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What do you do if entrepreneurship disrupts the job market for product managers?

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Product management is a highly sought-after skill that combines business, technology, and user experience. But what if the rise of entrepreneurship and innovation makes it harder to find a stable and rewarding product management job? How can you adapt to the changing market and leverage your skills for new opportunities? In this article, we'll explore some of the challenges and opportunities that product managers face in the era of entrepreneurship.

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1 The impact of entrepreneurship on product management

Entrepreneurship is the process of creating, launching, and growing new ventures that solve problems or meet needs. It can be driven by passion, curiosity, necessity, or opportunity. Entrepreneurship can disrupt existing markets, industries, and business models, creating new value propositions and customer segments. This can have a positive or negative impact on product management, depending on how you look at it.

On the one hand, entrepreneurship can create more demand for product managers, as new ventures need to validate their ideas, build their products, and reach their customers. Product managers can use their skills to help entrepreneurs shape their vision, strategy, and roadmap, and to deliver solutions that fit the market. Product managers can also become entrepreneurs themselves, leveraging their domain knowledge, network, and experience to create their own products.

On the other hand, entrepreneurship can also create more competition and uncertainty for product managers, as new ventures challenge the status quo and disrupt existing players. Product managers may face more pressure to innovate, iterate, and pivot, as well as to cope with limited resources, changing customer expectations, and evolving market conditions. Product managers may also have to compete with more candidates for fewer jobs, as some companies may outsource, automate, or eliminate product management roles.

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Oluwaseun Ogunmola, MIAENG,DFILMMD.

Product Manager | Digital Project Manager | Scrum Master | Expert in Elevating Team Performance & Delivering Customer-Centric Solutions
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Entrepreneurship's impact on product management is dual-fold. On one side, it fuels demand for product managers by necessitating validation, product development, and market reach for new ventures. Product managers excel in shaping vision, strategy, and delivery. They can also transition to entrepreneurship, leveraging expertise to create innovative solutions. Conversely, entrepreneurship introduces competition and uncertainty, urging product managers to adapt swiftly to market shifts, innovation pressures, and potential job market changes. The dynamic interplay poses challenges but also offers opportunities for growth and diversification in the product management landscape.

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2 How to prepare for the entrepreneurial market

Product managers need to be adaptable, resilient, and proactive to thrive in the entrepreneurial market. To prepare, they should keep learning and updating their skills, build their portfolio and personal brand, and expand their network and opportunities. Learning can be done through online courses, books, podcasts, webinars, events, and communities. A portfolio website or blog can help them stand out from the crowd. They can also demonstrate their skills through hackathons or competitions. Networking with other product managers, entrepreneurs, investors, mentors, and customers is essential. Joining or creating product communities or applying to accelerators can open up new opportunities.

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Oluwaseun Ogunmola, MIAENG,DFILMMD.

Product Manager | Digital Project Manager | Scrum Master | Expert in Elevating Team Performance & Delivering Customer-Centric Solutions
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Thriving in the entrepreneurial market demands adaptability and proactivity. Product managers must continually learn, leveraging diverse resources like online courses and events. Building a standout portfolio and personal brand, possibly through a blog or hackathons, enhances visibility. Networking is pivotal—connect with fellow professionals, entrepreneurs, and mentors to broaden opportunities. Active participation in product communities and accelerators fosters a supportive ecosystem for growth. In this dynamic landscape, continual skill enhancement and strategic networking are key ingredients for success.

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3 How to leverage your product management skills for entrepreneurship

If you are interested in becoming an entrepreneur, you can leverage your product management skills to create and launch your own products. Product management skills are incredibly useful for entrepreneurship, as they help you identify and validate problems and opportunities, define and communicate your vision and strategy, and build and deliver your product and customer experience. You can use techniques such as customer interviews, surveys, experiments, or prototyping to research, analyze and empathize with your target market. Tools such as vision statements, lean canvases, business model canvases, or roadmaps can be used to articulate your product vision, value proposition, and goals. In addition, frameworks such as agile, scrum, or kanban can be employed to manage your product backlog, sprints, and releases. Lastly, methods such as user stories, wireframes, mockups or user testing can be used to design and improve your product and customer experience.

