Analyze three close businesses in same sector or market
Analyze three companies in a similar business/industry space. For example, WholeFoods vs. Safeway vs. DollarGeneral. Identify their business model differences and how each reach continuous profit. Identify their niche audience differences and how they are basically doing the same business with different groups of people.
Bonus question 1
If you were to innovate and startup a new business in that space, what could you have done? Remember, where there is no competition, there is also no business, at least yet.
Bonus question 2
Write a business plan for your fourth company in this space. You don't have to spend a lot of time hashing over details, just answer the basic questions including: How you differ from the three? how do you build up the business? how much business would you have at full size? How do you prevent someone from copying you?