What is the core language of any business that every product leader must know ?
- Finance is the common language of business in a product management environment
- A good foundation in basic finance is necessary for managing and leading successful products
- Professionals must be able to understand and assess how a product’s financial returns affect the business and the product portfolio.
- Financial acumen is also an absolute necessity for product leaders to be able to manage their future investments in their products wisely.
- Online resources such as http://www.investopedia.com/ are great places to learn more about finance
- Professionals with BBAs and MBAs are well equipped with this core business acumen.
Successful product leaders must expose themselves towards financial education to not only understand the impact of their products, or portfolios but an understanding of the overall financial statements of the firm they are operating within.
Source: Haines, S. (n.d.). The Product Manager’s Desk Reference.