“Thinking in Bets” by Duke

"Thinking in Bets: Making Smarter Decisions When You Don't Have All the Facts" by Annie Duke explores how we make decisions and how we can improve our decision-making skills. Drawing on her experience as a professional poker player, Duke argues that product managers can learn a lot from the world of gambling and apply those lessons to our decisions at work.

The central thesis of the book is that we should think of decisions as bets, and that we should be mindful of the uncertainty and probability involved in every decision we make. Duke argues that we can improve our decision-making skills by understanding how to weigh the probabilities and by learning to separate the quality of our decisions from the outcomes they produce.

The book is split up into six chapters. Duke first discusses the challenges of decision-making and the concept of thinking in bets. She argues that we often think of decisions as black and white, when in reality they involve a degree of uncertainty and probability. She provides examples of how understanding probability can help us make better decisions, and discusses the importance of separating the quality of our decisions from the outcomes they produce.

Duke also dives into the challenges of decision-making in complex and uncertain environments. She provides examples of how the world of gambling can provide insights into decision-making in fields such as politics, business, and sports. She discusses the importance of gathering diverse perspectives, avoiding cognitive biases, and embracing uncertainty in decision-making.

One of the key themes of the book is the importance of embracing uncertainty and taking risks. Duke argues that successful decision-making involves a degree of uncertainty, and that we should be willing to take risks and make bets in order to achieve our goals. She provides examples of successful entrepreneurs, athletes, and politicians who have embraced uncertainty and taken calculated risks to achieve their goals.

Another important theme is the importance of learning from our mistakes. Duke argues that we should view mistakes as opportunities for learning, and that we should be willing to revise our beliefs and strategies based on new information. She provides examples of successful poker players who have learned from their mistakes and improved their decision-making skills as a result.

"Thinking in Bets" is a thought-provoking book filled with practical advice and insights that are applicable to product management. Product managers looking to improve their ability to decide in uncertain situations can benefit from Duke’s writing.

“Immunity to Change” by Kegan & Lahey

"Immunity to Change", by Robert Kegan and Lisa Laskow Lahey, explores the challenges of personal and organizational change. Drawing on their experience as developmental psychologists, Kegan and Lahey argue that many of the challenges we face in personal and professional life stem from our unconscious resistance to change, which they refer to as "immunity to change."

The key idea of the book is that we all have deeply ingrained beliefs and assumptions that limit our ability to change, and that these beliefs and assumptions are often hidden from our conscious awareness. Kegan and Lahey provide a framework for identifying and addressing these limiting beliefs and assumptions, and offer practical advice on how to overcome our immunity to change.

The authors discuss the challenges of change and the concept of immunity to change. Kegan and Lahey argue that our immunity to change stems from deeply ingrained beliefs and assumptions that we are often not aware of. They provide examples of how our immunity to change can hold us back in personal and professional life, and discuss the importance of addressing our immunity to change in order to achieve our goals.

They also break down the process of identifying and addressing our immunity to change, specifically in group contexts. Kegan and Lahey provide a framework for identifying limiting beliefs and assumptions, and offer practical advice on how to challenge and revise these beliefs and assumptions. They provide examples of successful individuals and organizations that have overcome their immunity to change, and discuss the importance of feedback and support in the process of change.

One of the recurring themes of the book is the importance of self-awareness and self-reflection. Kegan and Lahey argue that personal and organizational change requires a deep understanding of our beliefs and assumptions, and that we need to be willing to challenge and revise these beliefs and assumptions in order to grow and achieve our goals. They provide practical advice on how to develop self-awareness and self-reflection skills, and offer examples of successful individuals and organizations that have embraced these skills.

Another crucial theme is the importance of feedback and support in the process of change. Kegan and Lahey argue that we need feedback and support from others in order to overcome our immunity to change, and provide practical advice on how to seek out and receive feedback and support. They also discuss the importance of creating a supportive culture within organizations that encourages feedback and support for individuals who are undergoing personal and professional change.

This book can help product managers identify their own immunities to change, as well as organizational resistance to change.

“The Innovator’s Dilemma” by Christensen

"The Innovator's Dilemma" by Clayton M. Christensen is a book that dives into innovation and disruption. Published in 1997, the book is still relevant today for product managers who want to stay ahead of ever-changing technologies.

The central thesis of the book is that successful companies can become trapped by their own success and fail to innovate, which opens the door for disruptive technologies and startups to enter the market and disrupt the status quo. Christensen argues that established companies are often too focused on their existing products and customers, and fail to see the potential of new technologies and business models that disrupt their industries.

