Question

An entrepreneur has the opportunity to produce nose mask in this Corona Virus times. a. Discuss four (4) ways by which entrepreneurs can use their traits to pursue this business opportunity.

Answer 1

During this pandemic of Covid 19, There arises more opportunities for the entrepreneurs and existing business to serve the nation during this pandemic situation.

The common and major traits that helps an entrepreneur to pursue the business opportunity are as discussed.

Being Proactive:This refers to the pro-activeness in the action made by entrepreneur prior to the competitor and thus able to launch their product or service in the market prior than other competitor.In this initial stages of pandemic, many entrepreneurs launched various product which act to serve people and save them from effecting from the virus

Creativity & Innovation:This refers to the personal trait of an entrepreneur which lead an entrepreneur to think out of the box and bring changes in with means of new technology and innovation which helps the county and their people to fight with this pandemic virus and situations.

Ex: Company XYZ launches a automatic sanitizer dispenser which starts sanitizing the people entering the dispenser booth and automatically shut down when is empty.

Being Ethical:Entrepreneur not only think about the business and related profit but also think and act ethically to serve people and country.They do not pursue any unethical practice while conducting the business activities.

Ex: Many entrepreneurs are working to provide the product or service with reasonable price which allows a poor class family to afford and use it. Many safety equipments like mask,sanitizers,globes are made in cheap and reasonable price which every one can afford and use it.

Resourcefulness:This refer to use of available resources in most efficient and effective way which lead to utilize all the available resource to its fullest and thus able to fulfill the demands and need of people with minimum lead time and with good quality product or service.

Ex: Many entrepreneurs now in rural areas and villages at their home by weaving machine available at their home and are self preparing the facemask and distributing to the needy and other areas of the village in cheap price.