Entrepreneurship is the study of how new business are created as well as defining the actual process of starting a new business (Kirzner, 2015). Entrepreneurs while staring a new business takes risk and challenges in relation to establish the business and earn profit for long term business sustainability.
The process of entrepreneurship is also seeks to invest, develop, manage a business venture and arranging materials and labor so as to carry task and perform it efficiently to increase the productivity of the firm (Burns, 2016).
This essay will briefly explain about the challenges that the entrepreneur will be facing while establishing the business along with tackling the challenges with the help of their personal skills.
Financial cost associated with establishing the business will be explored in this paper along with creative business idea of opening up a personal health service smartphone app that allows the patient to video call and fix appointment with doctors directly.
Structure of the firm along with its potential customers review will also be determined in this essay in order to understand their viewpoints related to the service. Prototype of the service along with its failure and success will also be explained in this study. Finally personal reflection of the author related to the service will also be determined in this essay.
Main Body Discussion
Own personal context, story, challenge, passion and skills
The creative idea of opening up a personal healthcare app has been taken into consideration by me, the idea came into my mind when I was doing my internship in a leading medical healthcare institute.
I saw that every day more than hundreds of patient’s que into the healthcare institute in terms of visit the doctor and get personal assistance regarding the diseases.
The idea of creating personalize healthcare app has been driven from there as because while I was working over there I noticed that many of the patient used to return to their homes due to shortage of time, non-satisfied with the healthcare facilities and huge fee structure of the healthcare institute (Gould & Taylor, 2017).
Furthermore, it has been noticed that although the patient were receiving good treatment from the healthcare institute but they prefer to have an assistance who could guide them to take control of their diet plan, daily routine alongside provide them assistance to resolve their quarries instantly.
Understanding the customers preferences and their needs were first and foremost task that was to be performed in terms of foresee the viability of the business plan which I was going to continue to serve the society better.
The idea of creating healthcare app was to create a positive impact on the society by providing healthcare services such as personal assistance by introducing chatbot which would help the people to get first hand solution of their grievances along with treatment that they would like to avail (Scholes, 2015).
The idea of creating entrepreneurial venture is also to provide benefits to the patient who resides in remote location.
People will not only have the option of resolving their quarries but via the healthcare app the people can also video chat with the doctors and discuss their health issues face to face by paying reasonable fees.
Moreover, the app also provides the option to the patient to find an specialist doctor nearby if anybody suffers falls sick, the online GPRS system powered by advanced AI technology provides the option of finding specialist doctors at once.
Whereas, on the other hand patient can also track their medical reports via the app such as viewing their medical test reports, purchase medicine on affordable price and book appointments then and there (Thompson, Strickland, & Gamble, 2015).
Comprising of all this factor the business idea of launching healthcare app will provide better medical healthcare facilities and reduce the chance of medical risk among the society.
Challenges were also being identified while developing the app such as lack of capital amount, it requires huge capital to create an app that is powered by advanced AI tools hence arranging capital amount was one of the challenge that was creating hindrance in the path of introducing new healthcare app.
Another, issue that I identified is partnering with doctors and make them a part of this initiative as because the doctors were hesitant as because they thought that people prefer to visit doctors physically rather than virtually (Redmond, 2017). Recruiting skilled manpower who could handle the daily task along with designing an AI based chatbot was also a challenging task.
The skills that is utmost required to open up the creative entrepreneur business venture is situational based thinking, decision making ability and leadership qualities.
The sole aim of creating the personalize health care app was to offer something unique that would contribute towards the development of the society. The situational based thinking skill helped me in understanding the perspective of the customers, it also helped me in identifying what specific service they prefer which would help them in resolving their issues related to health.
Based on their feedback the app has been created which would provide them the option of fix appointment, video chat and purchase their medicine without being moving out of their houses (Pisano, 2015). My decision making skill helped me in designing AI powered chatbot which will assist the people virtually to resolve their quarries and provide accurate solution and information.
Whereas my leadership skill helped me in motivating my employees to perform their task with accountability in order to achieve the desired result and outcome for the management.
The original creative ideas, imagination and collaboration (including financial)
The original creative idea was to develop and design an app that would personalize the healthcare services for the people so that they can enjoy social healthcare service sitting in their rooms. The creative idea of providing social healthcare service has also been integrated by internet of things which allows the healthcare apps to deliver out of the box results.
