53: How Effectuation Works with Imagining the Future that Doesn’t Exist Yet

How To Succeed In Product Management | Jeffrey Shulman, Red Russak & Soumeya Benghanem

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2y ago 50:49

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In this episode of the How to Succeed in Product Management Podcast, marketing professor Jeff Shulman and The Product Management Center advisory board members Red Russak and Soumeya Benghanem welcome Kunal Nayyar (Stripe) to talk about effectuation. PMs and other product leaders often build their team and identify frameworks once a problem is identified. With effectuation, PMs identify what resources are available and formulate solutions based on the resources at hand. It’s a reverse framework, nonetheless, it’s effective.

Support for How to Succeed in Product Management is brought to you by Apptentive, which enables product managers to measure shifts in customer emotion and gather actionable feedback across the mobile customer journey. To learn more, go to Apptentive.com/UW.

What to Listen For:

00:00 Intro
04:49 What is effectuation?
10:12 It’s all about what side of the coin you’re looking at
15:49 The affordable loss principle
19:28 When is it okay to do an affordable loss?
30:09 The security compliance bar set by the industry
33:12 How much leeway do regulated industries have?
35:13 A space for team members to work on any idea
40:02 Help your team imagine the future that doesn’t exist
43:31 Our concluding thoughts