Why Product Management Is A Great Career Choice For Developing Great Leadership Skills
In today’s digital-first world, product management has become one of the cornerstones of businesses. Product Managers connect cross-functional teams through a strategic product lifecycle model and the planning, production, marketing, and other tasks related to the development of a product.
Why Product Management Is A Great Career Choice For Anyone?
Product management is definitely not project management. However, it does require similar skills to that of a project manager, a strategist, an entrepreneur, and at times a politician.
Must-Have Qualities Of Every Successful Product Manager
The most important product leader qualities have been summarized by Daniel Elizalde as:
- Soft Skills.
- Business Acumen
- Domain Knowledge
- Technical Skills
Let’s take a look at the top 3 qualities of a product leader, that I feel are the makings of any potential product manager.
1. Are you a leader of the pack?
People with the innate ability to lead a diverse group of individuals (all whilst managing their opinions and differences) and get the best out of them are what I consider pack leaders. If this is you, this is a great attribute that you could make great use of as a product manager.
2. Do you have a curious mind?
There are people who I like to call observers, who tend to be curious about how people interact in certain work and life situations. The question is always on their minds is, is there another way to do or achieve something? Does this resonate with you? Curiosity is one of the most essential tools in any product manager’s toolbox.
3. Is ambiguity your happy place?
If you can answer positively to the above, then product management could be the perfect career choice. Being adaptable is one of the greatest assets you can have as a product manager. Being able to thrive whilst working through difficult challenges can provide a huge adrenaline rush that people crave. The relentless pursuit of excellence, with the word “no” being nothing more than a speed bump and all whilst understanding that tomorrow will be a different game.
How Do Product Managers Spend Most Of Their Time?
Based on a report by McKinsey & Company, almost 80% of product managers are involved in design activities. The same percentage is involved in go-to-market decisions, with half of these also taking part in making decisions involving pricing. The report also states that “60 percent of product managers have basic analytics skills that enable them to dive into metrics and draw insights without relying on analysts”.
The chart below provides an idea of what most product managers say they spend most of their time doing.
A timely reminder is that different organizations will title product manager roles different things, for example:
- Senior Product Manager
- Associate Product Manager
- Product Governance Manager
- Product Owner
Looking at the above variation of job titles, is this still be a good fit for those looking to make a career out of this discipline?
More Reasons Product Management Is A Great Career Choice
Let’s take a look at a few reasons why a career in Product Management is a great career choice:
Flexibility
A career as a Product Manager offers you the flexibility to define your role. You can focus on your preference, for example, a corporation, a startup, or maybe you want to freelance.
Deeply Satisfying
As a Product Manager that the product is wholly your responsibility. With this ownership, you will get the opportunity to work and interact with dynamic teams across an organization.
You will learn a lot in a short period of time
A Product Manager does not require a specific degree. Nor do they need to be experts in every aspect of creating a product. However, they need to have some understanding of areas like coding, design, marketing, finance, and analysis. Collaboration with various teams, whilst challenging, will enable you to learn tons of new things.
Exposure to leadership & entrepreneurship
A career as a Product Manager enables you to develop leadership skills and apply them in a fast-paced, real-world environment, which many career-driven professionals strive for. This knowledge will also help you in becoming a successful entrepreneur.
Conclusion
Ultimately as a product manager, the main aim is to provide well-thought-out and considered solutions. If out-of-the-box thinking, problem-solving, and curiosity are part of your DNA, product management could be the perfect career choice that will allow you to learn, practice, and grow.
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