Summary
Phil Knight discusses the challenges in starting and growing Nike, including financial struggles, competition from other shoe manufacturers, and a difficult partnership with his co-founder. Despite these challenges, Knight and his team were able to turn Nike into a successful and iconic global brand. The book also touches on Knight’s personal life and how his experiences at Nike have shaped his worldview.
“Fortune favors the brave”
Key Takeaways
- Reflect on the “greater voyage of mankind” and consider how your life journey fits into the larger context of human history
- Take calculated risks. Be willing to break the rules
- Embrace adventure and travel, particularly to other cultures, in order to broaden one’s perspective and experiences
Notes
1: 1962-1975
- Running has no destination and reward is purely intrinsic
- “Before setting out on my own personal life, voyage, let me first understand the greater voyage of mankind”
- Japan: Blue Ribbon, Tiger Shoes meeting
- “You are remembered for the rules you break”
- Cultured Europe travel, religious
- Joined in partnership with running coach for initial shipment, 51% ownership
- Sold because he believed in the product
- Sold as cheap Japanese import shoes
- US sales dispute with Japanese company
- Met Sarah in Japan, visited Oregon
- Joined PWC, learned about companies
- Left PWC, professor in Oregon to put more time towards Blue Ribbon
- Penny: student → employee → wife
- No early emphasis on ads, endorsements
- Stories of scaling, house, child prep
- Negotiations with Japan manufacturer
- Brand development:
- Dynamic whoosh logo
- Decided on Nike last second
- Few syllables, victory, hard N and K
- New Japanese manufacturer
- Olympic trial athlete endorsement
- Waffle shoes OU, tennis endorsements
- Dual lawsuit with old manufacturer
- FBI involved, new manufacturer bailed out
2: 1975-1980
- Waffle trainer entered mainstream market
- “The butt faces”: founding team
- Air bubble shoes pitched to Nike
- Heavy focus on ads, endorsements
- Had to go public to stay afloat
- Competitors customs loophole: $25m
- Apparel line to compete with Adidas
- Tailwind shoe recall
- Dealt directly with China, first to do so
- IPO tour - negotiated to $22 per share