When starting your own business, it helps greatly if you have some technical know-how about the product that you will be handling or dealing in. This will help in decision making and will give you a feel of the product that you are going to sell. Becoming a successful business owner you need to know your own product. There might be unintended shortcomings, missing features or some technical hitches that need to be straightened out. You need to know the things that need to be fixed so that you are not caught unawares in any situation.
To manage your own product you need leadership qualities. You must also know the difference between management and leadership and the sort of people that you will hire to work in your setup. You and the people that you work with should have confidence in your abilities and must know how to get your team to commit to a given schedule. There might be situations where your team has let you down and you are shouldered with the blame. You must learn how to take such situations in stride and not let it slow you down in other commitments.
As a business owner, you should know when to say no, and make sure that your tolerance for mistakes is at a manageable level. When hiring people, make sure the candidate has the qualities that are needed for this specific job. A potential may be a rocket scientist and as bright as a neon, but is he the person who can carry out your work to everyone’s satisfaction? These are the qualities that you acquired as a product manager and which gave you the confidence to start your own business. Product managers with great product instincts usually notice a great product before other people, and sometime you might learn something innovative from the people who you work with.
Be open and receptive to ideas, and at least listen to the person before making your decision. As being a product manager requires having various skills, as a businessman you will have to acquire those skills or wear multiple hats. This means that you have to be able to handle customers, apply your engineering skills, have sales skills, be an effective administrator and also a competent marketer. That essentially means that you have to know other people’s jobs in case you need to fill in for whatever reason. It always helps to know the people that work with you, or at least know their work habits.