What do we mean when we say the PM should act as the CEO?

The concept of the product manager as a “mini-CEO” has long been used to convey ownership and accountability, yet it often misrepresents the realities of modern product roles. I'll talk to where the analogy holds true—such as in founder-led or general manager-style contexts—and where it breaks down in organizations where product managers lack formal authority over resources, strategy, and decision-making. The critical piece is distinguishing between ownership and authority vs. influence, alignment, and clarity. I'll also touch on the unintended consequences of this narrative, including misaligned expectations around responsibility and compensation, and propose a more accurate framing of the product manager as an orchestrator of cross-functional value rather than a proxy CEO.