While there are similarities between product management and entrepreneurship, I think that they are VERY different things in many ways. This important to think about because I’ve seen a few startup-guys really blow up in the corporate world because they were too entrepreneurial. And I’ve seen a few big-company product people really drop the ball in the startup world. So it’s a good thing to think about from time to time.

First, some of the similarities I’ve noticed:

• They both have the goal to build a compelling product.
• They both rely heavily on engaging the customer from the beginning for ultimate success.
• They both should focus on the business model (or discovering it).
• They both require a multi-disciplined approach.

Some of the differences that I’ve noticed include the following…

Entrepreneur:

• More distractions at every stage because you’re not just building a product, you’re helping to build a business at the same time.
• More adaptability is required because there isn’t a lot of long-term momentum to tap.
• More raw will power to see things through because there are shiny objects under every rock when you’re in a startup.
• More tension and risk to manage (you will not be able to transfer to another division or product line if things don’t work out).
• More energy becuase the potential upside is a lot bigger for everyone (hopefully).

Product management:

• More focus often because you have an existing customer base or an existing market that you’re going after.
• More discipline because you need  to keep everyone on the same team and moving forward in the same direction.
• More political skill is required because you need to negotiate with many power brokers in your organization and get their support.
• More effort to inspire and encourage (cheer-lead) because people often don’t see what’s in it for them.

What does all this mean? Well, it is important to approach the jobs with a different mindset, a different skillset, and a different set of expectations. It’s not that one way is always better or worse than the other. They are just different types of roles and that’s useful to appreciate.  If you don’t learn to separate them, then I think you’re setting yourself up to really blow up your job (and possibly your company).

I know every company is different, every startup is different, and generalizations like the ones above are always easy to prick at. But these are just a few high-level differences that I’ve seen to get you thinking about it.

Enjoy.

What kinds of side projects are we talking about?

• Side businesses or consulting projects
• Clubs such as marketing, technology, entrepreneurship activities
• Special projects or new hobbies like writing a book, photography, or learning a new skill
• Sports activities like running a marathon, putting together an expedition somewhere exotic, or creating a hiking club
• Volunteer initiatives where you provide  advice or service to some group you like
• Investments in things you’re interested in, specifically things that you can get involved with and engaged in.

Of course, you need to keep some balance in your side projects. You should not take on too many of them at any time. And you can’t sign up for too much work or commitments that would hurt your productivity at your day job. You also don’t want to take too much time away from family. So you have to be disciplined.

Healthy side projects are ones that augment and inform your performance at work, make you a more interesting person, give you a creative outlet, energize and inspire you, and that you can turn on or off as needed.

Unhealthy side projects hinder your performance at your day job, blow up your personal life, stress you out, bankrupt you, cause suspicion from your coworkers or boss, or become uncontrollable time sucks.

For me, I think having interesting “side projects” makes me a better product manager because they

• Let me scratch my entrepreneurship itch without having to take ridiculous risks
• Grow my network professionally and personally
• Learn about new technologies, trends, products

In the end, side-projects help me continuously develop  and grow in a world where my day job may only use a certain percentage of my skills, abilities, and knowledge at any one time. Personally, if I’m not challenged then I get distracted and restless, and that makes it hard to finish launching a product. So having side projects keeps me on track and seeing things through as I grow and develop professionally.

Do you have any side projects? Any advice for the people?

Let’s consider the alternatives.

• There’s cookie monster, who is really oblivious to the world beyond feeding his own belly.
• There’s Abby, who doesn’t seem to be very good at using her technical skills.
• There’s Oscar, who is not very good with customers.
• There’s Big Bird, who lives in his own little world most of the time.

Which brings me to the character who probably would be the best product manager: Elmo. Here are some reasons I came up with why Elmo would be a better product manager than Super Grover 2.0.

