Entrepreneurial Opportunities in the Healthcare Industry f

Entrepreneurial Opportunities in the Healthcare Industry f

• Why do you think a written business plan is important?

• Describe a possible negative result of proceeding without a clearly written business plan.

Your response should be 2 pages in length and follow APA formatting and citation. Your textbook may be used as a reference.

The APA format for your text is as follows:

Hisrich, R., Peters, M., & Shepherd, D. (2017). Entrepreneurship (10th ed.). New York, NY: McGraw Hill.

Solution

Answer ) Entrepreneurial Opportunities in the Healthcare Industry

If an entrepreneur on the fence about expanding into the healthcare sector, here are a few numbers that make it obvious why every entrepreneur should be going after the opportunity. An IMS Health study found that prescription spending is expected to rise 22 percent by 2020, which will put it near $400 billion. Also, spending on health insurance rose 4.4 percent from 2015 to 2016, and out-of-pocket spending on health-related services reached a new height of $329.8 billion.

The biggest areas of opportunity that will shake up the industry and drive real change are in big data, AI and blockchain.

A business plan is a very important strategic tool for entrepreneurs. A good business plan not only helps entrepreneurs to focus on the specific steps necessary for their to make business ideas succeed, but it also helps them to achieve both their short-term and long-term objectives.

If you fail to plan, you are planning to fail! ? Benjamin Franklin

While a business plan is absolutely essential in entrepreneurship, not every entrepreneur sees the need for it. Many are reluctant to have their plan written down. Of course not everyone agrees with that. A large number of business funding experts, agree that having a good business idea is not enough. Even excellent business ideas can be totally useless if you cannot formulate, execute and implement a strategic plan to make your business idea work.

If you\'re looking to raise funds from institutional investors and lenders, keep in mind that having a good business plan is extremely valuable. You should aim to have a well documented business plan that speaks for itself. It needs to be clear and easy to read and understand.

Before writing a business plan, it is important to consider two important factors-

Here are the four reasons why you need a business plan

1. To raise money for your business

Potential investors or lenders want a written business plan before they give you money. A mere description of your business concept is not enough. Instead, ensure you have a thorough business and financial plan that demonstrates the likelihood of success and how much you will need for your business to take off.

2. To make sound decisions

As an entrepreneur, having a business plan helps you to define and focus on your business ideas and business strategies. You not only concentrate on financial matters, but also on management issues, human resource planning, technology and creating value for your customer.

3. To help you identify potential weaknesses

Having a business plan helps you to identify potential pitfalls in your idea. You can also share the plan with others who can give you their opinions and advice. Identify experts and professionals who are at a position to give you invaluable advice, and share your plan with them.

4. To communicate your ideas with stakeholders

A business plan is a communication tool that you can use to secure investment capital from financial institutions or lenders. It can also be used to convince people to work for your enterprise, to secure credit from suppliers, and to attract potential customers.

Creating a business plan involves a lot of thought. You need to consider what you want to do, and use that as a starting point. It doesn\'t need to be complicated. At its core, your plan should identify where you are now, where you want your business to go, and how you will get there.

              Writing a business plan is hard work--many people spend a year or more writing their plan. In the early, drafting stages, business plan software can be very helpful. But the hard part is developing a coherent picture of the business that makes sense, is appealing to others and provides a reasonable road map for the future. Your products, services, business model, customers, marketing and sales plan, internal operations, management team and financial projections must all tie together seamlessly. If they don\'t, you may not ever get your business off the ground.

If an entrepreneur on the fence about expanding into the healthcare sector, here are a few numbers that make it obvious why every entrepreneur should be going after the opportunity. An IMS Health study found that prescription spending is expected to rise 22 percent by 2020, which will put it near $400 billion. Also, spending on health insurance rose 4.4 percent from 2015 to 2016, and out-of-pocket spending on health-related services reached a new height of $329.8 billion.

The biggest areas of opportunity that will shake up the industry and drive real change are in big data, AI and blockchain.

A business plan is a very important strategic tool for entrepreneurs. A good business plan not only helps entrepreneurs to focus on the specific steps necessary for their to make business ideas succeed, but it also helps them to achieve both their short-term and long-term objectives.

If you fail to plan, you are planning to fail! ? Benjamin Franklin

While a business plan is absolutely essential in entrepreneurship, not every entrepreneur sees the need for it. Many are reluctant to have their plan written down. Of course not everyone agrees with that. A large number of business funding experts, agree that having a good business idea is not enough. Even excellent business ideas can be totally useless if you cannot formulate, execute and implement a strategic plan to make your business idea work.

