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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Shoe Dog - Anecdotes From Nike

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.

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Small businesses can apply the principles of focusing on people and passion by first identifying what their business is passionate about and ensuring that this passion is shared by their team. This shared passion can drive the business forward, even in challenging times. Secondly, businesses should focus on people by building strong relationships with their customers, employees, and partners. This can be achieved by understanding their needs, providing excellent service, and creating a positive work environment. Lastly, businesses should be open to partnerships, as demonstrated by Phil Knight in Shoe Dog, where he partnered with his former coach, recognizing the value of working with someone he trusted and who shared his passion for running.

1. Believe in your product: Phil Knight was passionate about running and believed in the quality of his shoes. This belief was infectious and helped him to sell his product.

2. Find the right partners: Knight's partnership with his former coach, Bill Bowerman, was instrumental in the success of Nike. Bowerman not only understood the product but also shared Knight's passion for running.

3. Be persistent: Starting a business is not easy and there will be many challenges along the way. Knight's persistence in the face of adversity was a key factor in Nike's success.

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