(Solved): 1. SMEs may not have the knowledge, experiences and theresources to start and build businesses from ...

1. SMEs may not have the knowledge, experiences and theresources to start and build businesses from the scratch. SMEs,therefore, sometimes piggyback on existing successful firms’ brandsin order to do business. This could be possible throughfranchising.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 franchisesystem? Discuss this using the agency theory.e) Why would you advise an entrepreneur to opt for a franchiseas against the alternatives of buying an existing business orlaunching their own venture from scratch?
2. Getting funding for start-ups is one of the bottlenecksconfronting entrepreneurs. Given the Ghanaian context, justify thefeasibility of the following funding sources for SMEs.
a) Bootstrappingb) Business Angelsc) Venture capitalistsd) Commercial bankse) State support schemes
3. SMEs face neck-breaking competition from not only domesticcompetitors but global giants which use Ghana as a marketingoutlet. Hence, managing and growing an entrepreneurial firmrequires unique marketing strategies.REQUIRED:a) Discuss how firms segment the market and select targetmarkets in order to establish a unique market position.b) What is branding? List the different ways of thinking aboutthe meaning of a brand.c) Discuss the 4Ps of marketing and how the influence thecompetitive survival of an entrepreneurial firm.
Explain