If you\'re looking to raise funds from institutional investors and lenders, keep in mind that having a good business plan is extremely valuable. You should aim to have a well documented business plan that speaks for itself. It needs to be clear and easy to read and understand.

Before writing a business plan, it is important to consider two important factors-

Here are the four reasons why you need a business plan

1. To raise money for your business

Potential investors or lenders want a written business plan before they give you money. A mere description of your business concept is not enough. Instead, ensure you have a thorough business and financial plan that demonstrates the likelihood of success and how much you will need for your business to take off.

2. To make sound decisions

As an entrepreneur, having a business plan helps you to define and focus on your business ideas and business strategies. You not only concentrate on financial matters, but also on management issues, human resource planning, technology and creating value for your customer.

3. To help you identify potential weaknesses

Having a business plan helps you to identify potential pitfalls in your idea. You can also share the plan with others who can give you their opinions and advice. Identify experts and professionals who are at a position to give you invaluable advice, and share your plan with them.

4. To communicate your ideas with stakeholders

A business plan is a communication tool that you can use to secure investment capital from financial institutions or lenders. It can also be used to convince people to work for your enterprise, to secure credit from suppliers, and to attract potential customers.

Creating a business plan involves a lot of thought. You need to consider what you want to do, and use that as a starting point. It doesn\'t need to be complicated. At its core, your plan should identify where you are now, where you want your business to go, and how you will get there.

              Writing a business plan is hard work--many people spend a year or more writing their plan. In the early, drafting stages, business plan software can be very helpful. But the hard part is developing a coherent picture of the business that makes sense, is appealing to others and provides a reasonable road map for the future. Your products, services, business model, customers, marketing and sales plan, internal operations, management team and financial projections must all tie together seamlessly. If they don\'t, you may not ever get your business off the ground.

If an entrepreneur on the fence about expanding into the healthcare sector, here are a few numbers that make it obvious why every entrepreneur should be going after the opportunity. An IMS Health study found that prescription spending is expected to rise 22 percent by 2020, which will put it near $400 billion. Also, spending on health insurance rose 4.4 percent from 2015 to 2016, and out-of-pocket spending on health-related services reached a new height of $329.8 billion.

The biggest areas of opportunity that will shake up the industry and drive real change are in big data, AI and blockchain.

A business plan is a very important strategic tool for entrepreneurs. A good business plan not only helps entrepreneurs to focus on the specific steps necessary for their to make business ideas succeed, but it also helps them to achieve both their short-term and long-term objectives.

If you fail to plan, you are planning to fail! ? Benjamin Franklin

While a business plan is absolutely essential in entrepreneurship, not every entrepreneur sees the need for it. Many are reluctant to have their plan written down. Of course not everyone agrees with that. A large number of business funding experts, agree that having a good business idea is not enough. Even excellent business ideas can be totally useless if you cannot formulate, execute and implement a strategic plan to make your business idea work.

If you\'re looking to raise funds from institutional investors and lenders, keep in mind that having a good business plan is extremely valuable. You should aim to have a well documented business plan that speaks for itself. It needs to be clear and easy to read and understand.

Before writing a business plan, it is important to consider two important factors-

Here are the four reasons why you need a business plan

1. To raise money for your business

Potential investors or lenders want a written business plan before they give you money. A mere description of your business concept is not enough. Instead, ensure you have a thorough business and financial plan that demonstrates the likelihood of success and how much you will need for your business to take off.

2. To make sound decisions

As an entrepreneur, having a business plan helps you to define and focus on your business ideas and business strategies. You not only concentrate on financial matters, but also on management issues, human resource planning, technology and creating value for your customer.

3. To help you identify potential weaknesses

Having a business plan helps you to identify potential pitfalls in your idea. You can also share the plan with others who can give you their opinions and advice. Identify experts and professionals who are at a position to give you invaluable advice, and share your plan with them.

4. To communicate your ideas with stakeholders

A business plan is a communication tool that you can use to secure investment capital from financial institutions or lenders. It can also be used to convince people to work for your enterprise, to secure credit from suppliers, and to attract potential customers.

Creating a business plan involves a lot of thought. You need to consider what you want to do, and use that as a starting point. It doesn\'t need to be complicated. At its core, your plan should identify where you are now, where you want your business to go, and how you will get there.

              Writing a business plan is hard work--many people spend a year or more writing their plan. In the early, drafting stages, business plan software can be very helpful. But the hard part is developing a coherent picture of the business that makes sense, is appealing to others and provides a reasonable road map for the future. Your products, services, business model, customers, marketing and sales plan, internal operations, management team and financial projections must all tie together seamlessly. If they don\'t, you may not ever get your business off the ground.