The book is divided into two parts. The first part discusses the challenges of innovation and the concept of disruptive technologies. Christensen argues that disruptive technologies are those that initially have limited performance, but eventually improve to the point where they can replace existing technologies. He provides examples of disruptive technologies, such as the personal computer and digital photography, and discusses the challenges of identifying and investing in these technologies.

The second part of the book focuses on the challenges of managing innovation within established companies. Christensen argues that successful companies are often too focused on their existing products and customers, and fail to see the potential of disruptive technologies. He provides examples of companies that failed to innovate, such as Kodak and DEC, and discusses the challenges of managing the tension between sustaining existing products and investing in new technologies.

One of the key themes of the book is the importance of strategic thinking and long-term planning. Christensen argues that successful companies need to think beyond their existing products and customers, and invest in new technologies and business models that have the potential to disrupt their industries. He also stresses the importance of experimentation and iteration, and provides examples of companies that successfully pivoted their business models to respond to disruptive technologies.

Another important theme is the importance of understanding customer needs and behaviors. Christensen argues that disruptive technologies often start by serving the needs of underserved or non-consumers, and that successful companies need to understand the needs and behaviors of these customers in order to identify and invest in disruptive technologies.

Christensen's focus on the challenges of managing innovation, understanding customer needs, and thinking strategically can give product managers a leg up in identifying which product hypotheses to pursue vs. which to deprioritize.

“The Mythical Man-Month” by Brooks

"The Mythical Man-Month" by Frederick Brooks Jr. is a book on software engineering and project management. Originally published in 1975, the book is still relevant today for product managers.

The book's central thesis is that adding more people to a late software project only makes it later. Brooks argues that software development is a complex task that involves many interdependent parts, and adding more people to the project can actually slow down progress. This phenomenon is known as the "mythical man-month": the idea that adding more firepower to any product initiative will result in a linear increase in productivity.

Brooks discusses the concept of the mythical man-month and the challenges of managing software development projects. He argues that software development is different from other engineering disciplines because it is both creative and complex. He also discusses the challenges of managing people in a software development project and provides insights on how to motivate and retain top talent.

He also breaks down the challenges of designing software systems. Brooks discusses the importance of modular design, which allows for easier testing, maintenance, and reuse of code. He also provides practical advice on how to manage complexity in software systems and how to balance the competing demands of flexibility, efficiency, and simplicity.

Furthermore, Brooks focuses on the importance of communication and coordination in software development projects. Brooks argues that effective communication is essential for managing complex projects and provides practical advice on how to establish clear lines of communication, manage documentation, and conduct effective meetings. He also discusses the challenges of managing projects that involve multiple teams, and provides insights on how to ensure that everyone is working towards the same goal.

One of the key themes of the book is the importance of planning and estimation. Brooks argues that software development projects are inherently unpredictable and that accurate estimation is difficult. However, he provides practical advice on how to break down projects into smaller parts, estimate the time and effort required for each part, and monitor progress along the way.

Another important theme is the importance of managing people effectively. Brooks argues that software development is a collaborative effort, and that managing people effectively is essential for success. He provides insights on how to motivate and retain top talent, and discusses the challenges of managing a diverse team.

"The Mythical Man-Month" is filled with advice and insights that are still relevant today. Brooks' emphasis on the challenges of managing people, designing software systems, and coordinating complex projects make this book a resource for product managers.

“Blue Ocean Strategy” by Chan Kim & Mauborgne

"Blue Ocean Strategy", by W. Chan Kim and Renée Mauborgne, is a book for product managers looking to create innovative and successful products. The book provides a framework for creating "blue oceans" (new and untapped markets) rather than competing in overcrowded and stagnant "red oceans" (existing markets) with little opportunity for growth.

The book begins by contrasting blue oceans and red oceans. Red oceans are crowded with competitors, and companies are constantly fighting for market share. In contrast, blue oceans are new and unexplored markets with limitless potential for growth. The authors argue that the key to creating successful products is to find and capture blue oceans.

The authors provide a step-by-step process for creating blue oceans. The process involves three key elements: focus on non-customers, break the value-cost tradeoff, and create a compelling buyer experience.

The first element of the process involves focusing on non-customers. These are people who are not currently using your product or service, but could potentially be interested in it. By understanding the needs and preferences of non-customers, you can create a product that meets their needs and captures new market share.

