Task This assignment provides the groundwork for all other assessment items for ACG 506. Your final deliverable, assessment item 4, is the development of a comprehensive business plan, including financials, for a business you propose to establish. Prior to establishing your new business, you need to research key components which will impact your decision making regarding how you set up and run your business. Research and respond to the following characteristics and issues involved in starting and running a small business in Australia: List, define and analyse the key characteristics and issues involved in starting and running a small business in Australia. Identify and compare ALL start-up modes. Compare and contrast ALL ownership structures. Research, identify and discuss why small businesses fail in Australia. Identify a new enterprise in Australia that you might wish to establish as your own small business. Focusing on the enterprise you wish to establish in Australia, respond to the following: Identify and explain the nature and location of the new small business in Australia that you wish to establish as your own new start-up. Detail which ownership structure you have chosen for your business, including why you have chosen that structure. What are the personal risks, if any, associated with this structure? Presentation Your assignment should consist of the following report elements; Title page; Table of contents; Body of the report addressing the task; and References (APA style). Refer to appendix 1 for a general guide on presenting assessment items.