Analyzing the Entrepreneurial Process in the Health Care Industry

The main point of this paper is to critically analyse the Entrepreneurial Process in the health care industry. It has been obviously stated that entrepreneurs will apparently come across distinctive challenges in imminent refreshingly new favourable conditions. Relatively, the illustration of this paper is on the acknowledgement of the problem which differentiates the entrepreneurs strive for opportunity while emphasising on decision-making, ambiguity and information irregularity. Finally, in sequence to the entrepreneurs’ advantageous chance in health care nexus is the differentiation in decision-making practice under ambiguity and besides, information one-sidedness.

Blair’s (2007) study found that, there have been relatively lots of arguments on the advantageous chances for the success of entrepreneurship in the health care industry. However, in line with this, it was clearly stated that the change in transformation of health care recently has provided favourable conditions for entrepreneurship to succeed in the milieu. Therefore, novel or refreshingly new variety of administration has thriven specifically when rooted in an area that is commercialised or populated neighbourhood of enormous activities where there is right of entry (access) to a large and widely distributed group of people who communicate with one another and work together in unity (system) either socially or work related (stores, churches, schools and social gathering centres) and have mutual relationship (p. 167).

Accordingly, the success of any business is the result of entrepreneurs’ correct judgement on the market. However, good turnover (earning) and failures, initiated from ambiguity, function as a warning signs for entrepreneurs to understand and re-int...

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...s beneficial to them as a system of interpretation of their preceding and current experiences, thus determining their expectation of future occurrence.

Blair’s research found out that during the past thirty years, the health care industry has been in the throes of new and different change because of the environmental threat to health care organizations trying to maintain balance. On the other hand, when such change occurs it creates room for opportunities for the novelty and creation of new ideas and organization. Accordingly, the entrepreneurial process is the method of putting forth a creative process of destroying a long-established market by the introduction of modern and new novelty, into a new market, thereby making use of new materials or equipment since entrepreneurial activity is an efficient strategic response to environmental instability (Blair p.168).