Introduction to Entrepreneurship: The Development of an Entrepreneur Mind

Flashcards covering the history of nursing entrepreneurship, labor market theories, Philippine healthcare market trends, and health cost concepts.

How does the International Council of Nurses define a 'nurse entrepreneur'?

A proprietor of a business that offers nursing services of a direct care, research, administrative or consultative in nature.

In what five roles were nurses identified during the 3 Christian Centuries throughout history?

Primitive mothers, wise women, goddesses, monks, and sisters of religious organizations.

What was the name and year of the first secular nursing training established by Florence Nightingale in England?

Nightingale School of Nursing, established in $1854$.

What illness is Florence Nightingale believed to have suffered from, and how did she likely contract it?

Brucellosis (Crimean fever), likely contracted from contaminated milk during her service in the Crimean War.

Why were Mary Grant Seacole's services rejected by the Nightingale School of Nursing and military forces during the Crimean War?

Because she was a freeborn black Jamaican.

What business did Mary Grant Seacole start during the Crimean War to assist wounded soldiers?

A hotel where wounded soldiers on both sides of the conflict could recover.

Which well-known organization did Clara Barton found in $1881$?

The American Red Cross (also known as the American National Red Cross).

What moniker was Clara Barton given for her efforts in delivering supplies and attending to the wounded on the battlefield?

The Angle of the Battlefield.

What happened to self-employed private duty nurses following the depression in $1929$?

They were forced back to hospitals (their alma maters) because families could no longer afford to pay for private duty nursing.

Why did healthcare facilities in corporate America begin deleting positions and using consultants during the $1970\text{s}$ and early $1980\text{s}$?

To cut expenses, increase profits, and follow cost-effective measures used by other corporations.

According to Stephen P. Robbins, what is the definition of 'innovation'?

A new idea applied to initiating or improving a product, process or services.

What are the three things that drive innovation based on process needs?

Necessities (Needs), Trends (Wants), and the Desire and Expectation of the Society or Environment.

What is the projected value of the healthcare providers market in the Philippines in $2025$?

$US\$10.25\,\text{billion}$.

What is the expected annual growth rate ($\text{CAGR}$) for the Philippines healthcare providers market between $2025$ and $2029$?

$9.50\,\%$.

In macroeconomic theory, what does wage growth lagging behind productivity growth indicate?

That the supply of labor has outpaced demand, putting downward pressure on wages.

In microeconomic labor theory, why might more people be willing to work for $\text{PhP}\,200$ an hour than $\text{PhP}\,100$ an hour?

Because the opportunity cost of not working additional hours grows as wages increase.

What are the two factors that determine labor demand at the microeconomic level?

Marginal cost of production and marginal revenue product.

How are 'Direct Costs' defined in health cost concepts?

Costs directly related to healthcare services, including treatment costs (doctor visits, medications, surgeries), provider costs (salaries), and administrative costs.

What is included under 'Indirect Costs' in healthcare economics?

Costs arising from productivity losses due to illness, such as lost wages, caregiver costs, and transportation costs to facilities.

What do 'Intangible Costs' encompass in the context of health costs?

The emotional and psychological burden of illness, such as pain, suffering, and reduced quality of life.

What is the definition of 'Opportunity Cost' in healthcare?

The value of the next best alternative that is forgone when a healthcare resource is used for one purpose instead of another.

How is 'Marginal Cost' defined according to health cost concepts?

The additional cost of producing one more unit of a good or service.

How does the transcript define 'Health' in a holistic sense?

A state of complete physical, mental and social well-being and not merely the absence of disease or infirmity.