I am a fan of simple, efficient designs that start with understanding what the product needs to do (not how it needs to do it). I like vetting out the customer requirements and having a solid problem statement before I start designing because other wise it is like being in a cave without a flashlight. I am also a believer of failure and risk analysis and taking that learning and applying it to the next project to prevent repeating the same mistakes. For me, design is all about the customer.
To help me create these wonderful designs, I love looking in other places for inspiration and potential solutions. For example, I keep an "Inspiration Notebook" full of things that showcase a certain design principle. Whenever I get a creative block, I can just open my Inspiration Notebook and away I go. My notebook contains several innovative products featured in Popular Science and buildings famous for their architecture, but there are also examples of marketing, creative packaging, and interior design, just to name a few.