{"id":978,"date":"2019-11-01T16:50:21","date_gmt":"2019-11-01T21:50:21","guid":{"rendered":"https:\/\/lindagorchels.com\/blogs\/?p=978"},"modified":"2019-11-03T16:53:29","modified_gmt":"2019-11-03T22:53:29","slug":"product-managers-should-think-like-entrepreneurs","status":"publish","type":"post","link":"https:\/\/lindagorchels.com\/blogs\/product-managers-should-think-like-entrepreneurs\/","title":{"rendered":"Product managers should think like entrepreneurs"},"content":{"rendered":"\n
\"\"<\/figure><\/div>\n\n\n\n

During corporate training sessions, I often ask attendees\nfor their workshop expectations. One product manager wanted to learn how to\nthink like a product manager<\/em>. <\/p>\n\n\n\n

To think like a product manager is to think like an entrepreneur.<\/p><\/blockquote><\/figure>\n\n\n\n

Neither have complete control<\/h3>\n\n\n\n

Let\u2019s expand on that a bit. While people may argue that entrepreneurs have more control over everything than do product managers, the reality is just the opposite. It is the rare entrepreneur who is wealthy, with easy access to materials, operations, and labor. Entrepreneurs, like product managers, are hands-on tinkers and testers. <\/p>\n\n\n\n

Persuasive investment proposals <\/h3>\n\n\n\n

Most entrepreneurs are passionate about their product or\nservice. They have a vision but need resources to actualize the vision.\nThey must craft business plans to solicit money from venture capitalists or\nbanks. That\u2019s not unlike challenges product managers face in developing\nbusiness cases for new products.<\/p>\n\n\n\n

The business case is an investment proposal for time and\nresources from the firm.  Product managers must be able to articulate the\nfuture value of the product being proposed. In fact, some firms expect product\nmanagers to convince the management team almost as if they were angel\ninvestors. <\/p>\n\n\n\n

Go beyond strategy to execution<\/h3>\n\n\n\n

After receiving guarantees of funding, entrepreneurs source\nmaterials or locate contract manufacturers. To accomplish design, development,\nand commercialization, they must with independent third parties. Similarly,\nproduct managers must accomplish their goals through organizational functions\nover which they have no direct authority. They must use their skills of\npersuasion and diplomacy to make things happen.  <\/p>\n\n\n\n

\"\"<\/figure><\/div>\n\n\n\n

Entrepreneurs often need to work with independent reps or\nchannels to reach the intended market. To help these groups\nsucceed entrepreneurs must provide not just product knowledge but\nalso market insights and the best approach to reach these markets. That\u2019s\nakin to the challenge product managers face when training and motivating the\nsales force. There is a strong need to empathize with the needs of salespeople\nto advance the sales process.<\/p>\n\n\n\n

Customer knowledge is critical<\/h3>\n\n\n\n

The common link between the entrepreneurial business plan\nand the product manager’s business case is clarity of customer need. Strong entrepreneurs\nand strong product managers know the profile, needs, emotions, and purchase\ndrivers of their customers. Their thinking doesn\u2019t end with product\nfeatures\/benefits, but with how these features\/benefits align with customer\ngoals better than competing offerings. They have a strong command of marketing\nand customer-focused competencies.<\/p>\n\n\n\n

Common traits<\/h3>\n\n\n\n

Entrepreneurs share several common traits that influence the\nway they think. Entrepreneurs embody traits of risk-taking, passion, focus,\nproduct\/customer knowledge, and tolerance for failure. Strong product managers\nshare these traits (or elements of these traits) which influence their thoughts\nand decision-making processes.<\/p>\n\n\n\n

Product managers sometimes carry on after entrepreneurs<\/h3>\n\n\n\n

Let\u2019s carry this analogy one step further. Successful\nentrepreneurs can grow successful companies. As their companies grow, the\npassion, focus, and connectedness with the product\/customer becomes diffused.\nThat\u2019s where product managers come in. Product managers can restore the passion,\nfocus, and connectedness with the product\/customer for their areas of\nresponsibility.  <\/p>\n\n\n\n

So, the bottom line is: to think like a product manager requires thinking like an entrepreneur.<\/em><\/p>\n","protected":false},"excerpt":{"rendered":"

During corporate training sessions, I often ask attendees for their workshop expectations. One product manager wanted to learn how to think like a product manager.  To think like a product manager is to think like an entrepreneur. 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