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

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

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 2:40 – (First question) – A look at the history of ketchup 5:16 – The milestones of ketchup’s history in the US 10:26 – What were the early days like to compete in a market where the leaders have such a stronghold on the consumer 14:41 – Effective ways to negotiate 14:57 – Getting to Yes: Negotiating Agreement Without Giving In 16:32 – How may stages were there in the early products 19:04 – A look at kaizen and what it means to Scott 20:38 – Scandinavian business principles that they bring to the company 23:40 – As the company has grown, has Scott seen downsides to the stakeholder model especially when competing against larger companies that use the shareholder model 28:19 – How did they use outside capital in getting started 31:07 – What was the most memorable story from the early days of disrupting this legacy industry, especially as it relates to the sales of this product 33:30 – How to Win Friends & Influence People 33:58 – How do you create trust and show the benefits of your product in sales 37:48 – How culture started for the company, how it’s shifted since then and what competitive advantage the right culture creates 41:47 – Some of the best outcomes are the result of mindset and culture 43:28 – What new frontiers is Scott and the company looking at today 51:41 – The power of giving and how it will bring large returns, especially when you don’t expect them as part of the giving 53:04 – They Call Me Supermensch: A Backstage Pass to the Amazing Worlds of Film, Food, and Rock’n’Roll (Book and Movie) 55:37 – Look at Scott’s decision to bike around Asia and what he experienced during that time 1:02:49 – 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

Jaksot(571)

Andy Rachleff - Building Something People Want to Buy - [Invest Like the Best, EP.42]

Andy Rachleff - Building Something People Want to Buy - [Invest Like the Best, EP.42]

My guest this week is Andy Rachleff, who is the CEO of the automated investing platform Wealthfront. Andy was also a co-founder and long-time partner at Benchmark capital--one of the most interesting ...

20 Kesä 201749min

Leigh Drogen - Quant vs Traditional Investors and How Alphas Become Betas - [Invest Like the Best, EP.41]

Leigh Drogen - Quant vs Traditional Investors and How Alphas Become Betas - [Invest Like the Best, EP.41]

I’ve often joked that this show should be called “this is who you are up against,” because I am so often having conversations with brilliant people across the investment landscape who are effectively ...

13 Kesä 20171h 19min

Ira Judelson - Bail Street, with NYC's Leading Bail Bondsman - [Invest Like the Best, EP.40]

Ira Judelson - Bail Street, with NYC's Leading Bail Bondsman - [Invest Like the Best, EP.40]

This week’s episode is very unique. It is the first episode devoted to bonds, just not the kind of bonds you are used to. My guest is Ira Judelson, who is the leading bail bondsman in New York City. I...

6 Kesä 20171h 18min

David Chilton - The Human Blitzkrieg - [Invest Like the Best, EP.39]

David Chilton - The Human Blitzkrieg - [Invest Like the Best, EP.39]

This week's conversation was especially fun. I have a long history with my guest, Dave Chilton, but this was the first time we'd met in person. I'd heard stories about him from people I work with for ...

30 Touko 20171h 38min

David Salem - The Art of Asset Allocation - [Invest Like the Best, EP.38]

David Salem - The Art of Asset Allocation - [Invest Like the Best, EP.38]

My guest this week is David Salem. David was the founding president and CIO for The Investment Fund for Foundations, which served 800 endowed charities under David’s 18-year tenure. He's now the CIO o...

23 Touko 20171h 29min

Michael Mauboussin - Man + Machine, Moats, and Power of the Outside View - [Invest Like the Best, EP.37]

Michael Mauboussin - Man + Machine, Moats, and Power of the Outside View - [Invest Like the Best, EP.37]

My guest today is Michael Mauboussin, who is the head of global financial strategies at Credit Suisse and is on my short list of must read writers on all things investing. If you read his entire catal...

16 Touko 20171h 32min

Will Thorndike - How Skilled Capital Allocators Compound Capital - [Invest Like the Best, EP.36]

Will Thorndike - How Skilled Capital Allocators Compound Capital - [Invest Like the Best, EP.36]

This week’s guest is Will Thorndike, an author and investor whose book The Outsiders is an all-time favorite of mine. Our conversation is in two parts. First, we dive deep into the lessons of his 8-ye...

9 Touko 20171h 12min

Ted Seides - The Bet with Buffett – Hedge Funds vs. The S&P 500 - [Invest Like the Best, EP.35]

Ted Seides - The Bet with Buffett – Hedge Funds vs. The S&P 500 - [Invest Like the Best, EP.35]

This coming weekend is the annual Berkshire Hathaway shareholder meeting in Omaha. That means this week is the perfect opportunity to discuss a topic which will likely figure prominently at Berkshire ...

2 Touko 20171h 12min

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