1.1 Case Problem: "You have been just informed that you have inherited $25 000 from a deceased relative who passed away a couple of months ago. You have decided to invest the money in a business venture. Your immediate interest is to invest in a small scale mining enterprise." a) In this real-life scenario, describe the specific approach you would take to determine you plan of action. Provide a brief rationale behind each step identified and present them in a chronological sequence. (10) b) Draft a strategic, tactical and operational plan of your venture. (15) N.B: Your "Strategic plan" must include a short formulation of the "Vision and Mission" and "Goals" of your business venture. c) Identify and explain two (2) issues for attention if you want to be successful in your planning exercise. (10) 1.2 "A good strategy will often not appear fully formed, but instead emerge through trial and error (provided the business environment is sufficiently forgiving to allow experimentation) (Teece, 2017). This is meant to allow for unforeseen environmental developments and respond to new challenges." a) Identify five of the latest environmental developments and challenges currently faced by the mining industry. (Make a list based on your knowledge and experience of the industry.) b) Provive a brief explanation and short reponse to each of the challenges.