"The Key to Successful Product Management in New Business Ventures: Clear Phases, Speed, and Mindset"

"The Key to Successful Product Management in New Business Ventures: Clear Phases, Speed, and Mindset"

In the world of new business ventures, one of the most crucial aspects is to clearly define what needs to be created and by when, breaking it down into phases and visualizing the process. To gain insights into the product management (PdM) responsibilities for existing and new products in both consumer (toC) and business (toB) domains, I conducted a survey on Twitter. To gather a comprehensive understanding, I referred to various frameworks mentioned in the following article: "Learning Project Management."

In the initial phase, a PdM must clearly define the extent to which the product will be developed in each phase, setting a clear direction for the entire team. By swiftly iterating and testing ideas through rapid creation and destruction, the style of launching new business ventures aligns well with the quick implementation of ideas. It is important to establish withdrawal criteria and promptly cut ties when necessary. Startups like JJJ have rules for withdrawal, including "insufficient funds," "6 consecutive quarters of losses," "market capitalization below 100 million yen for 4 consecutive quarters," and "decrease in market capitalization for 3 consecutive quarters." When a potential withdrawal situation arises, a yellow card is issued, and the surroundings are made aware through physical notices during meetings.

Furthermore, the impact of competitive dynamics and external factors on a product has become increasingly significant. Instead of starting small, it is advisable to start with a sharp focus. Merely starting with a small service will not bring about any significant change in the market. Therefore, it is essential to first establish a solid core value rapidly and then create unique value. It is crucial to think big and identify what truly adds value for users and clients, regardless of the competition.

To be a successful PdM in new business ventures, it is important to embrace a specific mindset. This includes the willingness to create and destroy, and the adoption of an experimental approach. The potential for future growth is determined by the quality of the product concept in the early stages. Exceptional product managers are constantly seeking ideas that can solve multiple challenges. By carefully analyzing the context in which passionate users are utilizing the product, it is possible to derive abstract ideas that can be developed into core values to be refined over time.

In conclusion, here are three actionable pieces of advice for product managers in new business ventures:

1. Clearly define and visualize the product development phases to align the team's direction.
2. Embrace a rapid iteration process, swiftly implementing and testing ideas to find the right fit.
3. Think big and focus on creating unique value for users and clients while avoiding being solely influenced by competition.

In the ever-evolving landscape of new business ventures, successful product management relies on a combination of clear phases, speed, and the right mindset. By following these guidelines, product managers can navigate the challenges of launching new ventures and drive success in the market.