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All 16 learnings · one per slide
Shoe Dog
Phil Knight, in bytes
16 key learnings from Phil Knight's memoir of founding Nike, from a 'crazy idea' to a global brand.
16 learnings · ~40 sec eachSwipe →
Shoe Dog, in bytes
16 key learnings from Phil Knight's memoir of Nike's early years, from importing Japanese running shoes to going public. Each takes about 40 seconds to read. Swipe, use the arrows, or your keyboard.
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Learning 1 · 1962
The Crazy Idea
The story
At Stanford, Knight wrote a paper arguing Japanese running shoes could do to German brands what Japanese cameras had done.
What he did
In 1962 he travelled to Japan and talked his way into a meeting with Onitsuka, maker of Tiger shoes.
Takeaway
An idea is worth testing in person.
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Learning 2 · 1962
Inventing a Company on the Spot
The story
Asked by Onitsuka whom he represented, Knight invented a name on the spot: Blue Ribbon Sports.
The lesson
He secured the right to sell Tigers in the US before he really had a business.
Takeaway
Sometimes you start by acting as if you're already in business.
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Learning 3 · 1964
Selling from the Car Boot
The story
Knight sold shoes from the back of his car at track meets, while also working as an accountant.
Why it worked
He believed in running and the shoes, so selling felt like spreading a faith.
Takeaway
Belief in the product makes selling easier.
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Learning 4 · 1964
Bill Bowerman
Who he was
Knight's track coach at the University of Oregon, obsessed with making runners lighter and faster.
The partnership
Bowerman put in $500 to match Knight's and became his partner.
Takeaway
The right mentor can become the right partner.
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Learning 5
The Waffle Iron
The story
Bowerman poured rubber into his wife's waffle iron while experimenting with a better sole.
The result
The waffle-patterned sole became the basis of a famous Nike trainer.
Takeaway
Innovation can come from the kitchen table.
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Learning 6
Jeff Johnson's Letters
Who he was
Blue Ribbon's first full-time salesman, who wrote Knight long letters full of ideas and customer details.
The lesson
Knight rarely replied, but Johnson's energy built the brand's early following.
Takeaway
Hire passionate people and let them run.
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Learning 7
Always Out of Cash
The problem
Sales doubled year after year, but growth ate cash, and banks kept cutting Knight off.
The lesson
A fast-growing business can still nearly die from lack of cash.
Takeaway
Watch cash flow, not just sales.
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Learning 8
Nissho Iwai
The story
A Japanese trading company, Nissho Iwai, financed Blue Ribbon when banks wouldn't.
Why it mattered
Their support kept the company alive more than once.
Takeaway
Look for allies beyond the usual sources of money.
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Learning 9
Breaking with Onitsuka
The story
Knight learned Onitsuka planned to drop Blue Ribbon. He had to create his own brand fast.
The lawsuit
The companies sued each other; Blue Ribbon won in a US court.
Takeaway
Don't depend entirely on one supplier.
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Learning 10
Naming Nike
The story
Knight disliked the options. Johnson suggested 'Nike', the Greek goddess of victory, after it came to him in a dream.
The logo
Design student Carolyn Davidson created the Swoosh for a small fee; Knight wasn't sure he liked it.
Takeaway
You don't need to love a choice at first for it to work.
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Learning 11 · 1975
Steve Prefontaine
Who he was
A brash, record-setting Oregon runner and one of the first athletes to wear Nike.
The loss
He died in a car crash in 1975, aged 24, a blow Knight felt deeply.
Takeaway
Nike's identity was built with athletes, not just around them.
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Learning 12
The Customs Bill
The story
US Customs demanded about $25 million in duties under an old pricing rule, an amount that could have bankrupted Nike.
How they fought
Nike lobbied, sued and ran ads framing the fight as patriotic, and eventually settled.
Takeaway
Fight for your survival on every front.
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Learning 13
The Buttfaces
The team
Knight's senior team called their offsite meetings 'Buttface' sessions, full of blunt arguments and jokes.
The lesson
Misfits who argued hard but trusted each other built the company.
Takeaway
A team can be unpolished and brilliant.
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Learning 14 · 1980
Going Public
The decision
Knight resisted an IPO for years, fearing loss of control.
The outcome
Nike went public in 1980, solving its cash problems while Knight kept control through a special share structure.
Takeaway
Find structures that solve problems without losing what matters.
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Learning 15
Don't Stop
His advice
Knight urges young people not to settle for a job, but to seek a calling.
Why
Doing something you love makes the setbacks bearable.
Reflect
Is your work a calling or just a job?
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Learning 16 · Night
The Cost
What he regrets
Knight writes that he spent too little time with his sons while building Nike.
The loss
His son Matthew died in a diving accident in 2004.
Takeaway
Success has costs. Count them early.
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All 16 learnings complete
That’s all 16 learnings.
Knight kept going when the money ran out again and again. What's your crazy idea worth persisting for?
Abhay Kumar JaiswalFCA · PMP® · Workday Financeabhayjaiswal.com
Summaries in my own words. Read the book for the full stories.
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Summaries are written in my own words for learning. Read Shoe Dog by Phil Knight (2016) for the full stories. More Books in Bytes