Business Development Minister, Dr. Mohammed Awal, has revealed at least 500 young entrepreneurs are expected to receive financial support.

At an entrepreneurship summit last Friday organised by the National Youth Authority, the Minister said this figure could hit 1,000 when funding begins by July.

The beneficiaries were whittled from nearly 7,000 who are undergoing training under the National Entrepreneurship and Innovation Plan (NEIP) set up under the ministry.

 "We are not just going to provide the money and leave them," he said at the event attended by the Vice-President, Dr. Mahamudu Bawumia.

Dr. Awal explained the beneficiaries will continue to receive mentoring and business advisory services to help them get established.

The financing and advisory services are two of three problems the Business Development Ministry has identified to be setbacks for young business owners.

A third challenge, he said is helping them penetrate the market.

These challenges, he said, are some of the factors that account for the failure of 75% of new businesses by its third year.

The 2009 Marketing Man of the year repeated his encouragement to young people to "face your fears" explaining it is part of the phases of development and self-actualization.

"Young people must not fear to start businesses. Please face your fears.. you can do it," he told 250 participants gathered at the Accra Digital Center.

"The Business Development Ministry is your servant," he said and revealed the Ministry would set up regional offices for NEIP to deepen its support to entrepreneurs.

He said there are modules under NEIP that pay attention to women entrepreneurs.