Paul Graham on six principles for making new things: "I like to find (a) simple solutions (b) to overlooked problems (c) that actually need to be solved, and (d) deliver them as informally as possible, (e) starting with a very crude version 1, then (f) iterating rapidly."

Full article here...

This very much sums up our approach to a couple of products that are currently in development. It works. Of course the next step is making it a success once it's made. So we will probably just repeat process again there. Though the version that makes it to the public won't be the crude version 1.

Of course the advantage of working on your own product is you have more opportunity to iterate. This is rarely done on service based projects, due mainly to time constraints(poor planning) and possibly financial. Which is a shame as it really impacts quality.