The act of recruitment and selection of key investors, employees and lenders, financial support, venture capital as well as the key market issues for new ventures requires comprehensive strategic forecast and time for it to accomplish the required objectives and success. Any capitalist who develops a trepidation that the business enterprise is going to be unproductive in the future which should not be the real situation with the business, the entrepreneurs should rather have a resourceful conviction that the enterprise is probably going to do well and be productive regardless what will impede their investment CITATION Akr11 \l 1033 (Akrani, 2011). For to make sure that the collapse is not experienced, there are some steps to that should be followed for any organization to attain its success. As an executive manager of such a venture, one should keep assessing the capacity of the business to offer prospective services and needs to the customers. In the assessment, one is supposed to take account of products and services deliveries, management of the supply chain as well as enterprise promotion setting from the starting point of the business to the end. With general market study evaluation, any developing firm must have a comprehensible upshot collectively with the plans implemented. When taking account of any venture, the following business components are essential for the success of a new business startup; supply chain management, products, and service delivery to the customers and also the marketing location are of the business CITATION Dav03 \l 1033 (Davis, 2003).
Our consolidative approach mainly focuses on the three advances regarding the success of our new venture. First, our approach analytically recognizes key aspect that manipulates business venture productivity. Secondly, we are averaged to make use of the current empirical methods on how to assess these factors; the drafted methods can assist venture entrepreneurs to improve their operation on important business variables, instead of prejudiced evaluations. Third, implementing a degeneration analysis technique to the approximate comparative magnitude of each variable in the venture our techniques decomposes the economic assessment decision into various input factors; and therefore, we extort effective market strategies to overcome the problems associated with Shouldice Hospital.
A forecast on hernia repair influence at Shouldice Hospital
In 1940, Shouldice Hospital was launched in the business world; its outcomes were renowned for an effective business representation that it implemented during the establishment. The representation is identified to be an essential guide behind the creation of new firms that want to succeed in making productive transformations in the therapeutic and medical field especially in the surgical treatment of a hernia. Dr. Shouldice initiated his profession with only 89 single beds in his hospital with only one cook and nurse. The physician was well-known for his exceptional medical proficiency in surgical treatment besides developing a quick recovery strategy among his patients who recovered good health quickly than expected. Through his professional skills, an accurate forecast of hernia repair influenced the success of the business decisions .essentially; the patients were not confined to bed for the usual two weeks to get well. Instead, the nurse together with Dr. Shouldice gave them slight health checkup, then discharged them to their homes to recover fully, the patients never developed any health problems CITATION Hye09 \l 1033 (Hyer, 2009).
Dr. Shouldice's treatments method was distinctive and well-known for its faultlessness in the operation of a hernia because he developed outstanding surgical skills. At Shouldice, the aspect of value is incorporated in every development they engage themselves. It runs with a logical service civilization. It provides different services in an outward appearance of proficiency of its general practitioners, the dedication of its employees as well as an all-inclusive environment that in turn help its outpatients with quick healing. Regardless of having extremely few associates of personnel who helped him in the business, Dr. Shouldice was still in a position to engage himself in more convoluted surgical operations; he was even called up to provide his services in cases where other medical doctors and surgeons were incapable of handling. The success of his firm can be accredited to his diligence in managing capacity management, drafting detailed plans as well as developing an accurate forecast that enabled him to improve and develop his business in spite of having a small hospital. The ambiance generated at Shouldice is also one of the exceptional value-adding elements. It has two unique facilities that are the hospital and a private clinic that is situated inside the hospital, besides that the entire hospital is fitted with carpets thus giving a comfortable feeling despite freezing floor feel.
For any venture to find out whether their business enterprise has achieved its maximum potential, the business should regularly monitor its primary plans or strategies along with the customer reports as well as the financial data of the existing resources. Business ventures that that keep great statistical accounts depend on their data and analysis to power them usually make the paramount decisions which typically help the business to achieve development goals and objectives. Alternatively, some new ventures may desire international development, business localities across the world while others may only desire to achieve internal business development with innovative and pioneering merchandise or services within their existing environment. The main strategy as when to stop developing the business has knowledge on the development and achievements the business has designed to startup with; this is supposed to be listed in the venture plan, which should be evaluated and adjusted when necessary.
3. Examine the demographics of Shouldice patients, such as their overall health, type of surgery required, age, etc. What target-market demographics will enhance the success of your start-up?