The second element of the process involves breaking the value-cost tradeoff. Traditionally, companies have had to choose between creating a high-value product with high costs or a low-cost product with lower value. However, the authors argue that it is possible to create a high-value product with low costs by challenging industry assumptions and using new technologies or business models.

The third element of the process involves creating a compelling buyer experience. This means creating a product that is easy to use and delivers a unique and valuable experience for the customer. By focusing on the customer experience, you can differentiate your product from competitors and capture new market share.

Throughout the book, the authors provide numerous examples of companies that have successfully created blue oceans. For example, Cirque du Soleil created a new market by combining elements of traditional circus shows with theater, creating a unique and compelling experience for customers. Southwest Airlines also created a blue ocean by offering low-cost flights with no-frills service, appealing to customers who were looking for affordable travel options.

The authors also provide a variety of tools and frameworks to help product managers create blue oceans, including the Strategy Canvas, the Four Actions Framework, and the Buyer Utility Map. These tools can be used to analyze industry trends, identify new market opportunities, and develop strategies for creating innovative and successful products.

Overall, "Blue Ocean Strategy" is a valuable resource for product managers looking to create successful products. The book provides a clear and practical framework for creating blue oceans, as well as numerous examples and tools to help product managers implement the strategy. By focusing on non-customers, breaking the value-cost tradeoff, and creating a compelling buyer experience, product managers can differentiate their products and capture new market share in untapped and lucrative markets.

“Traction” by Weinberg & Mares

"Traction: How Any Startup Can Achieve Explosive Customer Growth" by Gabriel Weinberg and Justin Mares is a book that product managers can read to learn how to achieve rapid customer growth for their products. The book provides a comprehensive guide to the process of achieving traction, along with practical advice and case studies for each of the nineteen traction channels.

As a product manager, you know that achieving traction is critical to the success of any product. Without traction, your product will struggle to survive. Weinberg and Mares define traction as "the rate at which a business is able to acquire new customers." In order to achieve traction, you must focus on each stage of the customer acquisition funnel: Awareness, Acquisition, Activation, Retention, and Referral.

The authors provide a deep dive into each of the nineteen traction channels: Viral Marketing, Public Relations, Unconventional PR, SEM, Social and Display Ads, Offline Ads, SEO, Content Marketing, Email Marketing, Engineering as Marketing, Target Market Blogs, Business Development, Sales, Affiliate Programs, Existing Platforms, Trade Shows, Offline Events, Speaking Engagements, and Community Building. They provide practical advice and case studies for each channel, as well as tips for getting started and identifying metrics to measure success.

For example, if you are interested in using Content Marketing to achieve traction for your product, the authors suggest that you create high-quality content that provides value to your target audience. They provide examples of businesses that have used Content Marketing to achieve traction, including Moz, which provides SEO and Content Marketing software, and KISSmetrics, which provides web analytics software.

One of the key takeaways from the book is that there is no one-size-fits-all approach to achieving traction. As a product manager, you must experiment with multiple traction channels in order to find the ones that work best for your product. The authors suggest that you start by identifying your target audience, and then experiment with different channels until you find the ones that work best for reaching that audience.

The authors also stress the importance of measuring and analyzing data in order to understand what is working and what is not. As a product manager, you should identify key metrics to track, and use data to make informed decisions about where to focus resources. For example, if you are using SEM to achieve traction for your product, you should track metrics such as cost per click, conversion rate, and customer lifetime value, and use that data to make decisions about where to allocate your SEM budget.

"Traction" is a resource for product managers who are looking to achieve rapid customer growth for their products. The book provides a comprehensive overview of the process of achieving traction, as well as practical advice and case studies for each of the nineteen traction channels. By leveraging experimentation, data analysis, and a willingness to try new things, product managers can take their products to the next level.

“Sprint” by Jake Knapp

"Sprint: How to Solve Big Problems and Test New Ideas in Just Five Days" is a book written by Jake Knapp, a design partner at Google Ventures. The book is a resource for product managers who are looking for a practical and effective approach to solving big problems and testing new ideas quickly.

The book is based on a five-day process called a "design sprint." The design sprint is a focused, time-constrained process that helps teams identify key challenges, develop solutions, and test those solutions with real users in just five days. This design sprint process is crafted to help teams move quickly and efficiently, while also encouraging creativity and collaboration.

