Phil Knight's approach to starting Nike offers several lessons. First, he recognized the importance of passion in business. He didn't just want to sell shoes; he wanted to cater to people who were passionate about running. Second, he understood the value of partnerships. He brought on his old running coach, Bill Bowerman, as a partner because he trusted him and knew he understood the importance of quality running shoes. Lastly, he wasn't afraid to take risks. Starting a company with a product from overseas was a significant risk, but he believed in his vision and took the leap.
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The iconic Nike sporting goods company started over 50 years ago as a ‘crazy idea’ in the mind of a young runner in Oregon. Shoe Dog is Phil Knight’s...
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In early 1964 I got my first batch of the running shoes I'd ordered from the factory in Japan: twelve pairs of beautiful, creamy white shoes with blue stripes down the sides. I sent two pairs to my old running coach at the University of Oregon, Bill Bowerman, because right then I knew that this dream of mine wasn't just about the shoes, it was about the people who were passionate about running. I needed to work with someone I could trust, someone who understood the importance of what runners put on their feet, and someone who knew me. Bowerman became my first partner, with a 49% stake in the fledgling company.