SCINARIO

Mr. Mensah; your neighbour, whose educational background is basic, has approached you for advice;

He wants to venture into gari proceeding with initial capital of Five Thousand Ghana Cedis. He knows his initial capital is not enough to start this venture, his dilemma however is whether he should ask for financial support from friends, who he knows will be willing to support him if he is able to convince them or look for other sources of finance.

Mr. Mensah does not have a team to work with, though he intends to put one together as soon as possible. He also does not have the requisite skills in gari processing. Above all, Mr. Mensah is very sceptical about starting this venture, he is afraid he might not succeed.

As a student of entrepreneurship, advice Mr. Mensah in the under listed areas;

QUESTIONS

1. Which sources of finance he can source, which of these are best for his circumstance;
2. What he should tell his friends to convince them to invest in his business, should he choose to seek support from them;
3. The factors he should consider in choosing his team and why;
4. What skills he needs to acquire and why.
5. What qualities he needs to imbibe to succeed as an entrepreneur.

Please limit your answers to four points for each sub question.