Having gone through the recent Product Owner certification course, I was asked to reflect on what makes a good product owner. It is important to state that whether a product owner could individually possess every quality required, it is also critical that the product owner role be in an environment that fully embraces the Scrum agile methodology. In the chart below, you can see a distribution of the most important qualities with a value that reflects my opinion of what has worked and what has not worked.
It is CRITICAL that the Product Owner be accountable for the product, has the trust of the business leaders and that the Product Owner has authority to make decisions. If the Product Owner is really just a figure head and a glorified business analyst who must obtain approval from the leadership at each turn, then the Product owner is not empowered and the Scrum Team is not able to function effectively.
There are many companies that name a Product Owner but then continue to drive the decisions and course of the project with higher level authorities, and essentially bypassing the Product Owner's authority; my recommendation is that if the company decides to adhere to a Scrum or Agile methodology, STAY IN THAT METHODOLOGY LANE and let the process play itself out. If the person selected is not able to fully command control over the product, then the wrong person has been selected. But if the person is capable and fully ready to be an accountable Product Owner, let the Product Owner BE the Product Owner!!