Based on the business idea you presented during Phase 1, answer the following questions: 1. You sales forecast will be an important and key element of any business plan. If you were to forecast the sales for Year 1 through Year 3 what would be the variables you would need to consider and where might you go to research and obtain the data on which to base your forecast? 2. What is/are your biggest challenge/challenges throughout the planning? Please explain in detail. 3. What is the growth potential of your business? What do you envision? No Spacing Heading 1 Heading 2 Heading a Heading 4 Pal Ans According to me, To start a business, first, I need to think about my business ideas, what I want to do. It means our idea should be chosen based on the customer base; have an idea of the income I will get from this business. Moreover, we have to understand the business: how I can get maximum profits from my business and I have to focus on businesses that exist in market and that have maximum demand. Apart from this, the thing which I have to decide is budget it mean how much money I will invest in my business. It is very important to consider how much capital I have or will be needed in my business, Predict about revenue that How much I will earn from my business after sale my product within a year and collected money I need to invest in my business as a capital. This is called sources of fundraising for business. After checking balance sheet, I need to make an investment during the initial first year so that if I experience a loss in business, so I can easily recover. The next step is to register my business with the government. I can register as a sole proprietor. Tas a small business, I can use this method to start a business. In the case of a large company, it is necessary to register our company as a separate legal entity. After that nobody can put file case again our business or these types of problem can also close our business. So separate legal entity shoul be necessary for our business. 17. In order to start the business, what aspects would you consider? Rank them based on the priority and explain each one Ans. Let's say the business which I want to invest in is travel and tourism. I think in this type of business, I have to get to know or understand the tourist behaviour or need who come from different countries. A large number of groups are needed to manage travel and tourism. For this type of business, a small Startup is required, and we can advertise our business on social media. As we know In the tourism industry, the environment or season is the most important factor and throughout the year we cannot get the same number of clients or the same environmental conditions. Experience important a lot in this business because in this business environment play important role. Therefore, according environmental factors I should takes decisions to manage my business. It is necessary to focus on the population that has suffered greatly from tourism. Here the tourist destination should be mentioned so that more people cannot congregate in a particular place. I must have to collect as much as information about tourists places or need to know little bit language except English because sometimes tourists do not know English or our language. If I know their language it helps them, to communication with them or understand dandant