The IOT that has been collaborated with healthcare care app which helps in streamline all the process and simplify the task for the professionals (Yu, Beam, & Kohane, 2018). Furthermore, the creative idea of introducing healthcare app are also useful as because it provides information that would help in carrying the process seamlessly.
Additionally, the app has been developed in a way which would monitor the health status of the patient and provide them required information as how they could improve their overall health condition.
The healthcare app that is powered by AI and IOT integrated system which are useful to track the heartbeat of the patient and their medical condition through the assistance of vital parameters.
The amalgamation of AI and IOT in the healthcare app has enabled the employees within the organisation to manage the stock and use it resourcefully so that it becomes easier to provide healthcare services towards the society (Hamet & Tremblay, 2017).
The imaginative idea of creating the healthcare app has also proven to be decisive as because it has also become easier for the doctors to provide instructions to the patients which is improving their health status and adding values to the society.
Keeping in mind that traditional manner of visiting healthcare institute cost time and money which makes it difficult for the patient to regularly visit the healthcare institute to get medical treatment.
Hence, the idea of creating personalise healthcare app has been great in terms of providing great experience to the society to avail services hassle free and in less prices. My idea of creating the personalise healthcare app has been introduced as because it aims to create immediate, comprehensive and personalise health service and make it available for the society so that they can enjoy its services.
Moreover, the app has been designed in way where doctors are on the call and are available 24*7, patients can make a video call anytime they prefer and based on their issue their quarries will be resolved by specialist doctor. All the medical related treatment procedure will be available in the app where patient can log in and see their details.
The AI integrated chatbot has been designed in way that is acknowledged by deep learning technique that automatically diagnose the medical condition of the patient and provide them assistance which improves their health within no time (Fogel & Kvedar, 2018).
In terms of acquiring capital and finances I collaborated with venture capitalist, where the venture capitalist promised to invest AUD $ 5 million in the initial phase of the process.
The collaboration with the venture capitalist has also proven to be significant as because it helped in attracting new customers along with partner that would provide opportunities for my firm to enjoy high success and profitability. The venture capitalist is one of the important shareholder of my business venture and hence he holds 20% of share in my new business venture.
|Discovery and wireframing||$ 1,500|
|App screen design||$ 2,000|
|Native development||$ 9,000|
|Back-end programing, database and APIs||$ 5,000|
|Application administration||$ 3,000|
|Quality assurance and refinements||$ 2,000|
|Deployment and cloud||$ 1,500|
|Total (Android and iPhone)||$ 24,000|
Figure- Cost structure of Healthcare App
Learnings from potential and actual customers and the early prototyping of the product or service, including their failures and success
As the entrepreneur the healthcare app that has been created keeping in mind the social benefits for the people helped them in availing information that assisted them in improving their health condition.
\Once, the prototype design of the healthcare app has been developed it was used as prototype design in order to achieve feedback from the customers. The feedback were assessed by the customers through online and from traditional method, where I reached out to the customers and asked them about their specific needs and demands related to healthcare service (Bhatnagar &Poonia, 2018).
My primary concern during accessing feedback was to understand the gap through which I can introduce my app and providing unique service value that would attract customers towards the business. Surveying the people I recognized that they need service that would provide them information within no time along with help them in resolving their quarries within no time.
Understanding the point of view of the customers the app has been developed in way that meets up to their expectation of the customers along with provide healthcare services that would assist in improving medical condition of the society.
The customers provided the feedback related to the healthcare app that they wanted to have an integrated system that would provide them virtual assistance whenever they want.
Based on the feedback of the customers the app has been designed with the help of AI based technology that helps in diagnosed the patient along with scan their profile in order to provide them assistance that would help them in improving their healthcare condition and lead a happy lifestyle (Luxton, 2015).
Accessing the feedback from the customers it has also been identified that people would like to avail better quality service but within affordable price, hence keeping in mind the feedback of the customers the app has been designed in a way that charges minimal amount of money from the customers.
The newly designed app is a low cost subscription health service provider that aims to deliver remote consultation with the doctors and healthcare professional via text messages.
The app are also designed in a way that also provides opportunity to the customers where they could upload their prescription and the app prescribed them medicine through home delivery.
Through the feedback process it has also been identified that the app has late upgraded system which is making the app slow and makes it difficult for the customers to avail the services within time (Cook, 2017).
Furthermore, the patient also stated that due to software glitch it was becoming harder for them to fix appointment with the doctors. This were the two most prominent problem that I have identified while accessing the feedback from the customers.
Therefore, it become necessary for me to resolve the issues within no time so that the healthcare app could be made famous among the patient which will contribute towards the development of the society.
