Shoe Dog is a very candid, humorous and galvanizing memoir from the co-founder of Nike - Phil Knight. It is a must read for all aspiring entrepreneurs. Born in the serene state of Oregon, educated at Stanford, having served in the US army, and then going out and building a company that has now become the world's largest supplier of shoes and apparel, I find Phil's story to be one of great resilience and will power. What started with a passion for running, soon becomes a life obsession.
Right from the first page of the book, Phil immerses you in his story, and soon you feel you are living a part of his life. The "crazy idea" to become a "shoe dog" first sprouted in Phil when he was doing his final year at college. Looking at how the Japanese camera market had made deep inroads into the US market, he envisioned the same for Japanese shoes as well. In 1962, with an skeptical approval from his father, he travels to Japan embarking on his dream of importing and selling shoes, and thus sows the first seed of his entrepreneurship. Phil names his company "Blue Ribbon", and he brokers a deal with a shoe company, Onitsuka, for importing the "Tiger" brand of shoes into US and then selling them at competitive prices to undercut high profile rival companies such as Adidas and Puma.
The story then proceeds, explaining how Blue Ribbon grows from strength to strength, in spite of many pitfalls on the way. Several key people join Blue Ribbon in its journey - Bill Bowerman, one of the most respected track and field coaches in America at that time, who produced world class and record breaking athletes. Jeff Johnson, a runner known to Phil from his Stanford days. Hayes, the chief accountant and a trusted lieutenant. Geoff Hollister - one of Bowerman's former track guys. Bob Woodell, another of the standout performers from Bowerman's team. Ron Strasser, the legal counsel for the company.
With freakish traits, each of these individuals initially appear to be total misfits, but, ultimately it is the amalgamated effort of this bunch of people, under the terrific stewardship of Phil, that has made Nike what it is today. The book takes you through the ups and downs, lows and highs, travails and milestones of Nike and leaves you awestruck at the journey of the iconic swoosh. What started with a few hundred dollars in 1962 is now churning out revenue in excess of $35 billion per year!
In the process of reading this book, I realized that there are a lot of hidden gems in it to be learnt for everyone, more so for aspiring and existing entrepreneurs. I am sure they will get a spark or two from reading this autobiography and gain invaluable lessons on how to run and grow a business. For those who cant access the book, I have distilled out and listed below what I feel are some of the key takeaways for entrepreneurs from this highly inspirational and dogged saga of Phil Knight's life.
Have a core team
The fulcrum of Nike's growth was centered around a few individuals who stood through it in thick and thin. Even though the team was made up of individually eccentric characters, the way Phil managed them as a united group, showed enormous faith, and extracted the best out of their talents was one of the critical success factors of Nike's ride to the top. As a focused group, the results they produced year after year was remarkable, and showed how having the right people at the right place will do wonders for any organization. Having a core team, keeping them motivated and guiding them in the right direction, will unlock their potential, and the results will be there to see!
Be fearless
Fear is the major reason people don't achieve the things that they are desirous or capable of achieving. It is the fear of failure, fear of losing money, fear of facing new people, fear of not getting support from family etc. that keeps them away from the path of entrepreneurship. Even though Phil was also consumed by these fears, the way he countered them head on and took on an fearless demeanor clearly helped him tackle and overcome whatever problems were strewn on his path and surge ahead of his rivals and competitors. Entrepreneurs need to be fearless and take the plunge!
Let go of ego
In no instance we can see Phil show any ego or exhibit an swaggering attitude towards anyone. He handles things in a very professional and diplomatic manner, and never lets his ego take control of him. In fact, on the contrary, he comes across as a very humble and polite businessman but with a pinch of controlled aggression. Be it with his employees, or his financiers, or his suppliers or customers, or even with the factory workers, he treats everyone equally and on the same plane. This is a highly impressive trait and every entrepreneur would do well to imbibe the same!
