Entrepreneurship in Health Care Services (NMT 04212)

These vocabulary flashcards cover the core concepts of health care entrepreneurship, Tanzanian business regulations, financing mechanisms, and business plan development based on the NMT 04212 course transcript.

Entrepreneurship

The capacity and willingness to develop, organize, and manage a business venture along with any of its risks in order to make a profit.

Entrepreneur

An individual who identifies significant opportunities and assembles necessary resources to capitalize on them, creating a new business in the face of risk and uncertainty for profit and growth.

Nurse Entrepreneur

A proprietor of a business that offers nursing services of a direct care, educational, research, administrative, or consultative nature, according to the International Council of Nurses ($2004$).

Business Regulatory Authority

A governmental body created by a legislature to implement and enforce specific laws related to businesses, including taxation, employment, and occupational health laws.

BRELA

The Business Registration and Licensing Agency, established in $1999$ to administer companies and business names laws, and regulate business through industrial licensing.

Tanzania Revenue Authority (TRA)

An authority established by Act No.$11$ of $1995$ responsible for the impartial administration, assessment, and collection of Central Government taxes.

Tanzania Investment Centre (TIC)

A One Stop Agency established under the Tanzania Investment Act, No.$26$ of $1997$ to promote, co-ordinate, and facilitate investment in Tanzania.

Ministry of Industry and Trade (MIT)

A government ministry responsible for formulating policies and strategies for industrial development, trade promotion, and entrepreneurship development.

Private Maternity Home

A place of residence for providing midwifery care established by a licensed midwife under the Nursing and Midwifery Act, $2010$.

Private Nursing Home

A home established by a registered nurse to provide restorative, rehabilitative, curative, and recuperative nursing care to individuals, families, or communities.

National Health Insurance Fund (NHIF)

A fund established by Act No.$8$ of $1999$ where employees pay a mandatory contribution of $3\%$ of their monthly salary, matched by the government as an employer.

Social Health Insurance Benefit (SHIB)

A benefit introduced in $2007$ as part of the National Social Security Benefits where medical care is accessed through and financed by a $20\%$ contribution to the NSSF.

Community Health Fund (CHF)

A voluntary membership scheme regulated under the CHF act $2001$ targeting the largest population in the rural informal sector, managed at the district level.

Business Idea

A short and precise description of the basic operations of an intended business that centers around a commodity or service that can be sold for money.

Branding

The process of deciding on an identity for a business idea and choosing a name that conveys the experience of the product and the problem it solves.

Intellectual Property (IP)

The process by which an individual or company can own the rights to a created product, including patents, copyrights, and trademarks.

Accelerator

A program for startup businesses that helps speed growth by providing a mentor network and sometimes a small investment.

Brainstorming

A method of opening the mind to think of many different ideas by writing down everything that comes to mind starting from a specific word or topic.

SWOT Analysis

A method used to evaluate a business idea by analyzing internal Strengths and Weaknesses as well as external Opportunities and Threats.

Business Plan

A written document that summarizes a proposed business venture, including its operation, financial details, marketing strategy, and management background.

Debt

A method of financing a business that involves borrowing capital with an identified interest rate that must be paid back in full by a specific date.

Owners’ Equity

A financing method involving the sale of part of the business in exchange for a financial investment, often establishing a partnership or shareholding.

Grants

Allowances given by government or non-governmental organizations to support potential entrepreneurs in starting small businesses.

Cost Sharing

A term describing direct charging for health care services where individuals pay out of pocket to promote efficient use and generate revenue for facilities.

Private Health Insurance

Voluntary insurance purchased from independent sellers where premiums reflect the buyer's risks rather than their ability to pay.