Venture planning in nursing

By Eko PriyantoMiddle East University 13.03.2016

PLANNING NEW VENTURE

Introduction Venture: Risky start-up or enterprise

company. Venture Planning is a personal

assessment of feelings & the feasibility of a venture.

The Venture Feasibility process examines the key factors in any venture.

Meaning

Venture refers to a risky start-up or enterprise company

•

• New ventures are business plans that gives anopportunity or chance to set up a company/business on the basis of innovative ideasIt is build upon customer driven ideas or technology

•

Key factors in venture concept planning1. Which venture concept produces the most sales,

the best margins, the highest net profit and the lowest breakeven?

2. Which model requires the least investment by entrepreneurs and others?

3. Which concept requires equity as opposed to debt financing?

4. Which produces the highest “Return on Investment" and the best liquidity?

5. Which model requires the entrepreneur to give up the least equity?

Factors in Venture Planning

1. Entrepreneurial mindset & skills2. Possible risks & dangers3. Speculations on investment yields4. Reputation status of the firm 5. Possible refutation

Process of VP

ConceptDevelopmen

t

VentureDevelopmentIdea

Venture Feasibility

Analysis

InitiatingNew MonitoringProgressChanges

Business or

Operational Plan

Budget vs. Actual/New Plans.

Process of VP

Define theproject

Do feasibility

study

Consider fiscalsponsorships

Identifying the venture impasses

Plan for physical facilities

Legal aids when necessary

Develop simple budget &

business plan

HighGrowth Business Development

ContinuesgrowthRapid

growthInitial growth

Start up

4 Keys to Good Venture Planning1. Focus on one venture at a time in one business

area at a time.2. Discover the opportunity first, and then evaluate

how exploit it.3. Develop three cases good, bad and likely for

each scenario of a venture concept.4. Identify what type of venture you want. Each type

has an entirely different model, implementation and end result. Each demands a different entrepreneurial approach and each requires different management and style.

11 Keys to a Good First VentureLifestyle of High Profit

smaller business

Founder's alignment with the mission

Guaranteed or qualified customers

Routine concept

Supportive local

environment

Neutral State and Federal Environment

Available product

Advantageous Cash Flow

EquityControl

RelevantExperience

LowOverhead

Venture Proposal Checklist

Proposal functions as an important tool in avoiding any future problems in any venturesThey help to prevent : Acting on impulses Proceeding with half-baked idea Disastrous outcomes Exposing the fear that certain facts could spoil what

may seem idea to be great.There are 2 versions– Short version– Long version

Items in The Venture Proposal Checklist

Framework of the plan Appendices, attachment etc Main issues under the key section Work program assignments based on

the framework & lists Key sections in a logical order Critiques from the advisor Summary & conclusion Evaluation strategies

Areas for VP in Nursing ServiceInstitution based care Process oriented Procedure driven Based on mechanical & manual interventionProvider driven Treatment based Reflective of late stage intervention Based on vertical clinical relationships

Areas for VP in Nursing service Mobility based on multiple settings Outcome driven Best- practice oriented Emphasized by technology and minimally

invasive intervention User driven Health based Geared for early intervention Based on horizontal clinical relationships

-Porter-O‘ Grady (2003)

Risks in new venturesMarket risks•–––

Market strength to support the ventureTrends in the marketStructure and distribution of the market competition

• Operational risk– Problems related to delivering the quality

products on customer-satisfactionFinancial risk– Changes in the financial projections/predictions

•

Resolution

of Risk

Market

Analysis&

ReviseFinancial

modelOperation

model

References

1. Jogindra Vati (2013). Principles & practice of nursing management and administration, I ed., New Delhi, Jaypee Brothers Medical publishes (P) Ltd.

2. Deepak K, Chandran S & Kumar M (2013), A comprehensive textbook on nursing management, I ed., Bangalore, Emmess Medical Publishers. 75-112

3. Booyens WS (2007), Dimensions of nursing management, II ed., Cape Town, Zebra Publishers. 137-139