Miraj, Tim, Alex, and Brendan are developing a business social network project. The project aims to merge ecommerce features from sites like eBay and Amazon into an easy-to-use social network tailored for Australia. The plan is to generate revenue through commissions and advertisements while keeping startup costs low. Potential risks include issues with trust, revenue not offsetting operational costs, lack of usage, and legal issues from ratings. Benefits include encouraging NBN use, exposure for small businesses, easy product searching, and potential for many Australian businesses to use the site.