Since I’m tired of the articles that want entrepreneurs to learn X things from Y, here is one that goes the other way round. Four things our PM could learn from entrepreneurs.
- Ideas are cheap: It is the execution that matters. Every rookie entrepreneur zealously guarding his idea is told that by the community. Even if you have to go stealth, you do it for the execution’s sake, not at the cost of the execution.
- Don’t go at it alone: Have at least one partner, ideally with complementary skills, ideally someone who can challenge you. Don’t start with a bloated team, but take help of specialists for specific skills.
- Draw up a (business) plan: Even if you don’t want to raise money. It helps in clarifying your own thought and plan better for circumstances that are inherently risky.
- Know when to quit: Persistence is good, but so is knowing when to quit. Know when to gracefully exit instead of continuing to pour money and effort into an idea that is not going to work.