Talk to people face to face
Talking to people directly face to face rather than through other indirect channels such as phone or email always has a positive effect and contrary to what many think, might actually work in your favor. Fear and shyness when talking to people is strictly a no-no if you want to succeed as an entrepreneur. When Phil's business with his Japanese suppliers was severely strained and under risk of reaching the breaking point, he personally flew over the Pacific to meet them personally, sort things out and bring things back on track. This is a fine example of his exemplary communication and people handling skills.
Make informed decisions
As an entrepreneur, you are bound to be faced with many situations where you have to take quick and smart decisions but, you may not be in a position to take them yourself all of the times. Having the core team (which we discussed earlier), and getting into healthy debates and discussions will certainly help to brainstorm ideas, weight the pros/cons of each ,and take informed decisions. There were numerous tricky situations that plagued Phil in his line of work, and the umpteen closed room discussions that he had with his team was something that really helped him to tide over the crises.
Try to learn everything about your customers beforehand
It always pays to know everything (or almost everything) about a person or organization before you meet them for the first time. Understanding the way they do business, their business objectives, goals, interests, achievements etc. will help you to develop an affable rapport, engage them better, create a positive impression in their mind, and also pull them to your side. This is clearly demonstrated by Phil, when he studies in detail about the Japanese way of doing business before meeting with the Japanese shoe manufacturers for the first time to pitch in his business proposition. And needless to say, the deal was an instant success!
Do what you love, love what you do
The inception and journey of Nike was not triggered solely with the aim of making money. It was fundamentally born out of Phil's passion for running and love for shoes. The pride in producing shoes of the highest quality and the satisfaction of seeing the American people wear those shoes everyday was what drove the relentless journey of Nike. This shows that if you do what you love and love what you do, then success and money will be at your doorstep!
Always keep in touch with your parents
Another thing that stood out was Phil's affection to his parents. Throughout the book, you can feel his adoration for his parents. His phone call to his dad before winding off each day shows how much he values his dad's opinion and advice. Any dad is bound to feel anxious when his son starts his own business venture fuelled out of dreams, and Phil's dad was no exception, but he still continued to shower his blessings and support for fulfilling his son's aspirations. Similarly, the way his mother encouraged him to take up track and voiced her support for his shoe business is something that Phil remembers fondly even to this day. Phil's relationship with his parents has been wonderfully etched out in the book!
Make time for family
Running a big, expanding, multinational enterprise will leave a man with hardly any time for spending with his family, and Phil is faced with the same dilemma. But the effort he makes to have the daily conversations with his wife Penny on the happenings in their busy lives, talking to his dad for advice and opinion on various matters, and telling bedtime stories to his sons Matthew and Travis, always seemed to calm him and lift the burden of being a businessman, at least momentarily. This is something every entrepreneur should try to inculcate in themselves. A good family life will always translate to a peaceful mind and help stay focused!
Maintain a good fitness regimen
Phil was a runner right from his younger days and what really struck me was how he maintained this as an ritual throughout his life, even when he was going through a very tough time trying to keep his business afloat. It takes a strong mind to do that, and I am very sure that his physical fitness regimen helped him weather the rough times and thereby effectively lead and grow such a large enterprise with aplomb!
Giving back to society
Even though money was not his driving factor, Phil admits that money will in some way define our lives, whether we have it or not, whether we like it or not, or whether we need it or not. However, he has made a conscious effort to not let that happen to him, and has admirably committed to give back his wealth to the society. He donates $100 million a year in charity and has also pledged to give away most of what is left till his last breath. To give back to his first love, sports, he has been building stadiums and athletic facilities, also dedicating one of them to his mother. After all, mothers are our first coaches, he says, and rightfully so!
Have a bucket list
All of us lead busy lives that we don't have time to think of anything else outside our family and career. But Phil suggests we need to have a bucket list of things we would like to do outside both of this. We need to press the pause the button at times and think about what we want to do that will give us a sense of fulfillment. It can be as simple as learning something new, travelling to some exotic place, writing a book, or helping the world in some way. This, I believe will add some color and purpose to our lives!
Kevin Krose, one of America's popular speakers and a successful entrepreneur himself, has aptly quoted Life is about making an impact, not making an income.
I am sure Phil couldn't agree more. How about you?
