I’ve always loved Nikes since childhood so reading the book “Shoe Dog” by Phil Knight is a must-read for me. It’s practically the story of Nike’s rise to fame. I made it a point to read and have takeaways from entrepreneurs I look up to. I mean, how do you even start a shoe company let alone expand to new products that all the celebrity athletes come to love? How’d Phil Knight build Nike into a powerhouse athletic company? I’m sure there were other more popular shoe brands back in the day. How do you compete with them? We’ll dive right in on some of the key points I read from Shoe Dog.
Believe in Yourself Even When No One Else Will
Phil Knight was a student when he started to think about selling running shoes. He figured Japanese shoes would be a hit in the United States pretty much like what happened in Europe. It was his business project for school but his group mates shrugged off his idea. After graduation, he managed to persuade Onitsuka Tiger of Japan to let him sell their shoes in the US.
Partner With People More Knowledgeable Than You
Things weren’t easy at first. There were delays in the shipping of the shoes. When he received the first few pairs, he sent his university running coach Bill Bowerman a couple. Bill loved the shoes and offered to partner with Phil Knight. Bill would later on lead the design of Nike’s shoes and test them with his athletes.
Have a Steady Source of Income First Before Going All In
You never expect to get rich at the outset of a business. Phil had to work as an accountant as his main source of income. He only quit when the growth of his profits exceeded his income. This pretty much agrees with Cal Newport’s advice on doing what will get you food on the table first and then specialize later when you have the money. That way, if Nike failed, he always had a steady source of income. It took him 5 years to quit his day job. He hustled every evening and on the weekends. No days off for the passionate!
Find Your Passion
The shoes didn’t leave Phil Knight’s mind even after graduating from university. When he finally traveled to Japan, he pitched Onitsuka for the rights to sell even when he didn’t have a real company. When asked what his company was, he blurted out “Blue Ribbon” after the blue ribbons he received when he was still racing. Knight also shared he had a hard time selling encyclopedias but was enthusiastic when it came to selling shoes.
Believe in Yourself
It should hurt when you’re discouraged from doing the things that you love. His dad, wanted him to stick with a stable job for a stable income. Phil proved him wrong by becoming the most valuable athletic brand around the world.
Work with People Who Are as Enthusiastic as Yourself
Jeff Johnson and Bob Woodell ran with Phil during his university days. They were as devoted as him with the shoes they believed in.
As An Entrepreneur Be Ready to Encounter a Lot of Hardship
Phil wasn’t really a businessman from the outset. He figured things out along the way. There was a time when the bank wouldn’t let him borrow more money because the bank thought Nike was expanding too fast. Phil on the other hand though he did need to expand fast. Onitsuka, the original shoes he sold also sued him.
Have Foresight
There was a time when Phil thought that Onitsuka was leaning ongoing for a bigger distributor for its shoes. Phil decided to create his own brand, Blue Ribbon Sports was to become “Nike” after the Greek Goddess of victory.
Be Open-Minded
Nike has presented us with a lot of innovation. Phil Knight is not afraid to take chances on new stuff. He himself thought that the running shoes back in his days lacked grip so he experimented with a waffle maker to make his own soles. It worked! Have you tried using Nike Air Max shoes too? I certainly did!
As usual, a blog post is too short to justify the beauty of a book. There are so many business tips in Shoe Dog that everyone should learn from. Phil Knight is such an inspiration and I hope I could reach that level too. For now, I’m happy I learned from one of the best in business. I feel like I’m saving a lot of time learning from the book. If you’re interested in reading the book, you can buy Shoe Dog here.
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