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How a Product Manager Can Shift to Business Thinking
- Many product managers focus on individual features without understanding the business they are creating the product for.
- Product managers need a business-oriented mindset to develop a sense of understanding what works and what doesn't for the company.
- Business thinking starts with understanding users and their problems to build a product that addresses their needs.
- Product managers should be aware of goals and KPI metrics to create features that affect key business indicators.
- Knowing the basics of the business model is important, which includes target audience, offerings, creating value, and revenue streams.
- Understanding competitors is also essential, as every service has indirect competitors that need to be monitored.
- Product managers need to look beyond the product and consider people, costs, risks, and other elements.
- Going beyond the product involves understanding costs, development resources, collaborating with marketing, diving into operations, and legal risks.
- Business thinking involves understanding users, business goals, business model, competitors, and going beyond the product.
- A product manager's shift to business thinking helps build a product that solves real user problems and brings profit to the business.
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