Product 101 for Entrepeneurs

I am going to take a wild guess that most people reading this don’t know what a product manager does or if they do think that they only work at Big Tech companies like Amazon or Netflix. 

Well, let’s start with what a product manager is…. They are the person who is responsible for making sure that the product or service meets the needs of the user profitably by making decisions related to the product including the features and strategy.  Many people also think that product managers only work for tech companies but that isn’t the case. We work everywhere

Now, you may be thinking, “What does this have to do with me? I am an entrepreneur and I can make those decisions.” The skills that PMs have can help you especially when you are under either time or money constraints. Now I am not naive to think that every early CEO can afford a PM so here are my top 5 tips for making sure that you are thinking like one as you release your next product.

1. Your Product isn’t just what you sell- It’s the Problem you Solve

Too many founders fall in love with their idea and forget the customer. Ground your product in a real, painful and persistent problem. You need to validate that people will want the problem solved and will pay real money to solve this problem. Asking people if they want a solution is not enough to know if they will pay you- You need to make sure they are willing to pay you actual money.

2. MVP does not equal crappy first draft

Many people think that MVP stands for Minimum Viable Product (or if you are a sports fanatic Most Valuable Player) but that is not the definition I like the most. I like Minimum Valuable Product- what is the minimum amount of development that is useful to your customers for you to get feedback on. It needs to be the simplest thing that tests your riskiest assumption. Its a learning tool not a beta launch. You can still show clickable prototypes and concierge services but you are not releasing that as a release. You would be using that as a demo product.

3. Customer Requests/Feedback are not a roadmap

Customers will always have ideas- you will never have a shortage of those ideas. Depending on what you do the number of ideas will obviously be dependent- but your job is to find the patterns beneath the noise. Prioritize based upon your vision, your strategy and the actual outcomes the user needs-not just what they ask for. What the user wants is not always what they need. What they need is paramount to what they want- that is what they will pay money for. Start with your vision, outcomes and strategy.

4. Speed is Double Edged Sword

Yes you want to move fast. But moving fast without clear goals or customer input is just spinning. Ruthless prioritization and short feedback loops can give you true momentum. Also you can release a great product at the wrong time and it will flop. If you are too early the market may not be ready- this is where market analysis is so important. The opposite is also true. If you are too late- the market may be too saturated.

5. Product is how you scale your vision

At the start, you are the product. Over time, your product becomes the stand-in for your expertise. Build it thoughtfully. Every pixel, feature and workflow speak for your company when you are not in the room. I know that sounds like a lot on your shoulders. 

Product Management experts have strategy and prioritization techniques to help with all of these tasks but for solopreneurs you can do them yourself. If this is something you need help with you can always reach out to a fractional CPO.

Heather Miller is the co-founder, CEO and Product Management Consultant of PDRM Consulting, LLC and also the host of Beyond Product Management podcast. She is a product executive who is a passionate advocate for women in tech. She helps women in product management grow their confidence, expand their executive presence, and rise into strategic leadership-without burning out or playing small. Through her fractional product leadership and consulting work, Heather partners with companies to build high-impact product teams and drive business transformation. 

www.pdrmconsulting.com