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Invest Like the Best with Patrick O'Shaughnessy
Scott Norton - Seek to Learn That Which Cannot be Taught - [Invest Like the Best, EP.43]
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Show Notes
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If you told me a year ago that I’d be learning critical life and business lessons from the founder of a ketchup company, and that thirty to fifty thousand people would listen to our conversation, well, I’d have told you that’s impossible. But the fact that it is true proves many of the points laid out by this week’s guest Scott Norton, co-founder of Sir Kensington’s which was recently acquired by Uni-Lever. Sir Kensington’s, which makes “condiments with character” is no ordinary Ketchup company, and Scott is no ordinary founder.
We talk about the most elemental aspects of business: product, relationships, sales, marketing, and culture. I love that we can do so through the lens of such a seemingly simple product, something that we use all the time with our families at a BBQ. Scott’s observations on culture, the importance of relationships in sales, and competitive edge are all memorable. But above all, I’ll remember his line: seek to learn that which cannot be taught. And I will continually return to the mental image of the Temple of Poseidon.
Oh, and as a bonus we also talk about biking around Asia, which like all of Scott’s stories comes complete with thought provoking lessons.
Enjoy this unique conversation with one of the most interesting people I’ve met on this journey. We begin with the history of ketchup.
For comprehensive show notes on this episode go to http://investorfieldguide.com/norton
For more episodes go to InvestorFieldGuide.com/podcast.
Sign up for the book club, where you’ll get a full investor curriculum and then 3-4 suggestions every month at InvestorFieldGuide.com/bookclub.
Follow Patrick on Twitter at @patrick_oshag
Links Referenced
They Call Me Supermensch: A Backstage Pass to the Amazing Worlds of Film, Food, and Rock’n’Roll (Movie)
Books Referenced
Getting to Yes: Negotiating Agreement Without Giving In
How to Win Friends & Influence People
They Call Me Supermensch: A Backstage Pass to the Amazing Worlds of Film, Food, and Rock’n’Roll (Book)
Show Notes
– (First question) – A look at the history of ketchup
– The milestones of ketchup’s history in the US
– What were the early days like to compete in a market where the leaders have such a stronghold on the consumer
– Effective ways to negotiate
– Getting to Yes: Negotiating Agreement Without Giving In
– How may stages were there in the early products
– A look at kaizen and what it means to Scott
– Scandinavian business principles that they bring to the company
– As the company has grown, has Scott seen downsides to the stakeholder model especially when competing against larger companies that use the shareholder model
– How did they use outside capital in getting started
– What was the most memorable story from the early days of disrupting this legacy industry, especially as it relates to the sales of this product
– How to Win Friends & Influence People
– How do you create trust and show the benefits of your product in sales
– How culture started for the company, how it’s shifted since then and what competitive advantage the right culture creates
– Some of the best outcomes are the result of mindset and culture
– What new frontiers is Scott and the company looking at today
– The power of giving and how it will bring large returns, especially when you don’t expect them as part of the giving
– They Call Me Supermensch: A Backstage Pass to the Amazing Worlds of Film, Food, and Rock’n’Roll (Book and Movie)
– Look at Scott’s decision to bike around Asia and what he experienced during that time
– Best advice for someone in their early 20’s
Learn More
For more episodes go to InvestorFieldGuide.com/podcast.
Sign up for the book club, where you’ll get a full investor curriculum and then 3-4 suggestions every month at InvestorFieldGuide.com/bookclub
Follow Patrick on twitter at @patrick_oshag
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