OBSERVANT - SCOTT DAVID COOK
Scott David Cook ( born 1952, 63 years old ) is a founder of Intuit
Inc., a director since March 1983
and currently he serves as the Chairman of the Executive Committee. Intuit Inc. is an American software corporation with almost 10,000 employees
working together. Intuit develops financial and tax preparation software and related services for small businesses, accountants and individuals. Scott is a person that
possessed the characteristics of a
successful entrepreneur mainly in the trait called observant in contributing to
Intuit.
In his early life, Cook
started his career at Procter & Gamble in Cincinnati, Ohio, where he learned
new things about market researching, marketing and product development. He then
took a job in strategic consulting at Bain and Company in Menlo Park, California. Having observance, Cook
soon began using the insights he learnt there to look for an idea for his own
company. That idea came to him when his wife was complaining about paying the
bills one day. With personal computers just coming out at the time, Scott realized
that there might be a better way to manage their household finances and
automate the hassle of bill paying. He then thought of the possibility for a basic
software market that would help people pay their bills to ease their daily
chores. This shows that Scoot was good at noticing what is going on around him
and planning to establish a financial software firm.
Inspired to start his own
software company, Scott had to find a programmer and he ended up running into
Standard University. Tom
Proulx turned out to be the partner of Scott and
they created the first Quicken
program ( check balancing program ), which he and Scott used to launch Intuit
in 1983 with the goal of making it easy for individuals to balance their check
books and for small businesses to pay their taxes.. Scott's idea for a check-balancing
program was unique, but he was only one of many people trying to break into the
burgeoning personal computer software market at that time. This could be
concluded that it was his background, intellect, observance and enthusiasm that
separated him from the rest of the pack.
During the next few years,
Cook gained important experience related to banking and technology while his
wife
( Signe Ostby ) learned something about
marketing software. Meanwhile, Tom Proulx laboured in his dorm room creating
the very first version of Quicken after polishing up the program they launched
Intuit in 1983. Once, while visiting the office of a software association,
Scott walked by a clerk entering data on one of his programs. He immediately
stopped to interview her about the application and seek for her view and later
incorporated one of her suggestions into a version of the program. This vividly
shows that Scott was being observant in his field to ensure that his product
would meet a real need in the market place.
In 1992, Scott launches QuickBooks, a payroll-processing
program for small businesses. The company's QuickBooks and TurboTax programs
are widely used by more than 37 million small businesses and individuals around
the world. In order to enhance and improve the company’s finance software,
Scott continued to make strategic acquisitions. This is done by purchasing
Nihon Micom Co. Ltd. In 1997 and Lacerte Software Corporation and Lacerte
Educational Services Corporation in 1998. Lacerte
developed professional tax preparation software.
In 1999, Intuit introduced
its QuickBooks Online Payroll service, which allowed all QuickBooks users to
connect with banks and tax agencies to facilitate payroll processing. By the
end of the year, more than 6,000 businesses had signed up for the advanced service.
The company also offered WebTurboTax, which combined the TurboTax features with
the electronic tax filing capabilities and allowed the users to complete their
tax returns as well as file them online.
Later time, QuickBooks
small business finance, Intuit's Quicken personal finance and TurboTax income
tax filing offerings continued to lead their markets but the growth rate had
seemed slowed. Scott was looking toward single-digit growth as it approached
the mid-2000s. On the other hand, the QuickBooks Point-of Sale system for small
retailers experienced strong growth. Revenue growth fell to 12 percent in the
fiscal 2004, down from 26 percent the prior year. But with the return to its
roots in 2005, the company had produced positive results and expected better than
anticipated numbers.
In recent years, Scott gives lectures around the globe on entrepreneurship and
what they can do to organize business so that ideas conceived by the employees
are not lost to hierarchical business models in this context. In May 2015, Scott
gave the commencement address at his alma mater which is Harvard Business
School, urging graduates to seek more feedbacks and being observant in grabbing
opportunities, get a mentor and savour the surprises of entrepreneurship.
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