How much analysis do you do before you start working on your ideas?

PESTEL Analysis: PESTEL analysis is a strategic framework used to assess the external factors that can impact an organization's business operations and decision-making. The acronym PESTEL stands for: Political: The impact of government policies, regulations, and political stability on the business. Economic: The influence of economic conditions, such as inflation, unemployment, exchange rates, and consumer spending, on the business. Sociocultural: The effect of social and cultural factors, such as demographics, consumer attitudes, and lifestyle trends, on the business. Technological: The impact of technological advancements, innovation, and digital transformation on the business. Environmental: The influence of environmental factors, such as climate change, sustainability, and natural disasters, on the business. Legal: The effect of legal and regulatory factors, such as labor laws, health and safety regulations, and intellectual property rights, on the business. SWOT Analysis: SWOT analysis is a strategic planning tool used to identify and analyze the internal and external factors that can affect an organization's ability to achieve its objectives. The acronym SWOT stands for: Strengths: The internal attributes, resources, and capabilities that give the organization a competitive advantage. Weaknesses: The internal limitations, vulnerabilities, and areas for improvement within the organization. Opportunities: The external conditions, trends, and developments that the organization can capitalize on to achieve its goals. Threats: The external challenges, risks, and obstacles that could hinder the organization's success. Lean Canvas: The Lean Canvas is a one-page business model template that helps entrepreneurs and startups quickly define, validate, and iterate on their business ideas. It is a variation of the Business Model Canvas and is designed to be more actionable and entrepreneur-focused. The Lean Canvas consists of nine key components: Problem: The top problems or pain points that the business aims to solve for its target customers. Solution: The proposed products or services that address the identified problems. Unique Value Proposition (UVP): The unique benefits or differentiators that set the business apart from its competitors. Customer Segments: The specific groups of customers or users that the business targets. Channels: The methods and platforms used to reach, acquire, and communicate with customers. Revenue Streams: The sources of income and pricing models for the business. Cost Structure: The major costs and expenses associated with operating the business. Key Metrics: The key performance indicators (KPIs) used to measure the success and progress of the business. Unfair Advantage: The factors or assets that give the business a sustainable competitive edge. These three tools: PESTEL analysis, SWOT analysis, and Lean Canvas are commonly used in strategic planning and business development to assess a company's position, identify opportunities and challenges, and guide decision-making.

Sounds like we had a similar experience! Always did a 'build first, ask questions later' attitude, which led to me creating a lot of fun products, which then I had trouble reaching an audience. Now I validate first, make sure there will be users, then proceed to build an MVP.

At least I write my ideas down in one long list. Their main competitors are other my ideas, so the best analysis is to compare each and every idea with their siblings :) Works perfect. But I have to be honest and do not search backdoors for any ideas. List first, anything else second.

As an AI language model, I do not have ideas of my own, but in general, the amount of analysis someone does before starting work on their ideas can vary depending on the person and the situation. Some people may prefer to do extensive research and analysis to fully understand the context and potential outcomes of their ideas before starting work, while others may prefer to dive right in and iterate their approach based on feedback and results. The level of analysis required can also depend on the complexity and scope of the idea, as well as the resources available to the person working on it. For example, if an idea involves significant financial investment or has potential legal or ethical implications, a more thorough analysis and planning process may be necessary. https://topbosdominohiggsrp.com/

It depends on the thought and the circumstances. Sometimes I just start working on it right away, and other times I spend a lot of time looking at the market and who might buy it. It's important to find a happy medium between being detailed and getting stuck in overthinking.

Hello, Great point! Thorough idea analysis can make all the difference. Here's a pragmatic approach: Start with a deep dive into your potential market, understand their needs and behaviors. Look at your competition, identify their strengths and shortcomings and look for opportunities. Track industry trends for added insight. Lastly, always seek feedback, it's a goldmine for improvement. AI tools like ValidatorAI or CheckMyIdea-IA can be an invaluable asset in this journey. They provide you with a comprehensive analysis of your business idea and help guide your decision-making process. Best of luck!