Product Management from First Principles
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Product Tank talk first presented by Philip Pantelides at Cookpad HQ 13th September 2017 3 simple steps in using Elon Musk and Henry Ford’s first principles approach to product management and solving complex problems
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Product Management from First Principles
- 1. Product Management from First Principles Philip Pantelides
- 3. first principles Noun 1. the fundamental concepts or assumptions on which a theory, system, or method is based. "I think we have to start again and go right back to first principles" @philipantelides
- 4. First principles are a key part of a product manager’s toolkit when tackling complex problems, where there may be many variables or assumptions in place. @philipantelides
- 5. Scientifically solve problems and create solutions beyond what would be possible when using a comparative approach based on convention, analogy or previous experiences @philipantelides
- 6. @philipantelides ‘Facebook / Amazon / Google did it that way’ ‘My mum would never use that!’ ‘Our competitors are doing this’ ‘Donald Trump will never become president’
- 7. @philipantelides Convention, analogy or previous experiences = Good Products First Principles thinking = GREAT Products
- 8. @philipantelides Why is this important for Cookpad? We are the only species biologically adapted to eating our food cooked - Dr Richard Wrangham - Harvard Anthropologist BUT People are time, skill, money poor when it comes to food
- 9. @philipantelides Why is this important for Cookpad? Complex problem!
- 10. @philipantelides Where are first principles used? Aristotle Physics - 384–322 BCE "the first basis from which a thing is known"
- 11. @philipantelides Where are first principles used? Descartes Cartesian doubt - 1641 “I think therefore I am” 1. Accepting only information you know to be true 2. Breaking down these truths into smaller units 3. Solving the simple problems first 4. Making complete lists of further problems
- 12. @philipantelides Where are first principles used? Henry Ford “If I had asked people what they wanted, they would have said faster horses.”
- 13. @philipantelides Where are first principles used? Elon Musk and Henry Ford “What would it cost to build a car/rocket/EV if I broke it down to its most basic materials and found a more efficient way to put it together?”
- 14. @philipantelides Where are first principles used?
- 15. @philipantelides “I think generally people’s thinking process is too bound by convention or analogy to prior experiences. They’ll say, “We’ll do that because it’s always been done that way.” “[With first principles] you boil things down to the most fundamental truths…and then reason up from there.” — Elon Musk
- 16. @philipantelides
- 17. @philipantelides Ok Philip, but I’m not Elon Musk, Aristotle (...or Greek)! Now what?
- 18. @philipantelides 3 steps to working from first principles 1. Understand the current state and the desired state AKA Vision 2. Peeling back the onion or 5 x Why? AKA First principles 3. The scientific method AKA Strategy
- 19. @philipantelides 1. Understand the current state & desired state AKA Vision What is the customer currently doing and the problems they are facing? What reality currently looks like to them? What is the customer trying to achieve? What does their desired state looks like?
- 20. @philipantelides 1. Understand the current state & desired state AKA Vision Phone X
- 21. @philipantelides 1. Understand the current state & desired state AKA Vision
- 22. @philipantelides 2. Peeling back the onion or 5 x Why? AKA First principles Ask “are we sure that is true?” until the answer is yes. Outside in Truth Start with what you know to be true Inside out ‘Humans need to eat cooked food’ E=mc2
- 23. @philipantelides 3. Scientific Method AKA Strategy Classic Lean Design Sprint
- 24. @philipantelides Some practical product examples Washing Machines and Online Credit
- 25. @philipantelides Environmentally friendly washing machine Energy In Energy Out Sound, heat, rotational Spin cycle = highest energy usage Electrical
- 26. @philipantelides Environmentally friendly washing machine F = ma F=m⍵2 r v=⍵r = (mv2 ) r r Force = Mass X Orbital Velocity2 X Radius m r
- 27. @philipantelides Environmentally friendly washing machine F=m⍵2 r
- 29. @philipantelides Online Credit - Current state NI Number? Household income? Mortgage payments? Other credit?Dependants? Occupation?
- 30. @philipantelides Online Credit - Desired State
- 31. @philipantelides Online Credit - Back to first principles Q1: Why are multiple pieces of information needed to run a credit check? A1: So you can understand a customer’s payment history, amount owed, length of history, types of credit Q2: Why do you need to know this information? A2: So you can calculate the risk to the bank in lending the customer credit Q3: Why do you need to calculate risk? A3: So the bank can work out how much money is safe to lend
- 32. @philipantelides Online Credit - Back to first principles Therefore we can be sure: Credit rating is a function of risk to work out how much money is safe to lend
- 33. @philipantelides Online Credit - The scientific method Risk model testing and iteration
- 34. @philipantelides Online Credit - From first principles
- 35. @philipantelides Tying it all together 1. Establish the status quo and the desired outcome 2. Strip back external biases to what you know to be true 3. Build up a set of hypothesis and test them in order of importance until the theory is watertight Well done you have applied first principles thinking to product management! 3. Build up a set of hypothesis and test them in order of importance until the theory is watertight