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Interview with Tom Scott, Chairman, CEO and Founder of Plum

BrownHEN interviewed Tom Scott, Brown '89, Chairman, CEO and Founder of Plum, New York.

1. Tom, how important is it to have a detailed plan before you start an enterprise?

It is only important in thinking about it. Most likely you won’t follow it. Flexibility is a huge factor. There are so many nuances to developing a product or a service. You will find that a lot of it is trial and error, especially if you are breaking new grounds.

2. On the face of it Nantucket Nectars seems far removed from your undergraduate concentration. What recommendations do you have for an aspiring entrepreneur about choosing a concentration?

I recommend that you study what interests you. I focused on American Civilization at Brown. Tom First and I started out operating a floating boat because we loved being on a boat. Juice was one of the things we sold. One thing led to another and we ran with Nantucket Nectars.

3. The folklore about Nantucket Nectars has much about basketball and you were an athlete at Brown. Do you think sports experience is significantly beneficial for an entrepreneur?

It is somewhat beneficial. Commitment and teamwork are critical to an entrepreneur’s success. In addition to athletics, there are other ways one can learn to develop these skills.

4. How did you learn all the intricacies of the juice business—where to source fruit, where to get bottles, how to get the product fresh, how to structure an investment?

It was all trial and error. We put one foot in front of the other. We had passion, it was what we loved. We did not take no for an answer. If we had known how hard it was going to be, we might not have ventured forth.

5. What advice do you have for an entrepreneur selling the business?

I believe you run a business to run a business; you shouldn’t run a business with an exit strategy. You will know when the time is right to sell.

6. Recently, as President/CEO of Plum TV, you were named among the 27 most innovative thinkers in the worlds of media, entertainment, politics, and technology by Details magazine in their second annual “Mavericks” issue. What do you do to keep yourself growing creatively as a person, as a business leader?

Thanks! Those awards are flattering. I just pursue what I like, what interests me. If you are passionate about your work (your products / your services), you are going to spend a lot of time thinking about it, working on it, and improving it. If growth has slowed, you should take actions to mix it up. 

7. What are the top five qualities you would ascribe to an entrepreneur?

• Passion.
• Perseverance.
• Survival instinct.
• Faith in yourself, in your vision. A belief in the unknown. You may be dreaming of what didn’t exist, what seemed unlikely to exist.
• Trust. Before we got into juice, Tom First and I started a painting business with four people. Our business evolved and it ended with us two. Trust is a rare thing—trust and the ability to have an open dialogue, which is essential.

8. Who has the dog now?

Well, we had two dogs. Tom has one and I had Becky, and she passed away in 1990.



Copyright 2007 - BrownHEN.org

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Interview with Matt Paknis, CEO of MattPaknis.com

 

BrownHEN interviewed Matt Paknis, Brown '85 and CEO of MattPaknis.com, Boston, MA.

1. Matt, what are the biggest differences between working for a corporation and working for yourself—in terms of daily life, employer expectations, etc.?

Working for someone else:
• Goals and agendas are established for you; you are part of a team.
• Decisions are often made for you.
• Expectations / reporting relationships can readily change.
• Travel may be required.
• Structured days, steady paychecks, benefits, and insurance.

Working for myself:
• Set my own goals with clients.
• Clients, friends, family, and associates become my team.
• Day is structured to complete client tasks, administer, and build business.
• I have the freedom to help at school and around the house when I choose.
• Marketing my work is critical and challenging.
• I’m part of the decision-making process.
• Travel is optional.
• I generate my own income and pay for all my benefits.

2. Describe how you made the move from an employee of a big corporation to independent consultant. What advice do you have for people thinking about a similar move?

Here’s the road I took:
• Started designing and delivering team building programs in 1991.
• Facilitated corporate programs at a university retreat center.
• Consulted inside these organizations and developed management improvement programs.
• Worked as an internal consultant for a large financial services corporate client.
• Designed management development programs for this firm nationally.
• Certified in selection, coaching, leadership, facilitation, dialogue, training assessment and evaluation, and communications programs.
• Worked with people and teams in conflict.
• Certified and trained in conflict management, dispute resolution and mediation.
• Created for Brown, with Barrett Hazeltine, a 50-hour “Practice of Management” certificate program. This led to additional consulting opportunities.
• Stepped out on my own in 2003 after nine years of consulting and working a full-time job.

My advice: learn what you really enjoy doing, and what people recognize you for doing well, and then find a place you can practice this to support yourself while you can grow independently.

3. You have been involved in coaching—both college football teams and business professionals. Can you give advice about coaching entrepreneurs?

Entrepreneurs tend to see solutions fast, so coaching them should include:
• Brevity.
• Incremental goals, clear focus, vision, and targets.
• Reflective listening to help them hear and assess ideas.
• Explorative inquiry to help them refine an idea or process to create their solutions.

Football coaching tends to be one-way communication. Corporate and 1:1 coaching are more reflective and exploratory. It’s intended to help the entrepreneur realize his or her goals with support, encouragement, and reflection.

4. Many successful large organizations claim they strive for entrepreneurial and innovative cultures. Their record at innovation, at best, is mixed. Why aren't these large companies—rather than startups—on the cutting edge of innovation.

Earlier this year an established manufacturer hired me to facilitate the creation of its innovation team, comprised of its best international talent. The team’s leader questioned their ability to rock his industry with new concepts and ideas because:
• Established, publicly-traded companies are rewarded for maintaining incremental growth and for avoiding risk.
• The innovation and risk expected from his team might cost money in the short term.
• He felt they could thrive only if they were given a separate budget—free from the  corporation to explore and take chances, like a startup.

5. How does having a family with (fairly) young children influence being an entrepreneur and a management consultant?

There are varied benefits and challenges. Here are some benefits:
• I travel less now than when I worked for a corporation.
• When I do travel, some of my clients have offices in great locations. I do my
best to blend work with family vacations when I visit these spots.

And some challenges:
• My office is in my home. There are times when I have to lock the door to complete proposals and reports, or to conduct phone calls.
• I try to structure my day like my office is out of the house. This does not always work. Thus, it’s hard to have down time.
• Challenges also occur when my kids are home on vacation, and I have a home workday scheduled. My son tends to win out and I do the work after he goes to bed, or before he gets up.

6. Did lessons gained from being president of Delta Tau Delta fraternity at Brown contribute to your entrepreneurial/consulting success?

I was president of Delta Tau during its transition back to campus. We were the first fraternity to regain Brown campus housing after being removed by the University. I applied some of the lessons learned to my consulting work:
• Observing culture change via shifts in values, beliefs, and behaviors.
• Tying culture to performance. I was very interested in seeing whether or not
better off-field behavior would improve the football team’s performance, as many athletes were in the fraternity. It did.
• Determining what interpersonal, organizational, and environmental factors can influence people to achieve great things.

7. What are the top five qualities you would ascribe to an entrepreneur?

Most great entrepreneurs I’ve known or read about:
• See relationships others miss.
• Are creative.
• Demonstrate spatial thinking.
• Are driven.
• Are great at problem solving.
• Rally others around their vision.

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© BrownHEN.org – 2007