The book is divided into five sections, each corresponding to a day of the sprint. Day one is about understanding the problem and setting a goal for the sprint. Day two is about generating ideas and sketching solutions. Day three is about making decisions and creating a storyboard. Day four is about building a prototype. And day five is about testing the prototype with real users.

One of the key takeaways from the book is the importance of bringing together a cross-functional team to work on the sprint. The team should include people with different skills and perspectives, including designers, developers, product managers, and others. The authors argue that a diverse team can bring different ideas and approaches to the problem, leading to more creative and effective solutions.

The book provides advice and tools for each day of the sprint. For example, on day one, the team should create a "map" of the problem space, identifying key stakeholders, pain points, and opportunities. On day two, the team should use "crazy eights" – a rapid brainstorming exercise – to generate as many ideas as possible. And on day three, the team should use a "heat map" exercise to prioritize ideas and create a storyboard.

The book emphasizes testing and validation. The authors argue that testing is a critical part of the sprint process, and that teams should be testing their solutions with real users throughout the sprint. This allows teams to get feedback early and often, and to make adjustments to their solutions based on user feedback.

The book also provides guidance on how to facilitate the sprint process effectively. The authors suggest that the facilitator should be an impartial outsider who can help the team stay focused and on track. The facilitator should also encourage participation and collaboration, and ensure that the team is making decisions based on data and evidence, rather than personal opinions or biases.

"Sprint" is a resource for product managers who are looking for a practical and effective approach to solving big problems and testing new ideas quickly. By bringing together a cross-functional team, generating and testing ideas quickly, and making decisions based on data and evidence, product managers can create innovative and effective solutions that meet the needs of their users.

“Good to Great” by Jim Collins

"Good to Great: Why Some Companies Make the Leap and Others Don't", written by Jim Collins, examines a group of companies that transformed from being average or good to becoming great companies. Collins and his team of researchers analyzed the companies' financial data, interviewed company executives, and compared their findings to companies that did not make the transformation.

Collins and his team identified eleven companies that made the transformation from good to great. These companies included Abbott Laboratories, Circuit City, Fannie Mae, Gillette, Kimberly-Clark, Kroger, Nucor, Philip Morris, Pitney Bowes, Walgreens, and Wells Fargo. Collins and his team then compared these companies to a group of comparison companies in the same industry. The comparison companies were selected based on their similar size and financial performance.

The research revealed several key findings. First, the companies that made the leap from good to great did not do so because of a single defining moment or event. Rather, the transformation was the result of years of disciplined and consistent effort. Second, the companies that made the leap all had what Collins called "Level 5 Leadership." Level 5 leaders are humble, self-effacing, and focused on the success of the organization rather than their own personal success. They also possess a fierce resolve and determination to do whatever it takes to make the company successful.

Third, the companies that made the leap had what Collins called a "Hedgehog Concept." The Hedgehog Concept is based on the fable of the hedgehog and the fox. The fox is clever and has many strategies for catching the hedgehog, but the hedgehog has one simple strategy – roll into a ball and defend itself. The companies that made the leap all had a simple, clear, and focused strategy that they stuck to even in the face of changing circumstances.

Fourth, the companies that made the leap had what Collins called a "Culture of Discipline." This does not mean that the companies were authoritarian or bureaucratic. Rather, it means that the companies had a clear set of values and standards that they adhered to consistently over time. The companies were also willing to make tough decisions, including cutting unprofitable products or services, and were willing to invest in new opportunities even if they were not immediately profitable.

Finally, the companies that made the leap had what Collins called "Technology Accelerators." This does not mean that the companies were necessarily technology-focused. Rather, it means that they were able to leverage technology to enhance their core business strategy. The companies were also willing to invest in technology that would improve their operations and customer experience.

Collins concludes the book by discussing the concept of "Flywheel and the Doom Loop." The Flywheel is a metaphor for the momentum that a company builds up as it makes progress toward its goals. The Doom Loop is a metaphor for the cycle of failure that a company can get stuck in if it fails to make progress. Collins argues that the key to making the leap from good to great is to build momentum through consistent effort and focus.

In conclusion, "Good to Great" is a thought-provoking and insightful book that provides valuable lessons for anyone interested in business or leadership. Collins' research provides concrete examples of companies that transformed from being good to becoming great, and his insights into the characteristics of Level 5 Leadership, Hedgehog Concepts, Culture of Discipline, and Technology Accelerators are both practical and actionable. Overall, "Good to Great" is a must-read for anyone who wants to understand what it takes to build a successful organization.