What It Takes to Become a Great Product Manager: The 5-Hour Rule

Kazuki

Hatched by Kazuki

Jun 28, 2023

4 min read

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What It Takes to Become a Great Product Manager: The 5-Hour Rule

Introduction:

In today's fast-paced and ever-changing business landscape, becoming a great product manager requires a combination of skills, knowledge, and continuous learning. The role of a product manager (PM) is not to be confused with the CEO of a product, as their responsibilities can vary widely depending on different factors. In this article, we will explore the key requirements for aspiring PMs and delve into the concept of the 5-Hour Rule, which emphasizes the importance of continuous learning for personal and professional growth.

Factors for Evaluating a PM Role:

When evaluating a PM role, aspiring professionals should consider three primary factors: core competencies, emotional intelligence (EQ), and company fit. Core competencies refer to the specific skills and knowledge required to excel in the role. A great PM possesses a deep understanding of product development, market research, and user experience. Emotional intelligence is crucial for PMs as they need to empathize with customers, understand their pain points, and form authentic connections with stakeholders. Finally, company fit involves aligning one's values and goals with the organization's culture and objectives.

Empathy and Self-Awareness:

The best PMs have the ability to empathize with customers. During interviews, they pay close attention to body language and emotions, allowing them to identify pain points that the product or feature can address. However, it is important for PMs to remain self-aware and objective. They must avoid projecting their own preferences onto users and instead focus on meeting their needs. Self-awareness also helps PMs prioritize tasks, push for the right initiatives, and build social capital within the organization to ensure the success of their product.

The Role of a PM in a Startup:

In addition to discovery, definition, and shipping, PMs in startups often take on additional responsibilities such as pricing, marketing, support, and even sales. This requires a deep understanding of how the organization operates and the ability to build social capital to influence the success of their product. PMs must secure budget, staffing, and top engineers to work on their product, ultimately contributing to its growth and success.

The 5-Hour Rule: Investing in Knowledge:

Knowledge is the new currency in today's world. While goods are becoming demonetized, knowledge is becoming increasingly valuable. As futurist Peter Diamandis notes, technology is rapidly demonetizing previously expensive products or services, making them cheaper or even free. In contrast, knowledge retains its value and increases over time. To stay competitive and avoid being left behind, individuals must invest at least five hours per week in continuous learning.

The Value of Sharing Knowledge:

Unlike money, sharing knowledge does not deplete its value. In fact, the more knowledge is shared, the more it is retained, understood, and connected to other ideas in one's mind. Sharing knowledge also builds one's identity as a role model and connects individuals with communities they didn't know existed. Transferring knowledge is free and instant, and its value compounds over time. In the web 3.0 era, platforms like Mirror.xyz, Brave, and Audius enable creators and users to gain financial ownership for the value they generate, further incentivizing the sharing of knowledge.

The Rise of the Knowledge Investor:

With the democratization of access to knowledge and investing in the web 3.0 era, knowledge investors are emerging as the new wealthy. By combining time, knowledge, and money, individuals can leverage their unique and valuable perspective to find great investments. As the number of assets in the world continues to grow, the opportunities for profiting from one's knowledge increase exponentially. Early adopters who possess insider knowledge can capitalize on time-bound opportunities and gain financial ownership based on their knowledge rather than their financial capital.

Actionable Advice:

  • 1. Treat learning like an athlete treats practice: Make learning a priority and dedicate a significant portion of your day to acquiring knowledge. Just as athletes practice consistently to improve their skills, consistent learning will yield long-term benefits.
  • 2. Develop a latticework of mental models: Understanding and using mental models is a universal skill that applies across every field. Building a strong foundation of knowledge through mental models will enable you to adapt to various situations and make informed decisions.
  • 3. Embrace the 5-Hour Rule: Commit to spending at least five hours per week on learning. Even if you feel overwhelmed or busy, prioritize reading and learning. Use proven techniques to maximize the results you obtain from each hour of learning, such as the Feynman Technique or learning in public.

Conclusion:

Becoming a great product manager requires a combination of core competencies, emotional intelligence, and alignment with the company's culture. Additionally, embracing the 5-Hour Rule and investing in continuous learning is crucial for personal and professional growth. As knowledge becomes increasingly valuable, sharing it with others not only retains its value but also opens doors to new opportunities. By combining time, knowledge, and money, individuals can become knowledge investors and thrive in the web 3.0 era. So, make learning a priority, develop a latticework of mental models, and commit to the 5-Hour Rule to unlock your full potential as a product manager and knowledge investor.

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