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Vishal Singh

Event Marketing Manager @Productleadership
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I'm currently developing userforce.in, an all-encompassing platform for founders and product teams engaged in user research. This entrepreneurial journey serves as a practical application of my evolving product management skills. I navigate through ambiguity, utilizing product management principles like lateral thinking, understanding user demographics, staying empathetic, fostering an abundance mindset, and consistently approaching challenges as a problem solver. All these necessary Operator skills serve me well in thinking like an entrepreneur

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Gargi Kand

Senior Product Manager @ AT&T | Chief Product Officer & Head of Partnerships @ Vently | Founder @ Nova | Community Builder | Conversational AI | TechCrunch Speaker
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Product Management experience is invaluable in the entrepreneurship journey as so many of the skills are transferrable. Some key transferrable skills: 1. Customer Focus 2. Market Analysis ? 3. Iterative Development 4. Cross-Functional Collaboration 5. Strategic Thinking 6. Prioritization 7. Risk Management 8. User-Centric Design

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Oluwaseun Ogunmola, MIAENG,DFILMMD.

Product Manager | Digital Project Manager | Scrum Master | Expert in Elevating Team Performance & Delivering Customer-Centric Solutions
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Entrepreneurship thrives on effective product management skills. Utilize your expertise to identify market gaps, validate ideas, and articulate a compelling vision. Leverage customer-centric methods like interviews, surveys, and prototypes to understand your audience deeply. Frameworks such as lean canvases and agile methodologies aid in strategic planning and efficient product development. Incorporate user-centric tools like wireframes and testing to iteratively design and enhance your product. Your product management acumen becomes a powerful asset in navigating the challenges and realizing the potential of your entrepreneurial venture.

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4 How to balance product management and entrepreneurship

If you decide to pursue entrepreneurship, you may face some challenges in balancing your product management and entrepreneurial roles. You could be dealing with time and energy constraints, financial and career risks, as well as ethical and legal issues. To manage these demands, you need to be clear, realistic, and flexible. Define your priorities and boundaries, plan your schedule and budget, and seek support and advice from your team, partners, stakeholders, family, friends, and mentors. This will help you to make the most of your product management and entrepreneurial roles while respecting your own time, energy, resources, and commitments.

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Eduardo M.

Product Designer | CSPO? | UX Architect
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In the absence of a dedicated Product Manager, the CEO and COO often assume product management responsibilities, jointly defining and executing the product strategy. Leading the direction and overseeing tasks shouldn't involve micromanagement. Provide clear instructions (Epics, Stories, Tasks, etc) recognizing that a Product Manager's role is not to be entrepreneurial but to alleviate management tasks for specialized roles. Developers, designers and talent members, aren't responsible for planning future tasks or understanding the product's quarterly direction. CEOs, COOs, and Product Managers should actively engage in product management rather than delegating it entirely to the team.

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5 Here’s what else to consider

This is a space to share examples, stories, or insights that don’t fit into any of the previous sections. What else would you like to add?

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What do you do if entrepreneurship disrupts the job market for product managers?

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5

1 The impact of entrepreneurship on product management

2 How to prepare for the entrepreneurial market

3 How to leverage your product management skills for entrepreneurship

4 How to balance product management and entrepreneurship

5 Here’s what else to consider

Product Management

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What do you do if entrepreneurship disrupts the job market for product managers?

1

2

3

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5

1 The impact of entrepreneurship on product management

2 How to prepare for the entrepreneurial market

3 How to leverage your product management skills for entrepreneurship

4 How to balance product management and entrepreneurship

5 Here’s what else to consider

Product Management

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