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HEALTH CARE ENTREPRENEURIAL BUSINES PLAN: OPPORTUNITY DESCRIPTION AND CONCEPT STATEMENT 1 Health Care Entrepreneurial Business Plan: Opportunity Description and Concept Statement Team B Ruth Aikoye, Kristin Emmert, Lisa Mitchell, LaQuenta Reynolds, Henry Quijada HCS/567 Entrepreneurship in Health Care October 3, 2016 Professor Jackie Lucas LEARNING TEAM: WEEKLY REFLECTION 2 Health Care Entrepreneurial Business Plan: Opportunity Description and Concept Statement Entrepreneurs are reinventing healthcare. Entrepreneurship and health care are linked. Health care is attracting an inundation of talent from other sectors and or industries because of the opportunity to make a profit while improving health, quality of care, and lowering costs. Innovative technology enabled access to data, which allows health care professionals to work together to identify the flaws and gaps in care. As technology improves and becomes more widely accessible and available, many organizations are expanding into the health industry, which is driven by entrepreneurs who see the opportunity and market value of this emerging market, which in turn, healthcare companies are facing more competition. Therefore, health care companies are entwining entrepreneurial practices to sustain competitiveness. The intent of this paper is for Team B to describe an entrepreneurial opportunity and develop a concept statement for the team's business. Team B propose a protective one-piece suit, covering the head, body, and feet. Each person will wear disposable gloves and an additional pair of gloves in case the first pair tears. Also, the suit is equipped with an enclosed alarm sensor to indicate damage to the suit and or if the suit has an unsecured seal and or gap, and or if compromised. LEARNING TEAM: WEEKLY REFLECTION TABLE OF CONTENTS 1. ENTREPRENEURIAL OPPORTUNITY a) Opportunity Description b) Explain why it's an Opportunity Rather than an Idea 2. CONCEPT STATEMENT a) Product or service b) Target market i) Common Approaches used to Assess Target Market and Profitability c) The benefits of the product or service d) The positioning of the product or service e) Evaluate the opportunity i. Evidence for the Potential Opportunity (e.g., is the opportunity a societal need? Is it due to the diversity of the industry? If the opportunity is the same as someone else's idea, what makes it stand out from the rest?) 3. CONCLUSION 3 LEARNING TEAM: WEEKLY REFLECTION 4 Entrepreneurial Opportunity Description Team B collaborated in creating and developing an idea for a lucrative entrepreneurial opportunity. The product the team is launching is a protective one-piece suit for users in the health care sector. Due to the increase in the risk of exposure to hazardous materials, infectious disease, and foodborne illnesses, the creation of a protective one-piece suit of this magnitude is essential to protect health care workers. Although other protective suits are currently in the market, none provide a sensor for auto-activated decontamination upon the onset of exposure. In addition, development of the suit is equipped with convenience to the user in mind by allowing for decreased time when dressing in emergency situations. The development of the protective one suit provides for future uses to additional users; thereby, proving durability. Due to heightened travel, exposure to infectious disease is elevated. Development of the suit will ensure health care professionals are able to provide excellent patient care without fear of contracting any disease via airborne, fluid, or bacterial transmission. It is with hope that utilization of these suits throughout the health care sector will allow for increased control and prevention of the spread of disease and limit harm to workers who encounter hazardous materials; therefore, keeping the population's health in good standing. Team B is confident we have successfully identified an opportunity within this market based on current trends and needs. Opportunity vs. Idea When considering whether or not to bring a new product or service to a market, one must consider if the concept is an idea or an opportunity. An idea is merely a thought, which does not necessarily meet the criteria for an opportunity. An opportunity occurs when a set of circumstances becomes present that creates a need for a product or service. In addition, the LEARNING TEAM: WEEKLY REFLECTION 5 target market must be willing to purchase the product or service. Based on initial evidence of the protective one-piece suit, it is determined a current need does exist. That need is to limit exposure to hazardous materials and infectious disease, which is a current problem in the health care arena. Team B believe development of this suit will be a favorable response to this current issue. Concept Statement The product is an isolation safety suit. This product is greatly needed in the health care sector. This suit would be used for the purpose of protecting health care workers from hazardous materials, infectious and life-threatening diseases. The newly developed isolation suit will include several new features. One of the new features includes a design of less pieces to allow individuals to easily put on and take off in the event of emergencies. This will also allow for an individual to be able to put on the suit without requiring help from someone else. The newly designed isolation suit would also be equipped with a sensor, auto-activated decontamination compressor, which will make it safer for both current and following users. In the event of exposure to chemicals, or trace of viral infections, the sensory will be triggered and activate the decontamination, which will reduce and or prevent both the patient and medical professional from contacting and or spreading disease. Target Market The target market for the new isolation suit will be various, but this is specific for the health care industry, specifically, health care professionals. There are numerous contagious and airborne deadly diseases. These disease can be contracted and spread through contact with bodily fluids of an infected patient, ingested, inhaled, and physical contact. There