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Invest Like the Best: Scott Norton - Seek to Learn That Which Cannot be Taught - [Invest Like the Best, EP.43]

Invest Like the Best: Scott Norton - Seek to Learn That Which Cannot be Taught - [Invest Like the Best, EP.43]

Released Friday, 7th July 2017
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Invest Like the Best: Scott Norton - Seek to Learn That Which Cannot be Taught - [Invest Like the Best, EP.43]

Invest Like the Best: Scott Norton - Seek to Learn That Which Cannot be Taught - [Invest Like the Best, EP.43]

Invest Like the Best: Scott Norton - Seek to Learn That Which Cannot be Taught - [Invest Like the Best, EP.43]

Invest Like the Best: Scott Norton - Seek to Learn That Which Cannot be Taught - [Invest Like the Best, EP.43]

Friday, 7th July 2017
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Published on 27 Jun 2017. 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/nortonFor 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_oshagLinks ReferencedThey Call Me Supermensch: A Backstage Pass to the Amazing Worlds of Film, Food, and Rock’n’Roll  (Movie)Books ReferencedGetting to Yes: Negotiating Agreement Without Giving InHow to Win Friends & Influence PeopleThey Call Me Supermensch: A Backstage Pass to the Amazing Worlds of Film, Food, and Rock’n’Roll  (Book)Show Notes2:40 – (First question) – A look at the history of ketchup5:16 – The milestones of ketchup’s history in the US10:26 – What were the early days like to compete in a market where the leaders have such a stronghold on the consumer13:03 – A ketchup party to survey users14:41 – Effective ways to negotiate14:57 – Getting to Yes: Negotiating Agreement Without Giving In16:32 – How may stages were there in the early products19:04 – A look at kaizen and what it means to Scott20:38 – Scandinavian business principles that they bring to the company23:40 – As the company has grown, has Scott seen downsides to the stakeholder model especially when competing against larger companies that use the shareholder model28:19 – How did they use outside capital in getting started31:07 – What was the most memorable story from the early days of disrupting this legacy industry, especially as it relates to the sales of this product33:30 – How to Win Friends & Influence People33:58 – How do you create trust and show the benefits of your product in sales37:48 – How culture started for the company, how it’s shifted since then and what competitive advantage the right culture creates41:47 – Some of the best outcomes are the result of mindset and culture43:28 – What new frontiers is Scott and the company looking at today46:53 – How often has Scott had to course correct and continue down the path of the unknown49:28 – Kindest thing anyone has done for Scott outside of the company51:41 – The power of giving and how it will bring large returns, especially when you don’t expect them as part of the giving53:04 – They Call Me Supermensch: A Backstage Pass to the
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