example! By so doing, we shall have created many jobs and increased revenue inflow in that sector , among many other benefits!" Questions a) Starting a business has several challenges that prospective owners must grapple with . Identify five such challenges. (5 marks) b) What advantages do existing businesses have over new start-ups to prospective investors? (5 marks) c) Describe the pitfalls Western Kenya Counties Investor Sensitisation Meeting must avoid in their chosen strategy . (5 marks) d) List five major sources of funds open to Western Kenya Counties Investor Sensitisation Meeting. (5 marks) e) Describe the environment in which businesses operate in Western Kenya. (5 marks)

a) Five challenges that prospective business owners must grapple with include:<br />1. Lack of capital or funding<br />2. Competition from established businesses<br />3. Regulatory compliance and legal issues<br />4. Marketing and customer acquisition<br />5. Managing and retaining skilled employees<br /><br />b) Existing businesses have several advantages over new start-ups for prospective investors, including:<br />1. Established customer base and brand recognition<br />2. Proven business model and revenue streams<br />3. Existing supplier and distribution networks<br />4. Access to existing intellectual property and patents<br />5. Established management and operational systems<br /><br />c) The Western Kenya Counties Investor Sensitisation Meeting must avoid the following pitfalls in their chosen strategy:<br />1. Over-reliance on government support and subsidies<br />2. Failure to conduct thorough market research and analysis<br />3. Inadequate planning and budgeting<br />4. Lack of focus on sustainability and environmental considerations<br />5. Failure to engage with local communities and stakeholders<br /><br />d) Five major sources of funds open to the Western Kenya Counties Investor Sensitisation Meeting include:<br />1. Government grants and incentives<br />2. Private equity and venture capital<br />3. Crowdfunding and angel investors<br />4. Bank loans and lines of credit<br />5. Corporate partnerships and joint ventures<br /><br />e) The business environment in Western Kenya is characterized by:<br />1. A growing population and increasing consumer demand<br />2. Abundant natural resources and agricultural potential<br />3. A relatively stable political and economic environment<br />4. A diverse range of industries and sectors<br />5. Challenges such as infrastructure limitations, regulatory hurdles, and access to financing