378: Use your “why” to be a more effective product manager – with Frankie Russo

Reflecting on your passion and purpose – for product managers Today I’m inviting you on a reflective journey of discovery—a journey to consider your why—which I call your purpose. I revisited this myself a few years ago and found more deeply understanding my why was personally inspiring and provided clarity to me for how I should spend my time. To help us, we have the why expert with us, Frankie Russo. Through his Russo Capital firm, he has developed a portfolio of companies across multiple industries, including technology, advertising, marketing, automotive, music, agriculture, publishing, and finance. He believes your why is important to your success and how you think about success. He has written about these concepts in two books, first The Art of WHY (2016), and just recently, his second book Breaking WHY: Hacking and Rebuilding Strategic Emotions for Authentic Success. Summary of some concepts discussed for product managers [02:02] What does our why mean? Why is our purpose in what we do and how we do it. It taps into our passion. Passion and purpose coming together create profits, which can go beyond money to include a changed life, more time available for yourself, or an experience. It’s a challenge to hack and rebuild your current life while you’re in the middle of it. You can apply the principles I’m about to share to start something great or get unstuck as a product manager or in your personal life. [5:00] What are the benefits of having a clear why? The greatest benefit is getting to a place where you’re at peace with yourself—being happier and more joyful and having a sense of freedom. These benefits inspire me to continue to work on why. You’ll have some early wins, but for your work to pay off, you have to be willing to continue. [7:52] What are the steps to uncovering our true why? [8:10] Step One: Break your Why Figure out what your why is now and how it’s different today from what it used to be. Ask, why am I here in this moment and in this section of my life, and why am I here on this earth? What’s my mission? What am I doing to fulfill that mission? Sometimes we do our passion and look for profits but lose our purpose; or we do our purpose and get profits but aren’t passionate about it. You need to put together the fire from the passion and the meaningfulness from the purpose to create profits that are worth it and have deeper fulfillment. [19:38] Step Two: Count the Cost Figure out what your why is going to cost. Make a plan. I’ve learned to count the cost the hard way—I tried doing my passion and purpose many times and failed because I didn’t plan. If the cost is greater than the why, go back to step one. Go through the process until your why is strong enough and motivating enough that you’re committed to go to the next step. [20:18] Step Three: Commit and Believe Sign a contract with yourself. Make sure you’re fully committed and believe the why is greater than the cost. For the rest of the 10 steps, check out the resources below. [21:56] What do you mean by breaking your why? I had a personal journey with breaking why. In between writing my two books, I got a divorce and hit my emotional bottom. It made me a person who’s willing to be honest to himself and everyone around. Sometimes I have to break free from what I have been doing to appease others. Helping and loving others is not the same thing as pleasing and appeasing others, but I thought they were the same thing for a long time. I use the words hacking, rebuilding, and breaking because those are the focal points in my journey and my book. Sometimes you have to break a relationship to become your authentic self. Unless something dies, it can’t be reborn. What I do today is what I am. Action Guide: Put the information Frankie shared into act...