The staffing and structure of the firm along with original entrepreneur’s involvement and interest in the firm after it had been established
The creative idea of developing the healthcare app turned out to be success for the management as because surveying the people it has been identified that customers are willing to avail the services if they are being provided with better service facilities.
In order to carry out the overall task of the management the entrepreneur needs to recruit skilled employees within the management so that they can handle the issues of the customers along with provide them solution that would help them in attracting customers along with building long term relationship with them (Wang & Siau, 2018).
Besides, it has also been notified that staffs such as IT experts, experts professionals and doctors has been recruited who are dedicated towards providing medical treatment that will improve the healthcare condition of the people residing within the society.
The IT professionals has been recruited as because they are being provided with the responsibility to monitor the daily activities of the system and take control measure if the system falls down. Furthermore, the IT experts are also assigned with the role of designing the application system which will provide better information to the patients.
Experts and experienced doctors has also been recruited by the entrepreneur who are dedicated towards providing better medical treatment and prescribed drugs that will help the people within the society to live a better lifestyle (Wartman & Combs, 2018).
Nurses and receptionist has also been recruited in the firm who also has great experience in terms of handling the patient with care and provide them facilities that aims towards improve their medical condition within less time period.
The entrepreneur has decided to adopt line organisation structure which helps in aligning the task in one synchronized pattern and perform it with high accountability so that all the employees can work collaboratively and achieve the one common objective of the firm.
The idea of using line organisational structure has also turned out to be beneficial for the new business venture as because it holds direct vertical relationship among the firm for better communication and perform the task efficiently.
Moreover, the entrepreneur has the full authority over the operations of the business and holds the accountability of managing and control the system of the firm. Line organisational structure are also beneficial for the management as because it is simple to operate and the authority flows directly from the supervisor to the employee which becomes easier to perform the task within the management.
The role of entrepreneur within the organisation is very dynamic as because the entrepreneur takes up the responsibility of taking up strategic decision of expanding the business along with monitor the overall activities within the management (Kantarjian & Yu, 2015).
The entrepreneur also holds the responsibility of taking up decision of introducing new services to grow their business. The interest of the firm lies in expanding their geographical location along with growing their customer base so that better business opportunity can be achieved and higher revenue can be generated.
Briefly evaluate your perspective of the value of the systemic and social change of the product or service
My personal viewpoint in regards to the introduction of healthcare app is positive as because I think that it would benefit the people within the society in terms of accessing direct information and fix their appointment with the doctors.
Furthermore, I also noticed that most of the people suffer due to lack of personal assistance, time constraints and high price value of the services. Whereas, the healthcare app has been designed in way that is powered by AI integrated system that will help the patient in accessing their personal information within no time and video call with the doctors to improve their lifestyle.
Due to the introduction of the healthcare service it has brought a change within the society where I identified that people now do not have to stand in que in order to visit the doctor along with paying high fees for purchasing drugs and medicines (Howatson-Jones, 2016).
Moreover, the AI powered app are also designed in a way which stores the information of the customers in one platform, that assist the doctors in accessing the information and provide better medical treatment to the people residing within the society.
Customised app service facilities has provided benefit for the people where they can list their graviences and access accurate information that will help them in treating themselves better. The app also provides opportunities to the people where they can book prior appointments with the doctors and see them without being waiting for long hours (Johns, 2017).
Elderly people who seeks personal assistance can also look for nurses through the app with their experience and their background, which allows the elderly people to get better medical assistance.
Therefore, in my viewpoint the introduction of healthcare app has changed the healthcare system within the society that has provided better standard of living to the people residing within the society.
The overall essay was based upon evaluating the creative entrepreneurial venture of developing an integrated healthcare app that provides better medical assistance to the people so that they can live a healthy and better lifestyle.
The idea of introducing new healthcare app was developed as because people used to stand in long que while visiting the healthcare institute. The app has been designed in a way that identifies the requirement of the patient and then provide them medical treatment accordingly.
The entrepreneur uphold the skill of situational based thinking along with decision making skills so that better decision can be taken in order to grow the business. Accessing the feedback of the customers it has also been identified that people wanted a service that would resolve all of their quarries, hence AI powered integrated application has been introduced.
Skilled manpower such as IT professional and doctors has been recruited within the management. Line organisational structure has been considered within the business venture for synchronized work process and better communication. Finally, the interest of the firm lies in extending their business and building customer base for earning revenue.
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