9 Habits of Millionaire Product Managers
These folks are in one of two states:
This "what's-right-in-front-of-me" mode of operating means they have a transactional relationship with their career. The result is:
In other words, your career is at the mercy of other people's charity. Now, let's get something out of the way. I'm not asking you to be an entrepreneur. Entrepreneurship is really hard. It's not for everyone. I AM here to tell you that you can enjoy a fulfilling career without being an entrepreneur AND not being wholly dependent to your employer. So, today, I'm going to share 9 habits of the most successful product people. Habits that have enabled them to enjoy:
I used these same habits as an introverted "nerd" to transform my career and my life. 1. A Bias Toward ActionHaving worked for, with, led, mentored, and coached people for so long, when I meet a new PM, I can tell in an instant if they're going to succeed. Because the ones who succeed have a great propensity toward taking action. Most people wait. They wait for perfect information. They wait for perfect instructions. They wait for perfect conditions. The result is they're stuck in a state of overthinking and never taking action. They’re so fearful of what they don't know, of being wrong, that they’re going to waste time and resources, that they actually waste time and resources not doing anything. This doesn't mean you should be reckless. Due diligence, analysis, critical thinking - those are all valuable. But the difference between those who are successful and those who aren't is the successful ones will decide to act - even in the face of imperfect information or conditions. The unsuccessful ones will continue to wait, see opportunities pass them by, and are left wondering what could have been. Those who take action understand that doing is progress. Because the result of doing is you'll either succeed or you'll learn what doesn't work, allowing you to make adjustments along the way. You can read all the books you want on how to ride a bike. Doesn't matter until you get on the seat and start pedaling. Fall down a few times. Get up. And keep trying. Until it becomes "as easy as riding a bike". “
It's better to regret what you have done than what you haven't."
I don't like to live with regret. In the Mehta family, we have 12 mottos. One of them is: Everyday, we Win or Learn. Successful people know that every time they learn something that doesn’t work, it moves them towards what might. 2. Treat Your Time Like GoldYour time is non-renewable. It's perishable. That makes it precious. A lot of PMs focus on trying to get everything done. "Keep all the balls up in the air." Complete every task. Attend every meeting. Answer every message. Be there for everyone and everything. "Walk and chew gum at the same time." Soon their calendar is filled up. They end each day feeling drained. That's how they become the mouse in the wheel. Some hold on to all the tasks to do because they can't let go of the control. Or, worse, it's how they define their value. They know in their heart they should have someone else do it. But they justify to themselves that they can do it better and faster than anybody. On top of this, sadly, a lot of product leaders push their PMs to this state. (Pro tip: a product leader who doesn't help you prioritize is a poor leader. Get away fast.) Instead, successful PMs understand where they truly add value, what their goals are, and prioritize their time against those. And great product leaders help their PMs do that. As a product manager, and then as a leader, my mission was to get everything off my plate that wasn't necessary for me to do, and only to focus on the things that truly delivered value. As a PM, I didn't have to write the tech spec. That was for engineering. I didn't have to write the test scripts. That's QA's job. As a leader, I delegated as much as I could. I couldn't delegate budget ownership, executive management, or portfolio P&L. But I didn't need to be Super PM. So I delegated day-to-day PM work to my team. And I worked with my PMs to help them prioritize their time. I didn't dictate their calendars. I met regularly with them to ensure we're aligned on the most important priorities for that week. As my team stepped up, it freed me up to do other things. Over time, my team managed the entire product portfolio. It allowed me to focus my time on strategic partnerships, new business opportunities, and new innovations. You might think, "Yeah, but I'm just an individual contributor. I can't delegate anything." Let me ask you: Do you need to attend yet another Engineering meeting? Or use that time to engage with a customer? Is it necessary for you to sit in the 3-hour architectural design session? Or even review the technical design spec? Is it necessary to respond to that Slack message right now? Or can it wait till later? Till tomorrow? Is it important for YOU to do that data analysis? Or, can you get the analytics team to do it? Do you need to provide an update on the engineering project delivery? Or, can the project manager, scrum manager, or tech lead do that? Do you have to run the squad meeting? Or can the scrum master or tech lead do that? In fact, are you the ONLY one who can write the user stories? Or can your engineering lead also contribute? Successful PMs are always actively looking to get others to help them, to delegate work that's not critical to their mission, and to prioritize their time on activities that drive true value. 3. Build Connections Outside of WorkWe get a job and focus on building relationships within. This is important so we can do our jobs. Execution ultimately happens through people. An unfortunate side effect is we stop making connections outside of work:
