Use the Stage-Gate model (Links to an external site.) to develop a theoretical new product or service. Some of your businesses might be service based, so you may have to be creative in thinking about a new project. If you have any problems thinking of a product or service idea, please let me know and I’ll help you think of one. Here is another resource on the model. 
While you will not actually be creating a new product, you can still detail the requirements for each stage as well as the metrics you will use to make a decision to continue to the next stage or stop the project. Since this is a theoretical exercise, you can make assumptions while completing each phase.
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