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Is the market due for a correction anytime soon?
This bowl fell off. Typical 35+ behavior 🤭😄
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So you didn't take away much lol
???
1/ The building trap is when organizations become stuck measuring their success by outputs rather than outcomes.
2/ When in a building trap, an organization becomes overwhelmed with feature requests and unable to keep up with the demand. Most importantly, the features that get shipped do not create value for the customers, and the overall business stalls or declines.
3/ Organizations get drawn into the habit of focusing on the output(release x by y date), delivering features without knowing whether it is making an impact.
4/ On one side, customers have problems, wants, and needs. On the other side are businesses that create products or services to resolve those problems and fulfill those wants and needs
5/ The purpose of a business is to create products or services that result in the outcome expected by both the customer and the business. The customer wants the product to address their problems, wants, and needs. The businesses, in turn, want to reach the business goals. The business goal can be anything like increasing revenue, compliance, scalability, and others…
6/ Companies end up in the build trap when they misunderstand value. The product should address both the intended customer outcome and the business outcome. A product feature needs to add value to both parties.
7/ Building a feature that does not result in the intended outcome for both the customer and the business is a lost opportunity cost. A product or service by itself does not have any value if it does not produce the intended outcomes
8/ Every company is constrained by capital, resources, time, and others. Given these constraints, the right value-adding product needs to be built. Finding the right opportunities and deciding how to address the need is the essence of product management.
9/ Product-led companies prioritize initiatives that are are aligned to produce the desired outcomes. The primary focus is on outcomes, not outputs.
10/ Product development is full of uncertainty. A good product manager reduces the uncertainty of product success by discovering real customer and business value and by prioritizing work against clear outcome-oriented goals.
Just started reading this book.