change in transformation of health care recently has provided favourable conditions for entrepreneurship to succeed in the milieu. Therefore, novel or refreshingly new variety of administration has thriven specifically when rooted in an area that is commercialised or populated neighbourhood of enormous activities where there is right of entry (access) to a large and widely distributed group of people who communicate with one another and work together in unity (system) either socially or work related (stores, churches, schools and social gathering centres) and have mutual relationship (p. 167).
Accordingly, the success of any business is the result of entrepreneurs’ correct judgement on the market. However, good turnover (earning) and failures, initiated from ambiguity, function as a warning signs for entrepreneurs to understand and re-interpret market occurrence hence, allowing market partakers to organize ideas. Blair further noted the commencement of dialogue in the introduction of private enterprises on the ground of investigation that is imminent in the description on how and why health care industries have materialized and transformed into their current formation. Blair presented the most important basic principles undertaken for the appreciation of the series of actions directed toward the entrepreneurship and how entrepreneurial doings is vital to the novelty of new organizational structure. Secondly, Blair discussed about this relationship in juxtaposition to the health care by focusing on the three steps in the entrepreneurial model which he noted as creation, discovery, and developmental opportunities....

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