The reality is that it's outside connections that help propel our careers forward:
In the last 15 years, every job, career, professional, and business opportunity that's come my way has been through these connections. Someone I met a while ago, or someone who referred me through a mutual contact. 4. Be a Forever StudentProduct Managers are always being told to be strategic thinkers. Well, how do you become a strategic thinker? By being a forever student. In our jobs, it's easy to feel pressure to have all the answers. But long-term career success actually comes from learning. When we think have all the answers, we stop learning. When we stop learning, we're actually becoming ignorant. There's a saying that the more I learn, the more I don't know. I LOVE being in that state. Because it means I get to keep learning. Which actually makes me more effective. More powerful. My own happiness, my own self-worth, comes from the progress that I make every month, every week, every day, to the person I'm becoming from the person I was. One of the ways I love to learn is to listen and talk to other people who are more knowledgable than me. I learn from them and then - and here's the really cool part - I share that knowledge with others. It's not because I'm suddenly an expect. And, sure, I do enjoy sharing. The real reason is because the more times I share it with someone else, the more likely the lessons are going to stick with ME. A lot of what I try to learn is outside my field of expertise. This attitude of learning allows us to tie different ideas together, which allows us to look at a broader picture and be more strategic in our thinking. In addition, learning and sharing has a funny way of making others think of you as some kind of expert. They say, "Wow, you have deep thoughts, you have a wealth of knowledge and experience." They just assume you've lived all these experiences. But the reality is, while I've lived some of them, others I've learned from other experts. As I share my newly earned knowledge, my command of the information I learned becomes part of my experience and my identity. It's an amazing byproduct of being a forever student. This is how you become a strategic thinker and be seen as a more valued person beyond the things that you already how how to do. 5. Questions > AnswersSociety rewards people who have answers. Students who raise their hand with the answer are rewarded. The student who can answer all the questions quickest and most accurately wins. So when we enter into a business context, it's natural for us to feel we need to have all the answers. It results in a bad habit to give the answer before the question has been fully understood. Think of that person on that call who always seems to have an answer no matter the situation. But you know that they're full of it. Here's the thing: There’s no such thing as the right answer to the wrong question. I heard this on a podcast recently: Let's say my car is having trouble. I go to the mechanic and ask him to fix the transmission. A week later, I pick up the car and the problem still exists. "It's still having the problem!" I complain to the mechanic. "Yes," replies the mechanic. "That's not what the problem is. But you asked me to fix the transmission. So I did." Sure, I could go to a different mechanic next time. But, perhaps I should have started by stating the problem first - asking the right questions - instead of giving the answer (fix the transmission). Product managers don't need to be problem solvers. We need to be problem seekers. So, if we want to move away from being an order taker, we have to learn how to ask better questions. By seeking problems, you'll start asking questions. Asking questions will make you a better learner. And the better you are at learning, the better you'll be able to help others solve their problems. It's the opposite of what we're taught. 