Assignment 1: To Build or Buy Due Week 4 and worth 240 pointsSelect a small business that you visit often (e.g., coffee shop, bookstore, sporting goods store, etc.). Write a 6-8 page paper in which you:1. Craft a brief (1-2 pages) strategy for a business concept that would directly compete with the small business you selected. Explain the rationale for the strategy in detail.2. Determine if it would make more sense to open the new business you describe or to purchase the existing business you selected. Explain your reasoning.3. Discuss the most appropriate form of ownership for your new business (assuming your current financial situation).4. Outline a business plan for your business. Visit http://www.sba.gov for tools and templates.5. Include at least two (2) references outside the textbook.Your assignment must follow these formatting requirements:· Be typed, double spaced, using Times New Roman font (size 12), with one-inch margins on all sides; citations and references must follow APA or school-specific format. Check with your professor for any additional instructions.· Include a cover page containing the title of the assignment, the student’s name, the professor’s name, the course title, and the date. The cover page and the reference page are not included in the required assignment page length.The specific course learning outcomes associated with this assignment are:· Analyze the nature of entrepreneurship, business ethics, and social responsibility in managing a successful small business.· Analyze a business strategy and supporting business plan for a small business concept· Describe and analyze the necessary activities and key decisions to start a small business.· Use technology and information resources to research issues in small business management.· Write clearly and concisely about small business management using proper writing mechanics.