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Hitchhikers Guide To PM
Hitchhikers Guide To PM
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separate posts every month that deep dive into specific aspects of product management.
you can also find me on twitter @yilunzh.
Table of Content
Introduction
Basic Principles
• Core Philosophies
• Understand Customers
• Discover Product-Market Fit
• Be Bold and Ambitious
Hard Skills
• Requirement Gathering
• Writing
• Design
• Business Strategy
• Metrics and Financial Economics
• Process
• Technology
Soft Skills
• Asking Questions
• Working with Others
• On Productivity
• Others
Introduction
Product management is both easy and hard. It’s easy because being one doesn’t require
any specialized skills. If you can think, read and write like a competent human being,
you can become a product manager.
Product management is also very hard. A product manager is a jack of all trades. While
you don’t have to be an expert on any single subject, you absolutely need to be
competent in many different areas. The problem is that it takes time to learn a new skill
from scratch. Malcolm Gladwell famously said that it takes 10,000 hours of deliberate
practice to become world class in any field. Assuming that learning a new skill is your
full time job (40 hr/week), that is equivalent to 5 years of your life. At first glance, it
seems like product managers are geniuses. They are outliers that can grasp new
concepts in days instead of weeks, learn new skills in months instead of years. They are
the kids you knew in college who partied harder than you ever did yet still managed to
get 4.0s across the board.
While I wish that’s true (I would be flattered), it is simply not the case. I sort of lied
when I said that product managers don’t have any specialized skill. They do. All the
great ones I know are able to absorb and apply new information at an abnormal rate. In
the beginning, I thought they were simply smarter than me. Overtime, I came to realize
that like any other skill, it can be learned.
People often think that the pace of learning is linear. For example, if it takes 5 years to
master something, then it must take ~2.5 years to be average and 4 years to be good. In
reality, this is not the case (in a good way). I want to highlight 2 key points here:
1. The 80/20 rule applies to learning. It’s far easier to go from incompetent
to good than from good to great. With the right resources and techniques
in place, it only takes 20% of the time/effort to get 80% of mastery. I
believe that a great product manager doesn’t need to be a master at
everything, only competent to good (50-80% mark).
2. Learning takes the form of an S-curve. In the beginning, it takes a lot of
time to just get the basic theory down. You feel like you are spending a lot
of effort for very little gain. This is when many people drop off, because
they feel like they are not making any progress. Keep in mind though,
nothing worthwhile is easy. I would argue that this is the time for you to
double down and power through it. Once you get past the initial
knowledge acquisition phase and start integrating them into your
knowledge bank, you will notice that the rate of learning becomes
exponential.
There is a fair bit of content in this guide. They are categorized and ordered in a way
that I think make the most sense. Feel free to skip around and explore as you see fit
Back to Top
Basic Principles
This section is to answer the most common questions people have about product
management and introduce the core principles that I think a PM should know. This is
the basics of the basics, which is fine. We all have to start from somewhere
CORE PHILOSOPHIES
To set the table, I think it’s best to take a look at what other people say about PM. I also
put an old blog post I wrote in here as well (shameless plug!). I hope you find it at least
somewhat insightful.
Questions to ponder:
• What’s the role of a PM? How does it fit within the larger
team/organization?
• How does a PM spend his/her day?
• What makes a good PM?
• What makes a shitty PM?
Readings:
• Reach out to someone who is currently a PM and ask him for a piece of
specific advice on a topic you want to learn about.
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UNDERSTAND CUSTOMERS
If there’s one thing you need to do better than anyone else at the company, it’s to
understand your customers. To the engineers and designers, you are the voice of the
customer. In order to clearly articulate the requirements to your team, you need to
understand their pain points and needs more than anyone else.
This section doesn’t get into any of the tactical advice about conducting customer
research (that’ll come later). It’s more about building a foundation and a framework in
your mind about how to approach the problem.
Questions to ponder:
• What should you focus on when trying to understand your customer?
• How should you treat a feature request from existing users?
• Why is cycle time for learning important?
Readings:
• If you work in a B2C company, listen to some customer service calls and
writeup your learnings.
