Career Options

business idea

an idea for a company or product. Not all business ideas have a good chance of succeeding. Some ideas are more likely than others to succeed.

Entrepreneurs often work ___________, especially when they first start out.

long hours

The main advantages of being self-employed include:

possibility for a flexible schedule. potential to earn more money. more control over business policies and interacting with people. options to expand if demand for your product is high. cannot be fired.

Which of the following are advantages of self-employment? (Check all of the boxes that apply)

possibility for a flexible schedule. potential to earn more money. more control over business policies and interacting with people. cannot be fired.

The following are the basic steps toward starting a business and becoming an entrepreneur.

1. Identify a business idea and confirm that it is a good opportunity for you. Confirm that entrepreneurship and self-employment are a good fit for your personality and skills. 2. Plan and research the idea, and create a written business plan that describes your products, business scope and purpose, target consumers, competitors, trends that could affect the business, financial calculations, resources needed, and how the company will be structured and operate. 3. Start the business by gathering funding and other resources, hiring employees if needed, going through any necessary legal processes, and setting up the systems the company will need. 4. Operate the business by selling and delivering your product to consumers.

There are two main requirements for becoming an entrepreneur. It is important for these two statements to be true in order for you to start a business.

1. You have identified a business opportunity that is unique or that will make your company better than the competition in some way. 2. You are passionate about your business idea and willing to put in hard work and long hours to make it a reality.

Some examples include:

2-year Associate's Degree in Nursing 4-year Bachelor's of Science (B.Sc.) degree 6-year Master's of Science (M.Sc.) program 8-year Ph.D. program 9-year M.D. program 9- to 12-year program to become a specialist, such as a surgeon

What is a business opportunity?

A consumer problem, need, or desire that a business could provide a solution for

Which of the following are examples of services? (Check all of the boxes that apply)

An eye examination A massage to relieve back pain

Impact of Career Decisions

Career decisions impact your future and your quality of life. Your career can improve your financial success, status, and happiness, but it can also lead to economic and emotional stresses. A career is not the only thing needed for a fulfilling life, but it is a significant component of life for many people.

Which of the following should be described in your written business plan?

Competitors Products Business scope and purpose Resources needed

Which of the following is an important consideration when evaluating a business opportunity?

Customer demand

Which situation best represents entrepreneurship? (Check all of the boxes that apply)

David, a doctor, designs, markets, and sells his own vitamin supplements.

Which of the following characteristics and skills are especially helpful for entrepreneurs?

Discipline Willingness to take risk Leadership Organizational and communication skills

Select three main areas of a person's life that are impacted by career decisions.

Educational Social Financial

There are three main areas of life affected by your career choice:

Educational achievement Financial status Social life and status

Nursing Business Opportunities

Entrepreneurial opportunities for nurses are similar to those for doctors, but are more likely to involve house calls, which are visits to the home of the patient. Many nurses are employed by hospitals and private clinics, but an entrepreneurial-minded nurse could start a company that offered nursing services at people's homes. Aside from bedside care, doctors and nurses can use their knowledge to write health articles, medical assessments, and insurance reports.

What are three important characteristics for an entrepreneur to have?

Hardworking Optimistic Disciplined

Which of the following is the first step toward entrepreneurship?

Identify a business idea and confirm that it is a good opportunity for you.

Inventors and Innovators in the Health Sciences

Inventors and innovators are another common type of entrepreneur found in the health science industry. For example, advancing technology allows new medical equipment and supplies to be developed regularly. A medical entrepreneur could invent, design, and sell a new device, such as a bionic arm. New technology is usually patented, which means the government gives the inventor a patent, the sole right to make, use, and sell the invention for a set period of time.

Which of the following are examples of goods? (Check all of the boxes that apply)

Medicine for curing infection A device that relieves back pain

Which of the following are examples of social impacts of a career decision?

Missing family events because of having to work long hours Having a coworker over for dinner Having time to spend with family and friends

What are three advantages of being an entrepreneur?

No boss Higher income potential More control over business policies

Certain personality traits are beneficial for entrepreneurship. The following characteristics are especially helpful for entrepreneurs.

Passion and optimism Discipline and work ethic Vision and creativity Leadership and charisma Willingness to take risk

Certain basic skills are also needed by most entrepreneurs. These skills can be gained from both your education and business experiences.

Social networking ability Organizational skills Accounting and mathematical skills Good listening, speaking, and writing skills Appropriate level of education for the work being done - in health science, this can vary from very little education to many years of specialized training

Health Science Education

The education needed for a career in the health science industry varies a great deal.

products

The goods and services provided by a company are known as the company's products.

Which of the following should be described in your written business plan?

The scope and purpose of your business How much money you have to invest

Which of the following are examples of positive social impacts of a career decision? (Check all of the boxes that apply)

You become good friends with your coworkers from a medical clinic Your family is proud of you

Which statements should be true in order for you to become an entrepreneur?

You have identified a business opportunity that is unique or that will make your company better than the competition in some way. You are passionate about your business idea and willing to put in hard work and long hours to make it a reality.

patented

the government gives the inventor a patent

patent

the sole right to make, use, and sell the invention for a set period of time.

self-employed

they work for themselves, and they often employ others.

The main disadvantages of being self-employed include:

workweek may go well beyond forty hours and include weekends. no guarantee of salary, raises, or bonuses. higher risk of financial difficulty and bankruptcy. more contact with clients and employees sometimes means more stress. competitive environment, because others may offer similar products. uncertain vacation time and medical benefits.

