Agile Product Mindset = Entrepreneurial Thinking x Growth Mindset (EN 🇺🇸)
Let's not mince words here - the challenge to master product development lies not in the tools or methodologies we use, but in the mindset we carry. It's time I lay down my formula of an effective PM.
The challenge to master product development lies not in the tools or methodologies we use. It lies in the mindset we carry. It's time I lay down the formula that in my personal opinion truly captures the essence of an effective product manager:
Entrepreneurial thinking x Growth Mindset = Agile Product Mindset
It’s not a sum, it’s a multiplication. Yes, indeed! If it would have been a sum, then 0 as one of the summands would still have a positive sum as result. So 0 entrepreneurial thinking + 1 growth mindset would still equal 1. In a multiplication formula you need at least 1 as each of the multipliers and nether a 0. Math is easy, isn’t it? ;-) Let's break down this equation.
The Entrepreneurial Mindset
At the core of the Agile Product Manifesto lies a principle that rattles the cages of convention in traditional companies:
Embrace uncertainty. Be bold to ask for forgiveness instead of permission.
This approach entails thinking entrepreneurially, constantly pondering over how your scale-able solution could sustainably enable more sales or reduce costs for the company.
Here's the truth: As a product manager, you're not here to ask what to do; you're here to see what to do! You must develop a keen eye for opportunities and act decisively as if you own the company.
So you better get into the habit of the following attitudes:
I fully embody the company.
I don't act like an employed manager but more like an unconventional entrepreneur.
If you're looking for a person you can steer, you'll find no use for me.
This attitude I propose isn't about being uncontrollable - it's about being the one who takes the wheel, who navigates the challenging roads of product development with audacity and vision. I would rather hire a candidate whom I perceive such an attitude than a candidate feeling uncomfortable with these thoughts.
And just like an entrepreneur, who always tries to deliver (commercial) value to customers, I see entrepreneurial thinking as an integral part of the agile product mindset. In fact, it is often encouraged as it can drive innovation and enable businesses to thrive in competitive environments. Here's how these aspects align:
Customer Focus: Both entrepreneurs and those with a product mindset place a heavy emphasis on understanding customer needs and working to create value for the customer.
Innovation: Entrepreneurs are innovators, always looking for ways to improve or create new products and services from 0 to 1. This aligns with the continuous improvement aspect of the product mindset.
Risk Tolerance: Entrepreneurs are generally comfortable taking calculated risks. In the context of a product mindset, this might mean being willing to experiment with new features, technologies or approaches, even if they might not be successful.
Resourcefulness: Entrepreneurs are often highly resourceful, finding ways to accomplish their goals even with limited resources. This can align with the product mindset in the sense of finding the most effective ways to create and deliver value for customers.
Long-Term Vision: Entrepreneurs who own the business think about the long-term sustainability and scale-able growth of their businesses, while executive managers tend to optimise for the next fiscal year or two - also by cutting costs. In the product mindset, the entrepreneurial attitude aligns with the emphasis on the long-term value over short-term gains. But, take care: sometimes it’s necessary to build a solution for a short-term gain in order to bridge the business gap towards the long-term vision. Don’t be dogmatic!
So, while not every aspect of entrepreneurship directly translates to the product mindset, there are many overlaps, and the two certainly complement each other in a business context. Remember, mistakes are the inevitable companions of bold actions: a product manager devoid of mistakes is merely twiddling thumbs, not blazing trails. This is why yo need to establish learning & growth mindset.
The Growth Mindset
Being entrepreneurial isn't enough. As noted by Stefanie Peters, growth is an innate aspect of our personal journey. A growth mindset, as explored and defined by psychologist Carol Dweck, emphasizes ceaseless growth and development. So, we must persistently hone our skills and expand our capabilities, particularly in product development roles.
A growth mindset is crucial for product managers. It encourages embracing change, adapting to market dynamics, and constantly enhancing one's skills. It allows product managers to experiment, take calculated risks, and learn from the outcomes, even more from such without success. Product managers with this mindset don't shy away from challenges, they thrive on them. They see setbacks as stepping stones and failures as learning experiences.
There are the principles of the Agile Product Manifesto which say:
The key to innovation is to take small risks enabling learning and evidence-based evolution
and
Make assumptions and validate them as fast as possible
To master those principles and to foster a growth mindset:
Stay curious — instead of making confident statements, try to phrase a question!
