Select 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: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.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.Discuss the most appropriate form of ownership for your new business (assuming your current financial situation).Outline a business plan for your business. Visit http://www.sba.gov for tools and templates.Include at least two (2) references outside the textbook.