Hey thanks for your faith in the health care magic.i have gone through your question and understood your problem.
1.Its hair follicular infection - infective aetiology with collection of pus within.
2.If you are my patient, i would ave examined and ask for
ultrasound if required, but for size you have mentioned not necessary.
3.Treatment in this case will be a course of antibiotic with symptomatic treatment will help.
4.As a remedy - do not press, scratch or disturb the lesion / lump it will help in early healing, avoid shaving until it heals, mean while use trimmer to remove hair.
5.Maintain local hygiene, clean the area with antiseptic liquid, that will help. Good luck.
Hope i have answered your query.
Any thing to ask do not hesitate. Thank you.