There’s a project or opportunity in front of you. You have two choices.
On one hand, you can just do it. Have a bias for action, get something together, put it out there, see what works. Don’t worry about making it perfect, just figure out – quickly – whether it’s worth spending more time on, or shutting down and moving on.
On the other hand, you can take your time. Do a SWOT analysis, assess the risks, make sure your initial market test is well thought-out, well designed and measured accurately. This takes time, inherently makes you think about risk, and that risk analysis will shut down the majority of opportunities before they see the light of day.
So which approach is best? Do you have a bias for action, or does risk analysis/paralysis help you focus on more successful projects from the get-go?
There’s probably no single, right answer for everybody. There’s also no reason you can’t have different approaches for different types of projects, or different parts of your business.
But I will say this. No matter how much research, analysis or risk assessment you do, you still have no idea how the market will react to something until you put it out there.