Shouldice patients are mainly hernia patients from diverse ages but a majority are senior citizens and babies because Hernia only affects people with weak surrounding tissue of the body organs. The age demographics of shouldice patients can be established through the assessment of the major condition that is treated in shouldice hospital which can help understand the majority affected by the condition. Therefore, it can be concluded that a majority 75 percent of the patients treated for Hernia condition in Shouldice hospital are senior citizens, people involved in accidents and infants (Subramanian et al., 2016).
In most cases the patients that are treated in Shouldice hospital are in good health while others have coexisting and preexisting conditions that are attributed to the development of hernia. Hernia is a condition that is caused by muscle weakness and strain as a result of a body stressing incident such as an accident. Therefore, the overall health of patients suffering from hernia is poor due to the preexisting conditions that contribute to the weakening of the body tissues and muscles which makes it hard for the tissue walls to hold in the body organs. The failure of the abdominal wall to properly close when a child is developing in the womb leads to a congenital problem that requires a surgical operation to correct. Shouldice hospital also operates on patients that have been involved in accidents and previous defective surgeries that result in hernia. Pregnant women are also at the risk of suffering from hernia as well as lifting heavy weights which increases pressure on the tissues surrounding major organs (Subramanian et al., 2016).
Type of surgery required
Hernia can be operated using open or laparoscopic surgery in the cases when the condition is too painful for alternative treatment approaches such as medication and lifestyle change. Open surgery is more invasive and extensive compared to the laparoscopic surgery which is carried out using a tiny camera and miniaturized surgical kit which only uses small incisions without damaging surrounding tissue. 80 percent of patients prefer the laparoscopic surgery because it heals fast and does not restrain the patient from normal life activities.
What target-market demographics will enhance the success of your start-up?
The use of laparoscopic surgery to treat hernia especially amongst expectant women and athletes will be a significant boost to the success of the startup. There is a high number of athletes and expectant mothers who suffer from hernia and most of them do not receive the required attention. The startup will invest more on laparoscopic technology surgery which is less invasive and also carry out hernia education to ensure that patients in the community understand the condition and the best approaches to treat the condition. Shouldice has largely focused on senior citizens and infants hernia treatment which gives the new startup a significant market share by concentrating on providing hernia care to the athletes and expectant mothers (Subramanian et al., 2016).
4. How do you know when to stop growing your start-up? How might Shouldice have determined a practical limit to economies of scale? At what point should Shouldice have decided to stop growing? What metrics should be monitored to determine that growth has plateaued?
Measuring the performance of an organization is important to know when an organization has achieved optimum growth and performance. Monitoring the performance of a startup using performance KPIS can help a start up to assess its growth as well as the implications of growth to the organization production as well as well as optimal profitability. Unmonitored business growth can lead to negative implications such as diseconomies of scale. Diseconomies of scale occurs when an organization or startup expand beyond the control of the management which leads to poor leadership and management of the organization. Therefore, a healthcare startup should seize further extension when it achieves optimal profitability and can provide services to the forecast number of patients. After this point, a healthcare start up should focus on improving quality as well as minimizing costs to increase the sustainability of the venture (Davis, 2003).
Shouldice hospital should have used customer surveys and market research to establish patient demographics and trends which could have helped the hospital to establish the limit to economies of scale. In addition, the hospital should have assessed its management approach to establish the optimal performance of the hospital where the hospital should have seized expansion and concentrated on improving the management of the existing hospitals to improve service and also reduce cost of hernia treatment which could have led to the hospital sustainability (Ozcan, 2014).
Shouldice hospital should regularly monitor customer safety, customer satisfaction, employee retention and profitability metrics to keep the venture growth in check to ensure that the hospital growth is sustainable (Davis, 2003).
BIBLIOGRAPHY Akrani, G. (2011). What is forecasting? Meaning, features, steps, importance. Retrieved from http://kalyan-city.blogspot.com/2011/08/what-is-forecasting-meaning-features.htm
Davis, M. M. (2003). Fundamentals of Operations Management. New York: McGrawHill/Irwin.
Hyer, N. L. (2009). Performance analysis of a focused hospital unit:The case of an integrated trauma center. Journal of Operations Management, , 203-219.
Ozcan, Y. A. (2014). Health care benchmarking and performance e...
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