6. Feedback is a GiftI've had folks on my team who were poor at receiving feedback. They've either stagnated in their careers or have had incremental progress. They complain a lot and blame others for their lack of success. The ones who took feedback well have gone on to enjoy rich careers and lives. I agree that good managers and leaders need to be skilled in providing feedback. But, each of us is accountable for our attitude in receiving feedback. Even if its harsh or from a source we don't like. In an earlier article, I shared the story of the VP who made the decision to present my business case that I had worked on to the C-suite. When I share this story, I get predictable reactions: Eyes widened. Mouths open. "What a jerk!" judgments. The thing is, though, he was 100% correct. Because, the fact was, I wasn't ready. In fact, his words were, "You're not ready." It hurt. But it was the right feedback that I needed to hear. Ideally, the feedback being given to you is thoughtful, intentional, and constructive - here's what's working and here's what can be improved. Maybe my boss could have delivered the feedback more... gently. But it didn't make him wrong. And, he was actually being kind. Because it spurred me to become a better business storyteller. Today, I feel confident speaking with anyone. We don't need to seek feedback from just anybody. We should be thoughtful about whom we're seeking feedback from. (Pro tip: mom doesn't count.) What's really important is that (1) we seek feedback and (2) when we do receive it, we're receive it with with an open spirit. With a mind for learning. Learning about ourselves. Millionaire product people understand that feedback is a gift - it's an opportunity to better ourselves. 7. Money is an EnablerMillionaire product managers understand the true power of money. They understand it's not about greed or acquiring wealth for the sake of it. I never went into a job thinking, "This is it. Done." And planned to ride it to the end. I always assumed it was transitory - a means to an end. Every job I've held I've seen as an investment:
My employer is paying me to do a job. I'm going to use that money to build my wealth. Because millionaire product managers understand something fundamental about money that other miss. Having money provides options.
Most people I meet pursue higher salaries so they can spend more. Bigger car. Bigger house. More things. Sure, that stuff is nice, and I've enjoyed those too. Really successful product people use it to build their personal wealth so they have more options in life. Here's the secret to building wealth:
8. Save 20%."The Index Card" by Helaine Olen and Harold Pollack had a big influence on me. (That, and my dad.) It was the first book to cut through the fluff and demystify wealth building. All the financial advice you'll ever need boiled down to 10 simple rules. And rule #1 is: Strive to save 10-20% of your income.
Do this before investing in stocks and other things. 2, 3, and 4 will build toward your retirement. My wife and I are well set because we started doing this years ago. Oh, and, do NOT withdraw from your 401(k) or your IRA before retirement. The ONLY exception is in the case of serious emergency - not to buy a house or new car or make some risky investment. The emergency fund is your safety net. It will save your butt in times of duress. Not to use to buy that expensive new car or install that $25,000 home theater system. It's for times when you're out of a job and need to live off savings. Our emergency fund has saved our butts countless times. 9. Live on a Budget. Avoid Debt.I've seen this happen all the time - A PM gets a merit increase or big bonus. Next thing I see is they're driving a fancier car, eating at fancier restaurants, and going on fancier vacations. Then, one day, they're out of a job and are desperate to get another one. The company gave them little to no severance, and they've got at most 3 months of savings. What else is there for them to do except blanket apply to every job post, beg everyone they know, "Please let me know if you see something for me!", and hope and pray? Where did all that new income go? In 2005, I had to leave an employer who treated me unfairly. Fortunately, we had 9 months of savings. In 2008, during the Great Recession, I got RIF'd from a failing startup. Fortunately, we had 6+ months of savings. In 2012, I left a stressful job that was affecting my family. Fortunately, we had 12+ months of savings. You get the picture. The secret to all this:
Most people immediately find ways to upgrade their lifestyle as soon as they have more money. Or, they'll use debt to pay for a nicer lifestyle - taking vacations on the credit card, using a home equity loan to build that deck. Millionaire product folks have figured out this is the fastest way not only to the poor house, but also for a career of stagnation - one that's always at the mercy of other people's charity. Follow the 50-30-20 rule:
Want that new home theater system? Better car? Fancier vacation? Kitchen remodeling? Set a goal. Save toward it over time. Allocate a budget. Don't spend more than that. Learn how to live on a budget. Stick to it. It will transform your life. Small steps make big progressThe most common question I get after an article like this is, "Shardul, how do I start?" Start small. Take one step at a time. If there's one place I'd recommend starting first, it would be your personal finances. Get savvy on those. Then move to the other stuff. Progress. Not perfection. And if you need help with any of these, reach out. I'm here to help.
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