• If you work in a B2B company, reach out to a few customers and get their
feedback on your product. Again, writeup your learnings.
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DISCOVER PRODUCT-MARKET FIT
Product-market fit has become quite a buzzword in recent years. I think it’s often mis-
used and misunderstood. Marc Andreessen, the founder of Andreessen & Horowitz,
defines it as “being in a good market with a product that can satisfy that market”. Steve
Blank, who you’ll read extensively later, refer to it as the step between customer
validation and customer creation. To me, finding product-market fit means solving a big
enough problem for a subset of people that they are willing to pay you money AND tell
everyone how great you are.
Regardless of how you word it, the core idea behind product-market fit is to understand
the conditions that your product must meet in order to become a viable and scalable
business (i.e. Is the market big enough? Is the problem painful enough? Is the solution
good enough? Does the economics work? etc.). These are the questions that you have to
clearly articulate whenever you are pitching for resources.
Questions to ponder:
This sounds a bit cliche, but it’s one of the most common traits among successful
entrepreneurs and PMs I know. To be more specific:
Questions to Ponder:
• Exponential thinking
http://www.kurzweilai.net/the-law-of-accelerating-returns
• 10x Moonshot
http://www.wired.com/2013/02/moonshots-matter-heres-how-to-
make-them-happen/
• On having optimism for the future
https://www.youtube.com/watch?v=BltRufe5kkI
Exercise
• Write about a new technology or trend you are excited about. how do you
think it’ll evolve over time? What market conditions have to be met in
order to make that vision a reality?
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Hard skills
This section focuses on the fundamentals skills you need in order to become a
competent product manager. By the end of this section, you should have the requisite
knowledge to perform the major functions that a product manager do on a daily basis.
REQUIREMENT GATHERING
As a PM, requirement gathering is probably an activity you will spend the most time
doing day to day. There are a lot of resources out there on how best to write user stories
(some are linked in the readings below), so I wouldn’t get into the weeds here. But I do
want to share some rules of thumb I follow when I’m unsure what to do:
Questions to ponder:
• What are some of your favorite writing that you had read over the years?
Why did you like them?
Readings:
Design is one of those things that many people say is important, but not many people
truly invest the time in. It is much more than just making things look pretty. It is about
building a holistic solution to a problem that your users are having. It takes creativity to
come up with the initial solution, but it also takes rigorous research and testing to
validate those designs in the wild. It cannot be done in a vacuum.
When working with designers, I believe it’s important for PM to give feedback as much
as possible and push the designer to show/test her work consistently. The cost of
change during the design phase is 10x cheaper and faster than cost of change during
development. Given that technical resource is typically the limiting factor in startup,
prototyping and iterating on design quickly is key.
Questions to ponder:
• What does good design mean for you? How do you know it’s good?
• What are some ways you can test your design quickly?
• How do you balance the wants/needs of design vs the reality of
technology development and managing complexity?
• How do you incorporate design into the product development process?
Readings:
• On design thinking
https://medium.com/@jaf_designer/why-product-thinking-is-the-next-
big-thing-in-ux-design-ee7de959f3fe
• My Google Venture Design Sprint notes
https://docs.google.com/document/d/1uRWU74lYgoqm5LiBFig9YRk1_if
2A7IM2tsQv4VM1II/edit
• On building designs (this tool is awesome, especially if your designer is
resource constrained)
http://keynotopia.com/tutorials/
• On presenting design
https://medium.com/the-year-of-the-looking-glass/how-to-present-
designs-4a78c3ebca7b
Exercise: Design exercise
Strategy is a very sexy word, mostly because that’s what you see executives or
management consultants in fancy suits typically do. They are responsible for coming up
with the “strategy” that the rest of the company then executes on. How they came up
with it is often not talked about, but people seem to get paid a lot of money to do
it…therefore it must be extremely hard. I want to take some time here to demystify the
concept of strategy. Once you break it apart, it becomes incredibly clear what strategy is
and isn’t.
