Your name of business and include first and last names of your group$\mathrm{.}1.$ Provide the name, logo$,$ and tagline of your business.a$.$ Provide an elevator pitch of your business.b$.$ Who are your top three competitors why did you choose them?$2.$ In your groups, complete a preliminary feasibility evaluation of the new business idea byanswering the questions below. Show the calculations, including formulas used and referencesyou used $($see below for citation information$).$ Please include steps bolded as below in yourdocument so I can identify the $2$ steps. Any charts used should then be interpreted to includethe steps below.a$.$ Step $1$: Calculate Market Potentiali. Determine the market area and its population$\mathrm{.}1.$ Include a map and marking off the size of the market. $($Hint: typically,you would want to start by serving your local area i$.$e$.,$ Mississauga,Ontario, Canada vs$.$ globally$)2.$ Estimate the population within that market that might purchase thetype of product $/$ service you are offering provide reasoning to thisestimate, use sources to give confidence in this estimate.ii$.$ Obtain revenue $($Sales$)$ stats for this market area for this product $/$ service i$.$e$.,$use secondary data available. If not available, see if family expenditures areavailable. If product $/$ service is new and no secondary data is available, usesimilar product $/$ service as benchmark$\mathrm{.}1.$ include competitor pricing $($if available$)$ and unique features ofcompetitor product $/$ service.BUSM $30000$D$3|$ P a g e$2.$ If including pricing of your product $/$ service indicate justification foryour price point $($i$.$e$.,$ reviewing competitor pricing if available$)$iii$.$ Adjust market potential total $($if necessary$).$ If actual revenue is available in $($ii$)$then adjust for updated data $($account for inflation $\%-$ to bring to within $1-2$years of today$)$b$.$ Step $2$: Calculate Net Income and Cash Flowi. What are expenses you expect for your business $($looking for a comprehensivelist include a table and associated expense$).$ Provide citations on research usedto come up with the expenses and estimates. i$.$e$.,$ Office Rent $$3,000/$ month include APA citation of Real Estate listing in a similar area with similar spacerented. i$.$e$.,2$ Staff $-$ Why do you require that number of employees and whatresearch was used to come up with salaries? If a loan is being considered, statepotential origin of loan and interest rate. Remember to keep costs as low aspossible.ii$.$ Subtract expenses from revenue for your business for year $1$ and $2\mathrm{.}3.$ Business Insights provide insights on what you have learned.a$.$ Do you think this is a good investment why $/$ why not?b$.$ Write down at least $2-3$ questions on what you still need to answer or are curious aboutat this point that you would like to investigate to help you ensure your business issuccessful.c$.$ In Year $1,$ many businesses are set up that the founders $/$ co$-$founders take a diminishedsalary or no salary. If this is your scenario, how will these individuals be compensated?d$.$ How does this investment compare to putting the funds into a high savings bankaccount?$4.$ Submit your team agr