Business Decisions Please respond to the following:Identify a type of business you would like to own. Next, evaluate two (2) advantages and two (2) disadvantages of buying an existing business compared to those of starting the new business from the ground up. State your decision and explain your rationale.In buying or starting the business above, you determine that you do not need external financing. Discuss why you should write a business plan, and select one (1) element in the plan that you think will be the most difficult for you. Next, identify three (3) techniques you can use to overcome the challenges. Justify your selection of these techniques.