One of your friends, who is working as an engineer in a construction company is getting retrenched with VSS due to the impact of COVID-19 to the company. With the money that he got from the VSS, he is planning to open-up his own civil engineering business. However, he is indecisive on whether to focus his new business on Building Information Modelling (BIM) services or to focus on construction and renovation work. Explain and justify to your friend the following to assist him with his decision. a) One of the ways to ensure good market for his new business is by looking at it through the Blue Ocean/Red Ocean perspective. Briefly explain the difference between Blue Ocean and Red Ocean and discuss and justify on which of the ventures should he choose based on the Blue Ocean/Red Ocean perspectives. (3 marks) b) There are a number of hurdles for new businesses, including financial, marketing and knowledge gaps. Discuss any two assistances provided by the government through the policy on entrepreneurship.
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