ECO 605 Assignment 8.1: SWOT Analysis

Value: 15 points

Introduction

One of the elements of a business plan is market analysis. A common approach for market analysis is a SWOT analysis. This involves a review of strength, weaknesses, threats, and opportunities.

Assignment Guidelines

Review the SWOT Analysis: Exploring Innovation and Creativity within Organizations (Links to an external site.) site. For your unit, department, service, or the whole organization, create a SWOT analysis. The whole SWOT analysis must be at least 500 words.

Submission

Submit your assignment and review full grading criteria on the Assignment 8.1: SWOT Analysis page.

Week 8: Entrepreneurial Leadership

In the future, nurse leaders will take on greater responsibilities to innovate within the healthcare system. So they must become familiar with the concept of entrepreneurship. In this lesson, entrepreneurship will be defined and analyzed. This analysis will describe indicators for innovative opportunity and the aspects of innovation needed in healthcare systems. We will also identify the skills and knowledge innovators should possess. As entrepreneurs within the healthcare system, nurse leaders will have to cultivate business acumen to make their case for innovations. A critical part of this business acumen is the business plan. Thus, the construction of a business plan will be described.

Review a list of all items due this week in your course’s syllabus.

Lesson 1: Entrepreneurial Leadership

Change in healthcare has been constant and will most likely accelerate. Nurses as managers and leaders will have an important role in this change. This lesson will define the concept of entrepreneurship. Specific skills and knowledge required by an entrepreneur will be described. Business skills are key to an entrepreneur’s innovation. These business skills include being able to develop a business plan. Thus, the different elements of a business plan will be described in this lesson.

Learning Outcomes

By the end of this lesson, you will be able to:

Describe the knowledge and skills of an entrepreneur and an intrapreneur.
Identify indicators of an innovative opportunity.
Identify entrepreneurial opportunities (innovations needed) in healthcare systems.
Describe the factors that are driving the need for these innovations.
Identify the steps in constructing a business plan.
Create a SWOT analysis of your department, unit, or entire organization.

Before attempting to complete your learning activities for this week, review the following learning materials:

Learning Materials

Read the following in your Financial and Business Management for the Doctor of Nursing Practice textbook:

Chapter 14, “Entrepreneurial Leadership: Innovation and Business Acumen” (pp. 327–343)

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The chapter provides additional references to economic evaluation of health services.

Assignment Rubric
Criteria	Ratings	Pts
Responses	5 to >4 pts Meets Expectations Answers to all questions are correct. Graphs are all properly labeled and axes all properly identified. All graphs are properly drawn. (If applicable.) 4 to >2 pts Nearly Meets Expectations Answers to most questions are correct. Graphs are mainly labeled correctly and axes are usually properly identified. (If applicable.) 2 to >0 pts Does Not Meet Expectations Answers to most questions are incorrect. Graphs are not labeled or axes are not properly identified. Graphs are not drawn properly. (If applicable.)	/ 5 pts
Explanations	5 to >4 pts Meets Expectations Provides thorough explanation of rationales and skillfully applies course materials to develop conclusions. There is always a close and strong connection between the explanations provided and the material from the lessons. 4 to >2 pts Nearly Meets Expectations Provides adequate explanation of rationales, but conclusions could be supported more strongly using course materials. There is a connection between explanations and concepts from the lessons but this connection is not always strong or clear. 2 to >0 pts Does Not Meet Expectations Neither provides adequate explanation of rationales nor uses available resources to substantiate conclusions. There is no close connection between the explanations provided and the concepts given in the lessons.	/ 5 pts
Structure and Mechanics	5 to >4 pts Meets Expectations Contains one or two errors in grammar, spelling, and/or APA format. 4 to >2 pts Nearly Meets Expectations Contains several errors in grammar, spelling, and/or APA format. 2 to >0 pts Does Not Meet Expectations Contains many errors in grammar, spelling, and APA format.	/ 5 pts
Total Points: 0

APA Writing Checklist
Use this document as a checklist for each paper you will write throughout your GCU graduate program. Follow specific instructions indicated in the assignment and use this checklist to help ensure correct grammar and APA formatting. Refer to the APA resources available in the GCU Library and Student Success Center.
☐ APA paper template (located in the Student Success Center/Writing Center) is utilized for the correct format of the paper. APA style is applied, and format is correct throughout.
☐ The title page is present. APA format is applied correctly. There are no errors.
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☐ Strong thesis statement is included in the introduction of the paper.
☐ The thesis statement is consistently threaded throughout the paper and included in the conclusion.
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☐ All sources are cited. APA style and format are correctly applied and are free from error.
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Examples of Scholarly Resources include: Academic journals, books written by experts in a field, and formally published encyclopedias and dictionaries.
Peer-Reviewed Journals: Peer-reviewed journals are evaluated prior to publication by experts in the journal’s subject discipline. This process ensures that the articles published within the journal are academically rigorous and meet the required expectations of an article in that subject discipline.
Empirical Journal Article: This type of scholarly resource is a subset of scholarly articles that reports the original finding of an observational or experimental research study. Common aspects found within an empirical article include: literature review, methodology, results, and discussion.
Adapted from “Evaluating Resources: Defining Scholarly Resources,” located in Research Guides in the GCU Library.
☐ The writer is clearly in command of standard, written, academic English. Utilize writing resources such as Grammarly, LopesWrite report, and ThinkingStorm to check your writing.

ECO 605 Assignment 8.1: SWOT Analysis