Myth #1: You are the CEO of the product

You will actually need to fight tooth and nail to onboard co-workers, management, and stakeholders to an idea!

This myth assumes that a Product Manager's (PM) role is limited to just selling their idea to others. While persuasion and communication skills are essential to the job, they are only a tiny part of the PM’s responsibilities. The primary role of a Product Manager is to understand customer needs, evaluate market opportunities, and work with cross-functional teams to develop a product strategy that meets those needs.

Product Managers must also be effective communicators and influencers, but that doesn't mean they need to "fight tooth and nail" all the time to convince others to accept their ideas. On the contrary, good PMs work collaboratively with stakeholders, using data and sound reasoning to build consensus and drive alignment.

Myth #2: Product Managers all do the same PM things

Not so! Different companies require different things from their PMs.

All product managers (PMs) should have core competencies, such as developing product strategy, conducting market research, and collaborating with other teams. However, the specific responsibilities of a PM may differ significantly depending on the company.

For example, some PMs may focus more on creating new products, while others may focus on product launches, pricing, and marketing. It is essential to understand the specific needs of the role in your organization and to be able to adjust your approach to the job accordingly.

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Myth #3: You need to be technical to be a PM

While it is true that some Product Management roles require comprehensive technical knowledge, it is not a necessary requirement for all positions. The most crucial factor is the ability to comprehend the customer's needs and to collaborate with technical teams to devise solutions that satisfy those needs.

Moreover, PMs who are not technically minded must still have a good grasp of the technology and be able to explain the advantages of a product to both technical and non-technical stakeholders in a clear and understandable way. By doing this, PMs can ensure that all stakeholders remain informed and engaged in the process.

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Myth #4: You need to have a tech-related degree to be a PM

While having a technical degree can undoubtedly benefit some roles as a Product Manager, it's not always a requirement. In fact, PMs can come from various educational backgrounds, and what's most important is that they possess the transferable skills pertinent to the role, such as problem-solving, communication, and business analysis. However, those with a related degree may already have an advantage in this area.

Those PMs who don't have a technical degree can still be successful in their role if they possess the right mindset, exhibit a willingness to learn, and demonstrate the ability to work effectively with technical teams. With a little hard work and dedication, it is possible to be a successful Product Manager without a technical degree.

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Myth #5: PMs only work on new product development

Many Product Managers (PMs) focus on new product development, but that is not their sole responsibility. PMs are also responsible for the ongoing management of products, including product launches, pricing, and marketing.

PMs must also work with cross-functional teams to evaluate existing products' performance and identify improvement opportunities. This broad scope of responsibilities makes Product Management a challenging and rewarding role.

Myth #6: PMs are not involved in revenue generation

While PMs are not directly responsible for generating revenue, they play a critical role in creating products that generate revenue. PMs are responsible for understanding customer needs, evaluating market opportunities, and working with cross-functional teams to develop product strategies that meet those needs.

This involves conducting market research, analyzing data, and making informed decisions about product features and pricing. By creating products that meet customer needs and generate revenue, PMs significantly contribute to the company's bottom line.

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Conclusions

In conclusion, these are just some of the myths about Product Management that can lead to misunderstandings about the role and what it takes to succeed. PMs play a critical role in the success of a product, and it's essential to understand the realities of the job, including the skills and competencies required, the broad scope of responsibilities, and the importance of working collaboratively with cross-functional teams.

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