presently are several outbreaks nation and worldwide; therefore, this suit is in dire need and there would be a large LEARNING TEAM: WEEKLY REFLECTION 6 demand for this new and improved protective wear to ensure outbreaks and epidemics are controlled, reduce further contagion, exposure and spread, and prevented. Common Approaches used to Assess Target Market and Profitability The introduction and development of an isolation safety suit will require a lot of planning and research. There are many factors approach entrepreneurs can take to assess the effectiveness and success of the product in the target market. An entrepreneur needs to conduct detailed research about the necessity of the product and develop a projective profit of the investment as well what competitors are offering to market. Surveys from consumers is another approach entrepreneurs can do to identify the needs, demands, and affordability of possible users. These two methods provide valuable information that will not only determine the necessity of the product, but will also help the entrepreneurs to develop a complete business plan. A business plan will create objectives and alternatives to solve any obstacles might occur during the development and implementation of an idea. The implementation of the isolation safety suit is a great business opportunity as the health care industry is facing an increase of infectious and lifethreatening diseases and this product will help to manage the risk of spreading and or contracting these diseases and provide better services. Product Benefits The protective one-piece suit will protect the wearer from contracting disease by airborne transmission; body fluid transmission including blood; and or viral or bacterial transmission. These suits completely cover the wearers' entire body while allowing them to complete their care services to each patient. It also would ensure they are protected by covering their mucus membranes in which are the most susceptible to contracting deadly illness (CDC, 2015). The suits will also be made of nondestructive material that is non-penetrating, which it is unable to be LEARNING TEAM: WEEKLY REFLECTION 7 cut or broken, which will be better in the event that a surgeon or nurse is cut with a scalpel or a wearer is poked with a syringe. Product Positioning These protective one-piece suits are in short supply and the health care field is in dire need of them. There are many untreatable fatal diseases, therefore, makes this product high in demand. Because these protective one-piece suits are able to protect the wearer, they will be able to be protected against these diseases that are airborne, blood borne, and viral/bacterial (Einstein, n.d.) that allow the wearer and the facility to not only protect themselves, but also both the patients and the facility as well. Opportunity Evaluation Entrepreneurs need to take into consideration many factors before implementing an idea or opportunities, such as target market, revenue model, market size, and impact of product or services. Entrepreneurs need to have a clear understanding of the implications the new product or service will have on the market and if it will meet the needs of the customers' demands. Managers and leaders need to ensure the product is viable and will not have additional liabilities on the organization's financial budget. Another assessment entrepreneurs can do to analyze the impact of the opportunity can have on the market, is conducting a research of the effect of a similar product on the market or similar marketplace. This can help stakeholders to have an idea if the opportunity can succeed and produce revenue. The information is collected to contribute to developing a detailed and complete business plan, which will help to evaluate the opportunity from all different spectrums. LEARNING TEAM: WEEKLY REFLECTION 8 Evidence for the Potential Opportunity Infectious disease outbreaks are on the rise worldwide. U.S. outbreaks have been reported in both foodborne and waterborne. For example, there have been numerous recalls on both beef and chicken from reported cases of Salmonella. Additionally, there are several reported outbreaks affecting individuals who travel both domestically and internationally, such as Ebola, Bird Flu, Zika virus, Anthrax, etc. Although many of the aforementioned originate in other countries, these infectious disease travel with travelers. This is evident for the potential opportunity. This protective one-piece suit is designed to create a life-threatening and or non-disease specific barrier to penetration of substances, solid, liquid, or airborne particles, which will help protect, monitor, control, contain, prevent and eliminate further widespread of an outbreak. Conclusion Learning Team B has identified a current need within the health care sector, which includes limiting the exposure of hazardous materials and infectious disease to both patients and health care professionals. Team B has encountered a window of opportunity and is actively developing the protective one-piece suit to answer this increased need. Team B is prepared to actively conduct further market research and prepare an aggressive business plan. The isolation protection one-piece suit provides many features and benefits, but its primary purpose is to completely protect the user from head-to-toe and reduce the spread of infection. Team B strongly believes the development of the protective one-piece suit will reduce the spread of disease and protect all users. References LEARNING TEAM: WEEKLY REFLECTION 9 CDC (2015). Guidance on personal protective equipment (PPE) to be used by healthcare workers during management of patients with confirmed Ebola or persons under investigation PUIs) for Ebola who are clinically unstable or have bleeding, vomiting, or diarrhea in U.S. hospitals, including procedures for donning and doffing PPE. Centers for Disease Control and Prevention website. Retrieved from http://www.cdc.gov/vhf/ebola/healthcare-us/ppe/guidance.html Einstein (n.d.). Environmental health & safety. Albert Einstein College of Medicine. Retrieved from http://www.einstein.yu.edu/administration/environmental-health-safety/docume nts/biohazard-facility-manual.aspx