Product Development Steps

I think validation is one of the most important steps, and is not necessarily a quick step either. Also, one of the problems with this step is that many founders are using the wrong data/metrics to make a false assumption that their idea is actually validated (I'm at fault for this too). So, definitely put a priority on getting the right validation and finding the right product-market-fit.

This question has been on my mind for days.

Wow. That's a HUGE question. I think it really depends on the type of product you want to build. For some products, it might make a lot of sense to build an MVP, put it in front of users, and then build it up (e.g., driven by usage data). For others, it might be better to spend more time upfront conducting interviews & market research. You probably heard this a lot, but really make sure you clearly know what problem you want to solve. Don't try to figure this out on the go, or you are at high risk of wasting a lot of time. You can follow the perfect approach and still go in the wrong direction if you know what I mean. Been there myself. Remember: "If you don't know where you're going, any road'll take you there" ;-)

I'm reading the book "The Four Steps to the Epiphany" by Steve Blank, as I am currently developing a product myself, and have found it to be very insightful not only on the necessary steps in the product development process, but the necessary steps of the customer development process as well. Highly recommend this book!