In the marketplace, a business always has to evolve. Imagine that there are 2 points on a
piece of paper. Point A is where the business is at currently. Point B is where the
business wants to go. Usually, point B has more customers, more revenue, and more
profit compared to point A. Now draw a line from point A to B. That line is the business
strategy. A strategy is a way for a business to go from point A to point B. Now when you
drew that line in your head, you probably instinctively drew a straight line. That’s the
shortest path to point B and is in theory the best strategy. However, there are literally
infinite ways to draw a line connecting point A and B, just like in the real world. There
are infinite ways to approach a problem. The challenge is to get to point B in as straight
of a line as possible.
To be clear, coming up with a strategy doesn’t mean you got to point B, simply that you
identified a potential route. Execution is what actually gets you there. With that said, it
is still important to understand strategy, because it’s a PM’s job to make sure your team
is working on the right things. You are the guide, and a guide who doesn’t know how to
get to the end destination is useless.
Questions to ponder:
• Why do big companies fail when they have so much resources at their
disposal?
• In a battle for mobile dominance, why did google choose to open source
android? How come Apple can’t do the same thing as Google?
• If you were to disrupt your own company or the company you work for,
what would you do?
Readings:
• Pick a tech company that has recently been struggling (yelp, twitter,
stripe). If you were the CEO, how would you try to turn it around? Make
sure to write up your proposal.
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METRICS AND BASIC FINANCIAL ECONOMICS
It’s fairly obvious why understanding metrics is important. They provide valuable
evidence that either supports or refutes your hypothesis. It forces you to be methodical
about resource prioritization. It also allows you to communicate effectively with the rest
of the “business”. A debate based on metrics is going to be much more productive than a
debate based purely on opinions and assumptions. It allows people to check their egos
at the door and have a healthy, productive conversation.
With that said, I want to stress that while metrics is important, lack of metrics should
not and cannot paralyze you into inaction. By definition, if you wait until you have all
the information, the opportunity is gone. If Elon Musk looked at the data at the time and
said: “Batteries are too expensive, heavy, and hold little power, using a battery to power
a car is a ridiculous idea.” then Tesla would have never came to be. There will be many
times you will have to make decisions in the absence of data, and that’s totally fine.
Questions to ponder:
• What are the key levers that drive your company’s business?
• How do you expect it to change overtime? Is that a reasonable
expectation?
• If you were the CEO, what would you focus on over the next 12 months
based on what you learned?
Readings:
I’ll be the first to admit, I’m not really a process guy. I think they are important, but I
tend to be a minimalist in this area. I try to keep a pretty open mind about process. My
view is that different people like to work differently. Some people like to have more
touchpoint and feedback. Others prefer to be left alone to just do their work. Some
people like to think through the problem and solution alone and come back to the team
to discuss. Other like to come up with a answer together in a more collaborative
approach. They can all be equally productive, but need different process put in place to
maximize their potential. The point is that process should be used to make the team
more productive.
These days, most tech companies I know are either using agile or is transitioning to
agile. In technology, the cost of change is low compared to traditional industries like
manufacturing. As a result, it’s better to optimize for velocity. Agile processes are
specifically designed to minimize communication overhead, thereby increasing speed
and productivity. The readings below should get you a pretty good idea on how the
process works. However, as I stressed in the beginning, view them as a
template/starting point. Different teams will require you to finetune the process
differently to get the most out of them.
Questions to Ponder:
One of the most common questions that gets asked about PM is “Do I have to know how
to code?” The answer is no, you don’t need to know how to code. But is it going to help
you become a better PM? Absolutely! The simplest way I can put it is that the top tech
companies (i.e. google, facebook, amazon, dropbox etc.), who has access to the cream of
the crop talent, wouldn’t hire product managers that can’t push code (at least that I
know of). The reason is communication cost. Anytime the engineer has to come up a
level and speak in “business” terms, the communication is less efficient. It’s much better
if the PM can communicate in the same language as the engineers. Granted, finding
people who are well versed in engineering as well as business is difficult. That’s why the
starting salary for a PM role at those companies is $150k+.
There are a lot of links and readings in this section. It can be a bit overwhelming if you
don’t come from an engineering background and never dealt with computers before.
Just stick with it. There are tons of great resources out there to help you along. If you
have a question, a quick google search will typically yield the answer you are looking
for.