• He doesn’t just observe, the really engages with people – empathizes, doesn’t have a conclusion he is trying to reach
• He doesn’t just question, he breaks things down and finds underlying causes.
• He doesn’t just investigate, he let’s people do what they do – helps them succeed.
• He imagines and puts himself in the customer’s place.
• He succeeds with everyone, it’s not about him.
• He is never afraid to get his hands dirty and try things himself.
• In the end, its always about a great experience for the audience.

What character do you think would be the best product manager?

Super Grover’s Motto: “He shows up.” And what does he do when he shows up? He uses his powers of observation to point out the obvious, he questions effects instead of causes, and he investigates half-baked solutions that always backfire. In addition, he often repeats other people in order to appear like he has original ideas, but he fools no one. In the end, people (or penguins in the video below) get so sick of Super Grover 2.0 that they just figure out how to solve their problems themselves.

To me, this is the minimum product manager (mpm), and like a minimum viable product (MVP), such a manager is easily mistaken for someone who actually adds value. A good product manager should do so much more.

Here’s a clip from Super Grover 2.0 for your enjoyment.

Some of the lessons I often think about include:

• There is no such thing as “first mover advantage” when it comes to technology. It’s often the opposite actually. The first movers make all the mistakes and invest all the up front costs, and the winners come in second and capitalize on you.
• It’s not enough to have the will to succeed. You also need a vision you want to realize. Without a vision you’re not sure what you are building, where you should focus, and what you should sacrifice to get there. A vision gives you a target to aim everyone at. If you don’t have that, then everyone starts thinking for themselves and their own careers, their own pocketbooks, and their own individual needs before the company. And when that happens, things fall apart, products start to suck, people miss deadlines, and you slowly decline into mediocrity.
• But it’s also not enough to have a vision you want to accomplish. You also need the will to get there. You need energy, enthusiasm, drive to accomplish your goals. You need people who care, people who get things done, people who are intrinsically motivated to succeed. Without the will to get shit done inculcated at every level of your organization people start to slack off, and the slack off disease spreads like the plague. But the key here is intrinsic motivation. It can’t be solved by throwing money or stock options at people. You have to inspire them to get the most out of them. You have to capture their imagination.

Anyway, I’m going beyond the scope of this book with my own ranting. But it’s still a good read. It will give you good ammunition to blow up the next argument from those who say “we have to be first’ for first’s sake.” No. We should never be first for first’s sake. We should be the best at how we want to distinguish ourselves in the market, and let’s focus on that instead.

Enjoy the book.

From Gen. James Mattis, USMC

One interesting thing I’ve found is that people’s definition is often colored by their background, even subconsciously. For example, engineer-type product managers tend to focus on aligning technical requirements with business objectives. Sales and support-type product managers tend to focus on aligning customer feedback with technical and business objectives. Consultant-type product people often tend to focus on strategy, vision, and financial analysis. UX and design-type product manager like to focus on the user experience and the ‘story’ aspect of the product.

While the reality is that these are all important parts of the job, it’s pretty clear that it makes a big difference what background you have in determining what you see product management’s role as in the company. It happens to all of us, so we should just accept it. Knowing this about myself helps me want to develop skills and learn to appreciate other aspects of the job even more.

To get you started, here’s a great post from Phil Montgomery. He has a nice overview of measuring success in product management, and a refreshing twist on the old saying that a product manager is a ‘CEO’ of a product. Phil doesn’t think that description fits and offers some interesting points to consider.

Good luck!

Foundation 07 // Chris Sacca from Kevin Rose on Vimeo.

Richard Florida is the guru of this type of thinking. His book is a classic.

But I prefer to lead with the Tao. It may take longer. It may not work very well for me in today’s hyper-competitive, short-term thinking, CYA-cultured corporate world. It may even mean I miss a few promotions along the way. But in the end I believe it is the most satisfying path for me, the people who work alongside me along the way, and the customers I serve.

Here’s a great book that describes the way I like to think of leadership: Real Power, Business Lessons from the Tao Te Ching.

But you should probably read the other books too, just so you know what you’re up against.

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