You are an entrepreneur and just started a new business. Use your imagination. Make it up. Maybe it’s something you have been thinking about as a possible career path or business proposition.Please propose a plan for protecting your intellectual property. In your plan, be sure to identify the different types of intellectual property that you are concerned about protecting and what steps you would take for each. Additionally, please consider your competition. What concerns do you have regardingÿinfringing the intellectual propertyÿof others?What is your product or service? Give a brief description.2. What are its attributes? For example, does it have a brand name or maybe a particular design.3. Do the following IP components apply to your product? And, how do they apply?a. Patentsb. Copyrightsc. Trademarksd. Trade Secrets4. What about your competition? What role does IP play for them? And, how does that affect you?5. Do you have any other Intellectual Property observations?????