1. SMEs may not have the knowledge, experiences and the resources to start and build businesses from the scratch. SMEs, therefore, sometimes piggyback on existing successful firms brands in order to do business. This could be possible through franchising.

REQUIRED:

a) What is franchising?

b) How does it work for businesses?

c) What are the steps in franchising a business?

d) What are the advantages and disadvantages of a franchise system? Discuss this using the agency theory.

e) Why would you advise an entrepreneur to opt for a franchise as against the alternatives of buying an existing business or launching their own venture from scratch?

2. Getting funding for start-ups is one of the bottlenecks confronting entrepreneurs. Given the Ghanaian context, justify the feasibility of the following funding sources for SMEs.

a) Bootstrapping

b) Business Angels

c) Venture capitalists

d) Commercial banks

e) State support schemes

3. SMEs face neck-breaking competition from not only domestic competitors but global giants which use Ghana as a marketing outlet. Hence, managing and growing an entrepreneurial firm requires unique marketing strategies.

REQUIRED:

a) Discuss how firms segment the market and select target markets in order to establish a unique market position.

b) What is branding? List the different ways of thinking about the meaning of a brand.

c) Discuss the 4Ps of marketing and how the influence the competitive survival of an entrepreneurial firm.

Explain