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.