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CREATING AND MANAGING THE NEW ORGANISATION

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NAME:
ITUAH OMOFUMA CHARLES
STUDENT NUMBER:
ITUAH04805
COURSE:
CREATING AND MANAGING THE NEW AND ENTREPRENEURIAL
ORGANIZATION
COURSE CODE:
BE253
MODULE LEADER:
DR YAZID ABDULLAHI
DATE:
20TH MARCH 2014
INTRODUCTION
The purpose of this essay is to prepare an Individual Action Plan for setting up
Diagnosis Medicare Ltd, a Health Maintenance Organization (HMO) as well as a
social enterprise, which is focused on the provision of affordable medical insurance
and health benefits. The reason why I choose this plan is because in the developing

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economies, there is difficulty in accessing medical care facilities due to the
prevalence of poverty and inadequacy of trained medical personnel. It is thus
important that adequate attention is given to these countries because if left
unattended to, the problem may be difficult to address. Nigeria for one is known for
the attempts in making health care available to people, however due to the problems
of poverty in most parts of the country it is difficult to assess, thus my motivation for
drawing up this action plan is to help the situation that my country is facing. This
write-up starts with the literature review, then the business development context will
be considered. As part of this, the value proposition will be taken into consideration
as well as the source of finance, the business growth strategy, and the business
model canvas. The Individual Action Plan will be concluded with personal reflections
on the benefits that the plan will give to the citizens of Nigeria.
LITERATURE REVIEW
SOURCES OF IDEAS FOR INNOVATION
''The majority of innovation, most importantly the ones that come out successful,
come about as a result of the opportunities identified in innovation'' (Drucker,
1985:145). He further explained that the opportunities are embedded within the
seven sources of innovative opportunities, and they are:
1. Unexpected outcomes: There are various examples of inventions that have been
developed today that have not been used for the purpose for which it was originally
intended for, such as: the novocaine and IBM computers. It is thus important to note
at this junction that medical care facilities that was originally intended for every part of
the economy be it the developed and developing ones could also fall under this
aspect, because medical care was originally established to treat the sick population,
who have the means to afford it, but right now in developing economies cheap
medical facilities, if not completely paid for by the government is provided to every
sector of these economies, this is an aspect that should always be dwelled upon.
2. Process Needs: This is another area that opens up new dimensions and
opportunities in innovation. Peter Drucker explained that existing ideas can be
improved upon through invention of new ideas that enhances productivity. This can
be related to medical care in which the amount of money that is been paid to access
this facilities can be reduced to a certain level, because it is a well known fact that in

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developing countries medical care is very expensive especially in the part of this
countries where exploitation and corruption is high and rampant, so it is important
that it is made cheaper so a large population can be able to use it easily
3. Industry and market changes: This can be seen as the rapid change of an industry,
thus there are big changes in the way the daily activities of the business is carried
out. Medical care facilities in most part of the developing countries is relatively
expensive especially the private institutions, so most hospitals and clinics usually
bring the price down of this facilities in order to compensate for the disadvantaged
population, this relatively causes them to have an edge over their competitors.
4. Demographics: Peter Drucker explained that the changes in population based on
the size of the growing population, the educational attainment and the employment
status plays a major part in innovation. Due to the increasing level of the pursuit of
education in developing economies many students are becoming more aware of the
need for the alleviation of poverty, sickness and diseases, so it is thus safe to say
that medical care can work in these countries where young adults would strive to
support the proper management of health care, examples of which can be certain
campaigns and rallies that support these ideas
5. New Knowledge: When new knowledge arises due to the convergence of different
ideas, innovation arises. Medical care facilities through this useful tool can be
provided for developing economies through effective utilization of the money that
goes into the project thus providing low cost health care plans, it is only when
thorough brainstorming sessions are put in place that new knowledge arises
6. Changes in Perception: when people become more attuned with what really matters
most in an economy then their perception will change completely, due to the nature of
diseases and the dangers it imposes on people, people will stop being indifferent
towards the idea of it being not readily available for the developing economies.
7. Incongruities: This involves thinking differently, if you want to succeed in the
business world, that is coming up with new innovations that will beat the competition.
Peter Drucker proposed that every organization should identify this new
opportunities. Thus, he further tried to explain that following these principles of
innovation in a diligent manner will ensure a company remain successful (Drucker, p.
143-159, 1974).
SOURCES OF FINANCE
There are different choices entrepreneurs use to meet their desired goals of financing
their new enterprise.
1. Family Loans

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