Big Business has a secret weapon. You would think that the odds are stacked against them, but many corporations produce good results quarter after quarter.
Entrepreneurs, on the other hand, should be able to outcompete the big boys every time.
- They have agility, and passion – they really believe in what they’re selling.
- They work hard for unreasonably long hours.
- Their costs are low.
- They are not driven by the short-termism of having to impress shareholders and markets every quarter.
That secret weapon is product management. Nearly all corporations have product managers. They use formal methods to evaluate ideas, and prioritize them for development. The corporation has a pretty good idea how well the product is going to do, before a single penny has been risked. There is a step-by-step process to bring a product to market.
Product management is less well-known in the realm of small business. Instead the entrepreneur makes decisions using his experience. And luck.