IQRATU UNIVERSITY Market Research: a. Conduct market research to assess the demand for your product or service. b. Identify your competitors and analyze their strengths and weaknesses. c. Discuss the opportunities and challenges in your chosen industry. Business Plan: a. Create a comprehensive business plan that includes a mission statement, objectives, and strategies. b. Develop a marketing and sales strategy. c. Create a financial plan, including a budget and revenue projections. Legal Requirements: a. Research and identify the legal requirements for starting and operating the selected business in your jurisdiction (local, national, or international, as applicable). b. Discuss any licenses, permits, regulations, and compliance requirements that the business must adhere to. c. Analyze potential legal challenges the business may face and suggest strategies to address them. Taxation Analysis: a. Examine the tax implications for the chosen business, including income tax, sales tax, and any other applicable taxes. b. Identify potential tax benefits or incentives available to the business. c. Discuss the responsibilities of the business in terms of tax compliance and reporting. Compliance and Risk Mitigation: a. Explain how the business can ensure legal and tax compliance to mitigate risks and legal issues. b. Discuss the consequences of non-compliance and the importance of ethical business practices.