Invest Like The Best
Episode 43 Seek to Learn That Which Cannot be Taught
Invest Like The Best

Episode 43: Seek to Learn That Which Cannot be Taught

Seek to Learn That Which Cannot be Taught

Scott Norton is the co-founder of Sir Kensington’s which was acquired by Unilever. We cover his observations on culture, the importance of relationships in sales, and competitive edge.

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CFA Institute. CFA Institute the global association of investment professionals whose mission is to lead the investment profession by promoting the highest standards of ethics, education and professional excellence for the ultimate benefit of society. CFA Institute serves a global community of investment professionals working to build an investment industry where investors interests come first, financial markets function at their best and economies grow. The Chartered Financial Analyst Credential is the most respected and recognized investment management designation in the world. The views expressed in this podcast do not necessarily represent the views of CFA Institute.

[00:02:40] – (First question) – A look at the history of ketchup

[00:05:16] – The milestones of ketchup’s history in the US

[00:10:26] – What were the early days like to compete in a market where the leaders have such a stronghold on the consumer

[00:13:03] – A ketchup party to survey users

[00:14:41] – Effective ways to negotiate

[00:16:32] – How may stages were there in the early products

[00:19:04] – A look at kaizen and what it means to Scott

[00:20:38] – Scandinavian business principles that they bring to the company

[00:23:40] – As the company has grown, has Scott seen downsides to the stakeholder model especially when competing against larger companies that use the shareholder model

[00:28:19] – How did they use outside capital in getting started

[00:31:07] – 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

[00:33:58] – How do you create trust and show the benefits of your product in sales

[00:37:48] – How culture started for the company, how it’s shifted since then and what competitive advantage the right culture creates

[00:41:47] – Some of the best outcomes are the result of mindset and culture

[00:43:28] – What new frontiers is Scott and the company looking at today

[00:46:53] – How often has Scott had to course correct and continue down the path of the unknown

[00:49:28] – Kindest thing anyone has done for Scott outside of the company

[00:51:41] – The power of giving and how it will bring large returns, especially when you don’t expect them as part of the giving 

[00:55:37] – Look at Scott’s decision to bike around Asia and what he experienced during that time

[01:02:49] – Best advice for someone in their early 20’s

Seek to Learn That Which Cannot be Taught

Introduction

Patrick
If you'd told me a year ago that I'd be learning critical life and business lessons from the founder of a ketchup company and that 30 to 50,000 people would like to our conversation, I would have told you that was impossible. But the fact that it's 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 Unilever. 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 we use all the time with our families at a barbecue. Scott's observations on culture, the importance of relationships within 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 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.

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