Questions to ponder:
• How does data flow from your computer to the internet and then back to
your computer? What systems does the data hit? What does each system
do with the data?
• How do one web application know how to talk to another web
application?
• How do you think machines and humans will interact with each other
once general AI is achieved?
Readings:
Soft skills
This section covers the soft skills that are needed to thrive as a product manager. It
focus more on effective communication, relationship building, time management, and a
number of other areas. If mastered, those skills will take you from being a competent
product manager to a great one.
ASKING QUESTIONS
This to me is an entire subject upon itself. Asking good questions is probably one of the
most underrated and undervalued skill that a PM can have. Eric Schmidt, executive
chairman of Google, once said, “We run this company on questions, not answers.”
Asking good questions gets you new insights from your customers, which often uncover
new opportunities for the business. However, throughout my entire career, people seem
to just expects me to know how to ask questions, like it’s something that should come
naturally. Make no mistake, asking good questions is a skill. It needs to be practiced and
honed like any other skills.
As a PM, you are going to be spending a lot of time doing user interviews. The readings
below should give you some good stock questions to start with. Luckily, this is a skill
you will get to practice this a lot on the job. If you put your mind to it, you’ll get better
really fast. If you are not currently a PM, then find every opportunity to learn and ask
people questions. An interesting way to practice that someone suggested to me is to
post questions on Quora and measure how good the questions are by the number and
quality of the responses you get.
Questions to ponder:
• What are some of the characteristics of a good question? a bad question?
• Besides the way you phrase the question, what are other factors that
could potentially impact the response you get from your subject?
• The question “How are you?” is probably the most common question that
get asked in any social interaction. Often the response is not very
interesting (99% of the time, it’s “good and you?”). What are some other
ways you can ask that question to elicit a more insightful response?
Readings:
• Listen to podcasts that you like and focus on the questions that the
interviewer asks. If you don’t know what to listen to, I highly
recommend the Tim Ferris show on iTunes. He ask some of the best
questions to some really interesting people.
• Post 1 question a day on Quora and evaluate the responses you get.
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WORKING WITH OTHERS
There are lots of generalizations in the readings below. However, I found that most of
them do hold true based on my own experiences. Similar to the process section, use
these as a guide and reference, not hard and fast rules.
Questions to ponder:
• How are engineers and designers similar? How are they different?
• How would you change the way you interact with your team?
• Was there anything that stood out to you, or was unexpected?
Readings:
• Leading a team
https://www.kennethnorton.com/essays/leading-cross-functional-
teams.html
• Working with designers
https://medium.com/the-year-of-the-looking-glass/how-to-work-with-
designers-6c975dede146
• Working with engineers
https://www.kennethnorton.com/essays/how-to-work-with-software-
engineers.html
• On how to connect with others beyond surface level
https://medium.com/@dustinfarivar/on-connecting-6b748ade09a3
Exercise:
PM is probably one of the most highly leveraged position at a company. You are
constantly being pulled in different directions. One minute, you may be on customer
support, the next you are gathering new requirements, until your engineers come to you
with a blocking issue you must resolve. If you don’t have a systematic way to triage
these requests, they can become overwhelming.
• Everyday, have 1 thing I must get done. I don’t go home until either it’s
done or until I’m blocked.
• Get in at least 1 hour ahead of my stand up to prep for my day. Those
tasks may include answering emails, making sure requirements are in the
system and all the tasks are up to date.
• Take a 15 minute break every 2 hours. Go for a walk, play some ping pong,
stare into space. Whatever I do, just don’t think about work. I find that
this really helps refresh my mind.
In terms of day to day prioritization, there’s not really any hard or fast rules, but I use
these heuristics as prioritization guides:
• Maker’s schedule
http://www.paulgraham.com/makersschedule.html
• 7 things you need to stop doing to be more productive
https://medium.com/@cammipham/7-things-you-need-to-stop-doing-
to-be-more-productive-backed-by-science-a988c17383a6
• 5 ways to instantly become more productive
http://www.nerdfitness.com/blog/2012/08/13/productivity/
Exercise:
Below are some other resources that I found interesting, but didn’t really fit into any
single categories. So I thought I would share it here.