Product managers describe themselves as a “mini-CEO” or “CEO of the product” so often that there’s a growing backlash against these names. I also never really agreed with the comparison, as product managers lack the authority to make it a meaningful description.
The notion of a product manager calling themselves a mini-CEO has gotten so prevalent that some say it could alienate teammates and affect a candidate’s chances during an interview. One product manager wants to ban this unofficial title outright for being both inaccurate and braggadocious.
Despite the opposition to the CEO description for product managers, I learned that it’s spot-on in some ways. I transitioned from a product management role to that of CEO and noticed there were far more similarities than I thought. The skills that good product managers have can make them great CEOs.
Prioritization is Everything
Communication and prioritization are two fundamental skills needed to be successful in product management. These skills are just as important for CEOs, if not more so. Product Managers often lack the time to get to every task they’d like to handle and that’s doubly true for the CEO. There’s never enough time to handle everything, so prioritization of the most important tasks is key.
With that lack of time, communication is essential. Product managers need to have clear communications with just a handful of other departments, and that’s a good stepping stone to what a CEO does. Instead of just a couple departments, CEOs communicate with a large of amount of clients and staff about a broad range of company issues.
Setting (and Reaching) Goals
People in product are always working towards a vision for their product. They share this vision with the cross-functional teams that can help them accomplish this goal. That’s what I was always doing in my product management days.
CEOs do this on a much larger scale. They have a vision for how to solve problems, build brands, and capture market share. To reach those goals, they inspire the people who can make this vision a reality.
Seeking Feedback
If there’s one thing product managers are good at, it’s testing. Great product managers always A/B test their ideas to learn what users really need. Futures decisions are made based on the results.
In a similar way, good CEOs work with employees and clients before making serious changes. The most effective CEOs aren’t stuck in their ways and are open to making adjustments if any flaws arise. They utilize data to guide next steps, not only their gut.
Accepting Imperfection
In an ideal world, product managers would have all the time in the world to put together a perfect product. In reality, we have to learn to launch flawed minimum viable products on deadline and learn from the results.
CEOs know that, due to time and budget constraints, making a decision is more important than making the perfect decision. The latter is an unrealistic luxury. CEOs make hundreds of decisions weekly and the rest of the team can’t sit around waiting. Instead, they have to make the best possible decision with the information available.. Being open to criticism in the process, meanwhile, helps earn respect.
In Defense of the Mini-CEO
Maybe the “mini-CEO” and “CEO of product” descriptions for product managers are a little over the top. What I’ve learned is that there is definitely some truth to the comparisons. Product managers don’t experience some of the important things that CEOs have to deal with when it comes to leadership and profit/loss. However, some of the key attributes of good product managers are easily transferrable to the CEO position so it’s a great stepping stone.
Got an opinion on this? I’d love to hear it.