Saturday, 21 April 2018: 3:05 PM
Nurse entrepreneurship is a growing trend in healthcare. Nurse entrepreneurs fill gaps in the current healthcare delivery system by supporting the development of targeted products and services, enhanced technology, software, and safety systems. As more nurses move beyond the bedside to explore entrepreneurship, it is important to identify best practices and the skill sets that are transferable from direct caregiving to business leadership. It is also important to learn about how nurses have shifted perspective to make the transition. The current state of healthcare in the United States and the climate of healthcare reform have led nurse entrepreneurs to focus on alternative models of care to provide patients and clients with a higher quality of life at more affordable prices and often with quicker access. Recent trends include steeply rising costs, changes in healthcare reimbursement, increased competition, an aging population, an increase in chronic illness, the advance and integration of technology, and increased population diversity (Guo, 2009). There has been a call to develop “creative, innovative, and entrepreneurial” approaches to fill the gaps in care to address these issues and others (Darbyshire, 2014, p. 9). Many of these trends have shifted our healthcare focus from an acute care model to one of prevention and detection. Historically, the structure of the healthcare system and academic and clinical training programs have in large part not supported the development of nurse leadership competencies necessary for success in entrepreneurship. Per the Institute of Medicine’s (IOM) Initiative on the Future of Nursing (2011), nurses are not generally provided with education or socialization related to administrative and leadership skills and roles in their academic programs. This IOM report suggests that nurses must not only access education to develop competencies outside of their clinical expertise, such as attending business classes, but that they must also shift their perspective on their professional roles. In the absence of formal education, training, or institutional support, nurse entrepreneurs typically have had to develop their own knowledge base and best practices. Additionally, although many nurses have turned to entrepreneurship as a vehicle to prevent burnout (Podlesni, 2013), financial demands often require nurse business owners to continue to hold part- or full-time organizational positions. At the same time, the unique challenges of the entrepreneurial context, such as having to fulfill multiple professional roles, may also present obstacles to maintaining self-care practices that would prevent burnout. Some research has suggested that control over one’s work is a mediator in the stress/self-employment relationship (Hessels, Reitveld & van der Zwan, 2016). This presentation will discuss results of an exploratory study that aimed to better understand the experiences and challenges of nurse entrepreneurs. Nurse entrepreneurs (n = 44) reported on their transitions from employment to entrepreneurship, key motivators in the decision to start a business, and the challenges they face as entrepreneurs in the healthcare field. Additionally, participants completed the 33-item Mindful Self-Care Scale – Short (Cook-Cottone & Guyker, 2016), which measured their self-care activities and behaviors in 6 domains: Physical Care, Supportive Relationships, Mindful Awareness, Self-Compassion and Purpose, Mindful Relaxation, and Supportive Structure. Nurse entrepreneurs reported higher rates of self-care practices than a normed community sample, and age was positively correlated with higher rates of self-care practices. Nurse entrepreneurs reported that factors related to psychological empowerment, such as meaning/purpose, having an impact, need for growth, and getting to make decisions, were more critical motivators in the decision to start a business than factors associated with structural empowerment, such as financial gain and job or organizational constraints. Some work/life balance challenges, such as juggling multiple roles in a business, balancing one’s own needs with those of others, time management, and addressing both family and business needs were associated with fewer self-care behaviors. Participants highlighted the need for business knowledge and the difficulty in accessing this knowledge. The biggest challenges to future success identified, such as implementing a marketing strategy, networking, and accessing mentorship, were all related to relying on connections with others. Implications of this study for nurse education and training will be discussed. Additionally, practice implications will be discussed, including benefits to nurse entrepreneurs, potential nurse entrepreneurs, and others in the healthcare delivery system.