Ideate -> Plan -> Execute -> Iterate
In the ideation, stage, you would have to search for the germ of the product. This is not the most important but it help if you flesh out the idea very simply. To come up with an idea, think when was the last time you had a problem. Easier still - think of the last time, you sighed because you have to do this tedious thing.If this is your first idea or you're unsure of what to do. Don't think too much. Just follow the above and execute small. Test the waters first.
Now you need to figure put how to make the idea into reality.This is by thinking about:- The tools you need- Cost to build- How to create using the tools
This is the point where you would need to build the actual thing in your business.
Here you'll need to figure out how best to serve your customer/user.You realised that certain parts are not useful and may need to ditch it or there are certain parts that your customers would definitely want.
The SWOT analysis acts as a template for the company's strengths, weaknesses, opportunities and threats. The purpose of the analysis is to compare the product / service to external competition and internally understand the founder's core competencies.
For Strength, you would need to look internally. You would need to understand your core competencies that makes you suited to build the product or service. This includes having experience in a related industry or knowing how to deliver a product.
This is also inward-looking. This would be more difficult where you would need to be honest with yourself. Ask your self - what are the areas that I'm not able to do build this product / service. Part of being an entrepreneur is facing the hard questions and this is one of those.
Opportunities is outward-looking. It looks at the market, economic trends, etc. This is relatively easier to detect for the outsiders but the difficult part is to decide with clarity that you're product is better than those outside.
This would show you the external problems that may affect your product, such as competition, poor economy and inflexible potential customers.