How to make a copy of current widget?

Content

What is the best appoach to make a copy of an existing widget?

I have a custom widget XYZ (which is an extended version of standard widget abc).

Now, I want to make changed in widget XYZ.

I created a folder in "custom/reports/My_New_Widget"

Copied the content of widget "XYZ" and pasted in "My_New_Widget". Activated the new widget from admin panel.

But I get error about on the page when I use my new widget? any thing wrong in this approach?

Version

Feb 2014 - 3.2 framework