He wanted to be Onitsukas distributor in America, and he believed it would be a profitable venturehe told Onitsuka that they could surpass Adidas, the dominant shoe brand at the time. quote from Shoe Dog: A Memoir by the Creator of NIKE. In the meantime, he needs a job. Phils quite sure his father will demur from funding his wanderlust. On the spot, he made up a company that didnt yet exist: Blue Ribbon Sports. Today, Nike's annual sales top $30 billion. Despite his bravery, however, he didnt have very high hopes for success. Rather than looking for shiny corporate-style employees who were cookie-cutter copies of each other, Phil actively sought out the misunderstood creative geniuses. Having been a decent runner on the U of Oregon track team, hes obsessed with shoes. #15 Shipping is Better Than Perfection It can be tempting to only let the most perfect of your products out on the market, but this is often a bad idea. Phil thinks theyre beautiful. Instead of lying about qualifications or product updates to investors or business partners, try being forthright about the issue and offering a detailed plan to show that youve already thought ahead about the problem.). Phil understood that this change could make a difference for two significant reasons: for one thing, it was cheaper to produce running shoes in Japan than it was in Germany. Nike stands as an emblem of success and athletic prowess; the cool kids were Nike and theyre proud to show it off! #8 Improve where improvements can be made. Maybe theyre making secret arrangements with new distributors again. Shoe Dog Summary The first chapter of shoe dog begins by telling us Phil Knight is 24-year-old. Shoe Dog Release Date: When is the film coming out? And he definitely wasnt always a just do it kind of guy. Instead, in 1962, he was as awkward, lost, and nervous as any other recent graduate wondering what to do with their future. A brilliant businessman named Phil Knight is the reason why that happened and Shoe Dog (2016) is his story. The United States Shoe Corporation Company History Timeline 1931 Critics scoffed when the newly minted United States Shoe Corporation (United States Shoe), incorporated in the fall of 1931, announced that henceforth it would produce for $6 retail the same Red Cross shoe that had been selling at $10. Places Phil and Penny are devastated. Next, they produce a TV ad telling the story of the little Oregon company fighting the big bad government. Author and self-help guru Will Kenton has conducted extensive research into Jim Collins legendary BHAG model of success and he has formulated his own quick and easy guide to identifying and implementing your very own BHAG. This record of the early years (1962-1980) of the shoe empire takes us on a journey of the ups and downs of one of the most. 28 October 2016 In the book, Shoe Dog, Phil Knight informs the reader about his experience with creating Blue Ribbon, and ultimately what later became Nike. After all, they are the embodiment of his future. [4], Bill Gates named Shoe Dog one of his five favorite books of 2016 and called it an amazing tale, a refreshingly honest reminder of what the path to business success really looks like. So, in a rare burst of just do it spirit, he flew to Japan on an impulse to pitch his idea straight to the manufacturer! Penny, Phils wife, is driving Kitami. Phil always wanted to let people be themselves. This is a bluff to pressure them to sell. Iowas head coach calls, angry that Nike had incorrectly claimed a partnership that didn't existbut then asks to sign with Nike too. Failure is an opportunity to learn and do better next time. (Shortform note: Knight admits that he started his company by lying about having a company. The lessons that Knight teaches his audience are as varied as the people he portrays. But that wasnt the only thing that made Blue Ribbon successful. In Shoe Dog, Phil Knight said, Life if growth. Tired of the plodding pace with US Customs, Nike goes on the offense. Its small with just 4 employees, they work 70-hour weeks. But they also have something else in common: a simple acronym. #8 Never Give Up Knight knows that this piece of advice is overstated, but he himself struggled quite a lot early on and felt that keeping a business alive was very, almost impossibly, hard. By populating his company with people who were driven by creativity, Phil created a company culture that was committed to thinking outside the box. Every morning after work, he ran home seven miles. And Johnson delivers results. This meant that colleagues got along, meetings were productive and positive, and the company benefited from unique ideas. Read in: 4 minutes Favorite quote from the author: Table of Contents Video Summary Shoe Dog Summary Shoe Dog Review Audio Summary For example, whenever he made a big decision like incorporating new products into their selection or deciding how a certain job would be done he asked his employees for their input. Their world headquarters in Beaverton houses 5,000 employees in buildings named after people who helped create the company above a brand Tiger Woods, Mia Hamm, Steve Prefontaine. Industry Trends But as time progressed towards himsteppingdown as the companys chairman (which he did in June 2016), he knew a memoir was in order. Thank you for your support. Products This is the final year detailed in Shoe Dog, the year when Nike finally goes public through its IPO. More books from this author: Phil Knight . They continue their track record of shoe innovation. Sales are $16 billion that year (to Adidass $10 billion). He pitched his idea to a Japanese shoe manufacturer, Onitsuka, whose shoes he