Although the entrepreneurial process involves the pursuit of a new venture, such as new products, new services, or new companies, one of the characteristics that entrepreneurs usually possess is the ability to see further potential in existing products. By identifying sources for new ventures, it is possible to generate new, innovative ideas from and for established products. Industry trends can often be the catalysts for such innovation.

With these thoughts in mind, and based on your reading for this week:

Choose an existing product or a service of interest to you, or with which you are familiar, and use the checklist method to develop new ideas for expanding the product/service. In your response, describe the existing product or service, and then articulate your three most creative and feasible ideas to develop it further in new directions and markets.