Don’t hide uncertainty - better share stories where things turned out differently than you initially expected.
cultivate a learning mindset with yourself - celebrate successes and failures as long as they contribute to the learning process. Start with yourself, and then encourage a culture that embraces failure as an opportunity to learn, iterate, and improve by acting as an example
In contrast prevent fixed mindset beliefs like …
a challenge is a threat
success of others is intimidating
a critical feedback or a mistake is embarrassing
It's self-expaining which mindset truly equips a product manager for success.
Let me be clear: I would neither hire nor promote a candidate with a perceived fixed mindset. I bet, other product leaders see it the same. This mindset does not enable product managers to thrive or even to survive in their roles!
The Agile Product Mindset
The marriage of entrepreneurial thinking and behaviour with a learning and growth mindset births the agile product mindset - in my personal opinion. It's more than just Scrum or other agile methodologies. It's a deep-seated attitude that shapes how you approach problem-solving.
The agile product mindset helps you to deal with uncertainty and to follow this principle of The Agile Product Manifesto:
Frequently reorient to what creates value
Today, too many companies are hiring backlog managers instead of product entrepreneurs. It's time for a change. Agile methods aren't a remedy. They're at most building blocks for an agile mindset. Agile methods need to be combined with an entrepreneurial spirit that challenges the status quo and a constant desire to learn from customers and grow as an individual.
Your mindset, subtle as it may be, wields significant influence over your success. Sure, tools and frameworks are helpful. However, without the right mindset, their efficacy remains constrained.
In other words, your mindset isn't just an ingredient in your recipe for success; it's the chef that determines how well all the ingredients go together. Embrace the right mindset, and you'll be the agile product development professional who not only succeeds personally but also contributes to the broader success of your organization.
Is Mindset a Skill and can I adapt mine?
Let's get one thing straight, the word 'skill' has been grossly underused and misunderstood. We've confined it to mere physical abilities or competencies, disregarding the dynamism it encapsulates. 'Mindset' is not just a fancy buzzword; So, let's bust the myth here: mindset isn't just some philosophical concept or a fancy buzzword; it's a hardcore skill, as impactful as any technical or practical capability.
Mindset isn't innate; it's a learned attribute, shaped over time by attitudes, beliefs, and perspectives. It determines how you perceive situations and approach challenges. Take the 'growth mindset' - it's an absolute gem in the world of product management. It's about believing in your ability to evolve, being open to feedback, embracing failure as a growth catalyst, and wielding resilience in the face of adversity. Isn't that a skill worth its weight in gold?

And since humans are masters of adaptation (and mindset is no exception) you don’t need a magic wand to work on your mindset. It's a journey - convoluted, personal, and unique to every individual. How long does it take to develop your mindset, you ask? Well, it's not a one-size-fits-all situation. Following could be your roadmap, but only you can know, where you stand in terms of your mindset skills:
Awareness: To change, you first need to identify the need for change. It could be sparked by a life-altering event, feedback, or a simple moment of introspection. Ask yourself when re-reading the text above: am I fine with the status quo of my mindset?
Desire to change: The awareness must translate into a genuine desire. Change is an uphill battle without strong internal motivation. Imagine all the stuff you can build and the problems you could solve!
Understanding the new mindset: Understand what the new mindset looks like. This might involve hitting the books, seeking role models, or even reaching out to a coach, mentor, or just your boss.
Practice and reinforcement: Now comes the grind. The new mindset must be practiced repetitively and reinforced constantly. Brace yourself for behavioral changes, challenge old beliefs, and dive into new situations.
Patience and perseverance: Remember, Rome wasn't built in a day. Changing a mindset is a long-haul flight, not a quick hop. It's about unlearning and relearning, and that takes time, perseverance, and resilience.
How long does it take? Timelines for this are as diverse as our fingerprints. For some, a mindset shift might occur in weeks or months, while for others, it might span years. The journey is deeply personal and unique, just as the way to go from the status quo to your individual desired state.
Furthermore, even after a mindset shift, mindset maintenance is necessary to avoid falling back into old habits. Regular introspection, continuous learning, and support from others through external view can be critical in maintaining a new mindset over time.
So, to answer your question: Yes, you can change your mindset. It's not easy, but hey, who said meaningful change ever was?
High Five & see you next time! 👋
Alexej
PS: to deep-dive into many more skills beyond the Agile Product Manifesto, read my previous articles: