What It Takes to Become a Great Product Manager: Insights from DoorDash's Journey from Application to IPO

What It Takes to Become a Great Product Manager: Insights from DoorDash's Journey from Application to IPO

Becoming a great product manager (PM) is no easy feat. It requires a combination of core competencies, emotional intelligence (EQ), and a strong fit within the company. The role of a PM can vary widely depending on various factors, but the best PMs have one thing in common - they create products that not only have strong user adoption but also experience exponential revenue growth and even disrupt entire industries.

One of the key factors that aspiring PMs should consider when evaluating a role is their core competencies. A great PM has the ability to empathize with customers, to truly understand their needs and pain points. This goes beyond just conducting user interviews - the best PMs are tuned into customers' body language and emotions, allowing them to astutely identify the pain points that their product or feature can address. By forming authentic and trustworthy connections with both internal and external stakeholders, these PMs inspire people and help them reach their full potential.

Emotional intelligence (EQ) is another crucial aspect of being a great PM. PMs must be self-aware in order to remain objective and avoid projecting their own preferences onto users of their products. This self-awareness allows them to push hard on the right priorities with urgency, without conveying a sense of panic or stress. Additionally, EQ helps PMs build social capital within the organization, which is essential for influencing the success of their product. From obtaining budget and staffing to securing top engineers to work on their product, PMs with high EQ know how to navigate the organizational landscape and build the necessary relationships.

The journey of DoorDash, from application to IPO, provides valuable insights into what it takes to become a great product manager. When DoorDash started, the business was far from proven. However, the founders did exactly the right things - they focused on delivering food and actively engaged with customers, restaurants, and potential drivers. This relentless focus on execution and continuous improvement allowed DoorDash to thrive, even in the face of uncertainty.

One of the lessons we can learn from DoorDash's journey is the importance of staying focused and continuously improving. The formal Y Combinator program, which DoorDash participated in, may only last for three months. However, the support and guidance provided by Y Combinator extend far beyond that. The founders continued to meet with and receive support from Y Combinator for many years, emphasizing the value of a great team that stays focused and continues to improve day after day, year after year.

In addition to core competencies and EQ, a great PM should also possess a deep understanding of how the organization operates. PMs need to be aware of the internal dynamics and must build social capital to influence the success of their product. This includes responsibilities beyond the typical product management tasks, such as pricing, marketing, support, and even sales. By having a holistic understanding of the organization, PMs can make informed decisions that align with the overall goals and objectives.

Aspiring PMs can draw actionable advice from the insights shared above:

1. Develop strong core competencies: Take the time to truly understand customers' needs and pain points. Go beyond surface-level user interviews and strive to empathize with their emotions and body language. This will enable you to create products that address their most pressing pain points.

2. Cultivate emotional intelligence (EQ): Be self-aware and objective in your decision-making. Avoid projecting your own preferences onto users and instead prioritize their needs. Build social capital within the organization by forging authentic and trustworthy connections with stakeholders, allowing you to influence the success of your product.

3. Stay focused and continuously improve: Learn from the example of DoorDash and never underestimate the power of relentless execution and continuous improvement. Stay focused on your goals, adapt to changes, and consistently strive for excellence.

In conclusion, becoming a great product manager requires a combination of core competencies, emotional intelligence (EQ), and a strong fit within the company. By developing a deep understanding of customers, building authentic connections with stakeholders, and continuously improving, you can navigate the challenging landscape of product management and create products that have a lasting impact. The journey of DoorDash exemplifies these principles, emphasizing the importance of staying focused, continuously improving, and never underestimating the power of a great team.