Notes, quotes and emojis from…
Invest Like the Best: Scott Norton — Seek to Learn That Which Cannot be Taught — [Invest Like the Best, EP.43]
2 history of ketchup 🍔🍟, a Chinese word, a fermented fish sauce to cover up what used to be bland food. Heinz dials up the vinegar, glass bottle, innovates.
7 Sir Kenningston story. “In any market it’s all about the attention war and you need to win the attention war if you want to win customers and bring a product to market.” No marketing budget so the packaging had to be different the others had bottle that was the same shape/squeeze. “If they’re synonymous with Americana, let’s be British.” 🇬🇧 “When everyone else is zigging, how can you benefit by zagging?” 945 work in the “ordinary and overlooked.” Another way to say “boring”.
11 PO tries the simple approach, look at supply and demand and if there’s a big. 🌊 are there as many 🏄 as expected? Early days. For any entrepreneur “you’re wrong, it’s just a matter of degree how wrong you are and how quickly you can get less wrong.” 1250 design thinking/prototypes as a mental model for situations. Experimented and created eight different varieties. “Then we threw a party. We put invitations in our friends’ mailboxes saying Sir Kensington invites you to a ketchup tasting. People thought we were crazy but they came over and tasted all these ketchups.”
“We knew if we had one and invited all our friends they would be ‘this is amazing.’”
👵 will always ❤️ you, but she gives terrible feedback.
Rather with eight they got a force ranking.
Good, best is SUTMM.
Co-created, customers are co-created. This was in Getting to Yes, create buy-in. Joe Rogan said this was part of what made News Radio so enjoyable too, when you contributed jokes you acted more like an owner (Intelligent Fanatics create an ownership culture).
15 IKEA experiment. 🛠. If you give it to people they will generally give it back. If you give it UNASSEMBLED they will generally not give it back. “This gets to an important notion, we like to think that we’re rational people but we’re actually good at rationalizing.” Rory Sutherland noted that this is an easier way to change behavior.
17 interactions on ketchup. Kaizen, growth mindset. Bring nostalgia and novelty together. Asks why five times. ❓❓❓❓❓
1950 “Everything is a work in progress and there is a forward motion you can put in that’s gets you asking, ‘what’s working about this, what’s not working about this, and how can we make it better.’”
2045 Scandinavian culture. Ask, what’s the ecosystem that I’m in? What is the end-state? “The model that I think works for us is stakeholder capitalism, a longer term perspective.” Shareholders, yes, but employees, suppliers, customers, environment, government, neighbor. 🕸
2430 does this stakeholder model become a burden against the bigger CPG brands? Unilever, a company with some stakeholder bent.
2630 “When people buy a product they’re making a statement about the me I want to be.” Tesla, ⚡️🚘, won’t succeed if they switch to a hybrid model. “Would Toms have taken off if they didn’t give a shoe for every pair they sold?”
-”it’s better when it (the me I want to be) rhymes,” PO. Part of Cialdini’s research. (Ch. 38 of Yes❗️50 Ways to be MOAR Persuasive.)
29 started out asking the three F’s; friends, family, and fools. Looked for 💰 and 💡 in their investor base.
3140 “There comes a time in every entrepreneur’s life when they go, ‘oh crap, I’m actually a sales guy. I need to learn to sell.’” Even when it 👀 easy, it’s not. “People that we were introduced to by a mutually trusted source are just 👻 me, what is wrong? That’s when I realized its about this emotional connection.”
“You can’t justify your pricing based on features, it’s gotta be on benefit and people aren’t going to be willing to hear the benefit unless they trust you first.”
“Even if something makes sense for someone you can’t just skip to that logical point, you have to spend the time building a relationship.” 👈 if there was a missing step for Sam Hinkie’s Process this was it.
34 how to get into a restaurant. You gotta ❤️ food and talk to 👨🍳. How do you solve their problems? Meb Faber riffed on this in a potpourri podcast. When applying to sell ketchup or be an investor find problems (Theo Epstein suggests the 20% of their job that sucks) to solve.
36 “As someone who’s sold on things by others all the time, it’s amazing how infrequently someone starts with you, asking ‘what do you care about?’” — PO
❓Flight School for sales? This is not taught in schools.
38 culture. “Culture is about values.” We had to surrender the ego. High priest. What are the values?
- Our secret ingredient is people.
- Act with honor even when no one is looking.
- Make condiments with character.
- Think long-term.
At inflection points, consider these values. “The best part about culture is it’s free. It’s free to show up to work fifteen minutes early.” Again, the Sutherland idea that there are psychology levers to arrange that encourage certain behaviors. 4045 “It’s way cheaper than beanbag or 🏓 tables.” And better, Ben Horowitz noted that yoga is not culture.
“I think the great organizations have great culture.”
4130 “A lot of the most interesting outcomes are unplanned.” PO
Salem podcast, you can imitate Swensen’s tactics but not his results. Can’t copy.
Manuals mean colonies, not frontiers.
4330 what is the frontier now? “I have this mantra, seek to learn that which cannot be taught.” What can you (only) teach yourself?
Use fear as an indicator that this is new terrain, and it’s time to buckle up buttercup.
“It’s that point where you’re going from the known to the unknown …so you can mentally prepare yourself to be the right amount of afraid.” 4530
4730 complacency. “I’ve been tremendously lucky to have someone that pushes me and pushes the organization.” Find partners that compliment your troughs. 🎧 🚫🔇
Surround yourself with creative people, read books
5000 kindest thing? Keith Miller, The Godfather of our business. “He took a shot on us.” Be a go giver more than go getter. @VGR, for each idea you give you get 3.14 in return.
But, “that’s part of surrendering your ego.”
📚 Supermensch 🎥 Shep Gordon
Coupons, karma, positive energy.
56 🚴 around Asia. Riding is a great way to get around, not too fast or slow.
“Wheeling in Asia.” Without a daily routine you can train yourself for those temple of Poseidon moments. Move from fragility (I need things THIS way) to anti-fragility (I can roll with this). 💪 🔄
103 closing thoughts, “the journey is the reward.” 📈life is not “hockey stick growth” have an attitude of gratitude.