Question

1. 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.

b. Discuss four (4) challenges you are likely to face as an entrepreneur during the

production of the face masks.

Answer 1

a. Four ways by which entrepreneurs can use their traits to pursue this business opportunity are following:

1. Vision - Entrepreneurs has great vision and can see futuristic opportunities. This pandemic has open immense opportunities for the face mask business. A visionary entrepreneur has seen it early and have taken advantage by entering early and have plans for future of this business as well.
2. Risk taker - Entrepreneurs are risk takers and hence will not hesitate in entering this new emerging business.
3. Flexibility - Entrepreneurs are flexible and adapt quickly to changing environment. During this pandemic, working style has completely changed and entrepreneurs can quickly adapt as compared to other market players and thus have a competitive edge over them.
4. Self motivation and confidence - Entrepreneurs are self motivated and confident. During such crisis, entrepreneur do not loose hope and remain confident to grab new opportunities. They will keep looking for new ways to expand and thrive in market.

b. Four major challenges you are likely to face as an entrepreneur during the production of face masks are as follows:

1. Hiring manpower for production - There is immense shortage of labor currently due to pandemic. Most of the labor ha returned to their home city. Thus, hiring manpower for production is the biggest challenge right now.
2. Placement of product - Appropriate placement for your product is again a challenge. Reaching out in market and ensuring your product visibility is not easy. You need skilled and experienced sales representative who will ensure right placement for your product.
3. Lack of customer trust - Being new name in market, it is very difficult to gain access customer trust especially when product is directly associated with health of the customer during pandemic.
4. Fierce competition from big market players - There are big names in the market that have experience and expertise in making face masks along with several quality and safety certifications. They have sufficient resources and market reach to give fierce competition to new entrants.