Nurse entrepreneurs are nursing professionals who use their knowledge, training, medical expertise, and experience to create and advance their own business within the healthcare industry. By starting successful businesses within the healthcare field, nurse entrepreneurs play a crucial role in the development and advancement of new medical applications, information systems, medical record tracking software, home health products, and more. Because nurse entrepreneurs don't operate under a specific employer, they're able to work independently and autonomously to provide a variety of nursing services which may include things like patient care, home health and consulting services, or nursing education. To be successful in this career, individuals must be creative, hardworking, business-savvy, and willing to take risks financially, professionally, and personally.
What Are Some Nurse Entrepreneur Duties?
Common duties and tasks which are carried out by nurse entrepreneurs include but aren't limited to:
Utilizing nursing education and experience to start business ventures within the healthcare industry
Securing financing
Taking care of accounting, payroll, and taxes
Hiring and managing employees
Marketing their business in order to attract new customers and retain old ones
Supplying healthcare products
Providing nursing services which could include nursing education or consulting services, or direct patient care
Where Do Nurse Entrepreneurs Work?
Nurse entrepreneurs can work in a variety of healthcare sectors. They most commonly find employment in the following areas:
Owning and operating a business
Working as a nurse educator
Working as an independent nurse contractor at hospitals and other healthcare clinics
Home healthcare
Nursing information technology
How to Become a Nurse Entrepreneur
Similar to other careers in the nursing field, prospective nurse entrepreneurs must start out by earning a nursing degree and becoming licensed. To truly understand what the nursing industry requires as well as the opportunities that lie within it, individuals should spend a few years working within the field gaining relevant experience. On top of this, nurse entrepreneurs will also benefit greatly from learning skills like accounting, business management, psychology, marketing, and more. This can be achieved through self-study or through formal college courses.
Step 1: Educational Requirements
To become fully licensed RNs, prospective nurse entrepreneurs will need to have completed an ADN or BSN degree from an accredited academic institution and pass the NCLEX-RN exam. Although it's not an official prerequisite, an educational background in business can be an invaluable asset for nurse entrepreneurs. Because of this - in addition to a nursing degree - some nurse entrepreneurs will also earn bachelor's or master's degree in business. While an advanced degree isn't required for nurse entrepreneurs to go into business, some will opt to attend graduate school at universities which offer students dual degree programs which provide a Master's of Science in Nursing (MSN) and Master's of Business Administration (MBA) alongside one another (often referred to as a Dual MSN/MBA). MSN degrees in Executive Nurse Leadership can also be helpful for aspiring nurse entrepreneurs.
Do Nurse Entrepreneurs Need an RN Degree?
Nurse entrepreneurs will generally need an active and unencumbered RN license, but because they own their own business, there is no minimum education level that they are required to possess.
Although there aren't any particular credentials or certifications that one must acquire in order to become a nurse entrepreneur, some individuals who are going into this field might find certain nursing certifications useful based on the niche of their business.
Nurse Entrepreneur Jobs, Salary & Employment
Because the nursing field is rapidly expanding, opportunities to start successful businesses within the field are plentiful. Those nursing entrepreneurs who can incorporate technology into the healthcare field may find that the sky is the limit with regards to opportunity and earning potential.
Job Description & Information
Essential Skills Needed - Traditional nursing skills, accounting, marketing, business management, willingness to take risks, excellent communication skills, friendly disposition, self-starter, creativity, hard-working, ability to work independently
Job Outlook - In general, the employment outlook for those in the nursing field is quite good. The U.S. Bureau of Labor Statistics expects that jobs in the nursing field will grow by 16% through the year 2024. This indicates that there should be plenty of opportunity for nurse entrepreneurs in the coming years.
What Is the Average Salary of a Nurse Entrepreneur?
Because nurse entrepreneurs are self-employed, it's very difficult to determine the average salaries for those operating within the field. How much a nurse entrepreneur earns will depend on how much they're willing to work, the specific business niche they're in, and how successful they are. Regarding employment benefits, nurse entrepreneurs who operate businesses can seek out Small Business Health Option Programs (SHOP) to procure health insurance coverage for themselves, their families, and their employees. Private health exchanges are also an option to acquire health insurance. Some nurse entrepreneurs who act as independent contractors for hospitals, nursing homes, or healthcare facilities may also be eligible for some benefits. Although a career as a nurse entrepreneur is less certain than that of a traditional RN, the potential to earn a large salary is much greater.