True or false? A career in health sciences often increases a person's social status.

true

True or false? If you work in the health sciences industry, you should have a desire to improve people's health, first and foremost.

true

Financial success and social status may be benefits of entrepreneurship, but many healthcare entrepreneurs have other, non-economic goals for their business, such as:

A desire to understand the cause of disease. A desire to promote wellness. A desire to give back to the community.

-Which of the following is an example of a health science professional in private practice?

A doctor who opens and runs her own clinic

Which of the following is an example of a healthcare professional in private practice?

A family doctor who starts and runs her own clinic

Goods and Services

A health science entrepreneur's company might sell goods, services, or both.

Which of the following is an example of an entrepreneurial inventor?

A heart surgeon who designs an artificial heart valve that improves heart functioning

Which of the following is an example of a health sciences inventor?

A nurse who designs a new cancer detection device and markets the idea

Which of the following factors are important considerations when evaluating a business idea? (Check all of the boxes that apply)

Customer demand Personality and skills Money Competitors Timing

The following are factors to consider in order to determine whether a business idea has a good chance of succeeding:

Customer demand - The most important thing to consider is whether there will be enough customer demand for your product. Is this product something people will want and pay for? Competitors - Determine which other companies are trying to take advantage of this opportunity, and learn their strengths and weaknesses. Make sure you will have an advantage over them. Timing - If you do not take advantage of the opportunity when the time is right, someone else might, or the circumstances which gave rise to the opportunity might change. Money - The cost of starting the company and the financial predictions for its success are other important considerations in evaluating a business idea. Personality and skills - Even if the other considerations make the idea seem great, it might not be a good fit for you. Choose a business that is a good fit for your interests and skills.

Financial Status

The career you choose affects your financial status, based on the salary it pays. Of course, career decisions should not be made entirely for financial reasons, since job fulfillment and lifestyle are often just as important as the pay. Some health science careers pay more than others. For example, a surgeon typically makes more money than a medical secretary. However, the years of education and training to become a surgeon are long and expensive, while a medical secretary needs less education and training. This means the medical secretary can typically enter the workforce at a much younger age.

Which of the following are examples of negative social impacts of a career decision? (Check all of the boxes that apply)

You have to work late on a weekend and miss a movie with friends You feel very tired because of working night shifts at the hospital You have to leave a party in order to help an injured patient

Social Life and Status

Your career may also affect your social status, since it can affect what other people think of you. Typically, some of the higher status medical careers require more education and training, such as doctors or surgeons. Depending on what your social group values, people may respect you for choosing a career in the medical profession and may respect your education, experience, and expertise. Your career also affects the people you meet and spend time with. You may socialize with coworkers or others you met through your job.

Time for Social Life

Your career may significantly impact your social life. Your job affects how many hours you work, and this affects when and how much you can participate in social activities. For example, an emergency room nurse may work long hours and miss some family events. Some medical professionals work unpredictable hours that frequently change or work evening hours and sleep during the day. On the other hand, a healthcare provider who works in a doctor's office may have predictable hours.

Which of the following factors are important considerations when evaluating a business idea? (Check all of the boxes that apply)

Your personality Your finances Your competition

business opportunity

a consumer problem, need, or desire that a business could provide a solution for. This could be a problem, need, or desire of individual consumers or of companies. An entrepreneur recognizes a business opportunity and creates a business idea to take advantage of the opportunity.

Financial success and social status may be benefits of entrepreneurship, but many health science entrepreneurs have other goals for their business, such as:

a desire to understand the cause of disease. a desire to promote wellness. a desire to relieve suffering. a desire to give back to the community.

good

an item of value that a person can buy or make and then sell to other people, such as medical equipment, supplies, or medicine.

True or false? All people who work in health care need the same qualifications.

false

True or false? Happiness as a healthcare professional depends largely on salary.

false

Your career can improve your ________ success, social status, and happiness, but it can also lead to economic ________ and stresses.

financial emotional

A health science entrepreneur's company might sell _________, services, or both.

goods

private practice

is to practice in a medical profession as an independent provider rather than as an employee. Most new physicians work set hours at a medical facility, such as a hospital, and are paid a salary. However, a physician who goes into private practice is an entrepreneur who has more control. For example, the doctor may decide how many patients to see and during what hours, as well as who to hire to help run the practice. Doctors in private practice have more freedom, although they still have the same legal and ethical obligations as other doctors. In the health science field, private practice is a common form of entrepreneurship.

There are three main areas of life affected by your career choice: educational achievement, financial status, and ________.

social life and status

entrepreneur

someone who starts a business, instead of working for other people. Entrepreneurs are self-employed, which means they work for themselves, and they often employ others. Entrepreneurs have more responsibility and financial risk than employees. Many entrepreneurs do not have set salaries or schedules. Entrepreneurs often work long hours, especially when they first start out. Entrepreneurship is not for everyone. It often requires creativity and taking risks.

service

something of value that a person can do for other people, such as nursing care, massage therapy, or counseling.

post-secondary education

training beyond high school at a college or university. Competitive colleges may only accept students whose grades are above average. For some jobs in the health sciences, like that of a surgeon, up to twelve years of additional study and training may be needed. Other positions, such an X-ray technologist, may require only two years. You may have a great desire to improve people's health, but you must ask yourself if you are willing to put in the time and effort it takes for some health science careers.