Create a products/business idea using each of the three entrepreneurial strategies (pioneering new entry, imitative new entry, and adaptive new entry). Use your imagination.

Pioneering New Entry: This type of business is the hardest to launch as you are developing something totally unique to solve old problems. Here is a brief presentation from Current2Currrent, a start-up company in Scotland that has developed technology to harness energy from ocean tides.

Imitative New Entry: Many of us aren't that clever to develop totally new products. Instead, if you travel to other states or even other countries, you may see businesses that are successful in other markets that you don't have back at home. Thus, you can copy someone else's business model. A great example of an imitative new entry is the "bounce house" businesses. If you have children between the ages of 4-8 and are planning to host a birthday party, the first thing you say to yourself is "not in my house." The bounce house business is one where an entrepreneur secures a large warehouse space and fills it with bounce equipment.

Adaptive New Entry: The adaptive new entry entrepreneurial strategy develops a product/service based on an existing product/service, but which is somewhat new and different. A great example is Under Armour, that launched with workout T-shirts that wicked moisture.