Only answer question 3 and please cite references.

Caribbean Maritime University Entrepreneurship and Business Finance (EBF602) Group Assignment 1 - 10 Marks Case: Mark \& Mary Mark and Mary are young university graduates with degrees in warehousing and logistics management and business administration respectively. They are also recently married and wish to become entrepreneurs. Mark sees an opportunity in establishing a wholesale operation for food and liquor in Portmore and is already eyeing land for the construction of the building. Mary is happy with the idea of the wholesale but is interested in buying an existing operation that her aunt is selling. She thinks that it is a much better option than Mark's idea of starting from scratch especially since they are low on capital and experience in the wholesale business. Mark is unconvinced and claims that he does not want the 'bad reputation' of Mary's aunt's operation to cloud their venture and furthermore the building is old and dilapidated. Mary reminds Mark that notwithstanding his fears, her aunt's business has a large customer base. Unable to come to an agreement Mark and Mary have decided to seek your advice on how to proceed. Mary is confident you will take her side. Required: I. Advise Mark and Mary on four steps to take when starting a business from scratch or buying an existing entity. 15 marks II. Based on your knowledge of the process of buying a business versus starting one from scratch, discuss four pros and cons of both Mark and Mary's positions 15Marks III. Which would you recommend? Clearly state \& explain four reasons for your recommendation. 20 Marks a) Manifested collusion among students will be penalized b) No late assignments will be accepted c) All sources and references should be quoted Nb. All sources and references should be quoted