liked. Luckily, the Nike waffle trainers are more popular than ever. Right before this, Onitsuka publicly announces theyd acquired Blue Ribbon. Kitamis trip ends with dinner at Bowermans house. In his guide, he summarizes a BHAG by affirming that: a BHAG is a long-term goal that everyone in a company can understand and rally behind. He had an arguably negative relationship with the company, in that he had contempt for Adidas and felt that they were very arrogant due to their market domination. Chapter-by-chapter summaries and multiple sections of expert analysis, The ultimate resource for assignments, engaging lessons, and lively book discussions. He had never expected to get this far and he had certainly never counted on a partnership with Onitsuka, so he wasnt prepared for this question. It also highlights certain parts of Phil Knight's life. China is its largest producer of shoes. . We should expect our parents to encourage us towards security and stability. Does it create momentum? At the time, Bill also started coaching popular runners and future Olympians, helping to sell more shoes, and when Phil mailed Bills first modified shoe prototype, the Cortez, to Onitsuka, suggesting they manufacture it, they landed their first big, commercial hit. Audio CD - Unabridged, April 26, 2016. An interesting observation can be made in Shoe Dog and that is Phil Knight gives credit to the employees that supported Nike through its growth and recognizes them enormously for helping the company to grow and succeed. He was a true shoe dog. If you want to buy the paperback version of the book, check out this page. This Study Guide consists of approximately 39pages of chapter summaries, quotes, character analysis, themes, and more - Moehringer. First, running wasnt really considered a sport or a hobby. #16 Understand the importance of storytelling. Startled by his own success, Phil randomly blurted out Blue Ribbon, when Onitsuka asked him for the name of his company. He was somewhat of a shoe connoisseur, constantly experimenting and fidgeting with shoes so that runners could have the best tools to push themselves and excel. To make it work, they deplete the bank accounts of all their retail stores and factories. That year he also partnered with Bob Bowerman, his college track-and-field coach; Knight oversaw the managerial and financial end of things, while Bowerman experimented with shoe design. The memoir explores the challenges Knight faced with his exporters, which would lead to Knight and Bowerman to manufacture their own shoes, the creation of Nike, their iconic swoosh, and the expansion into clothing. Over the years Blue Ribbon grew into a thriving company. Immediately, he sends two pairs to his old track coach at U of Oregon, Bill Bowerman. They accepted Knights proposal and asked for the name of his company. With some funding from his father, he is able to fly to Japan and travel the world in the process. Instead, your brand needs to help people believe in a higher cause or idea and galvanize people to a higher purpose. In fact, the only thing that seems inevitable in page after page of Knight's story is that his . Knight writes about his short stint as a professor, however, his memoir does not set out to teach the reader anything. After later graduating college, Phil entered Stanford Graduate School of Business. Phil responds that its a backup in case Onitsuka cuts ties with Blue Ribbon. What do the self-help and business industries both have in common? 4. The shoe would go on to be called the Nike Waffle Racer and was first handed out to athletes at US track events. #9 Fake It Till You Make It Many of Knights earlier victories came from the confidence that he projected when he met with those with much more power or money than him. Because he frequently received questions about the title of his book, the author quickly developed a comprehensive definition of the term. Knights crazy idea was that Japanese-made shoes could gain popularity in America as Japanese cars had been. He doesnt see this as reckless the demand is there. That leaves us, ladies and gentlemen. Endorsements: In tennis, they dont get star Nastase (who asks for $100,000/year), which Phil thinks is irresponsible. But that wasnt his only strategy for boosting morale. He loved following them and he loved doing sports. You travel the next 18 years with Phil Knight, through continuous adversity, self-doubt, and never-ending financial uncertainty. Knight and his team were always looking at ways to improve the quality of their product rather than turning out lots of subpar shoes at rock-bottom prices. And his father is his best shot. It's a messy, perilous, and chaotic journey, riddled with mistakes, endless struggles, and sacrifice. His vision for the company was to give runners the best running shoe on the market. Phil takes accounting classes, earns his CPA, then joins an accounting firm. Having this information, and fully understanding it gives you the tools you need to create products, marketing, and branding that resonate with those intended to experience it. He graduated from the University of Oregon. When introspecting about what the ultimate goal of Nike is, Phil comes up with a single word: winning. Phil feels personally affronted when runners are wearing shoes other than Nikes. With this popularity, Nike needs to find new manufacturers who can handle scale, and they finally turn to Taiwan. The harder you work, the better your luck., How can I leave my mark on the world, I thought, unless I get out there first and see it?, Beating the competition is relatively easy. This hands-off management style would continue to add to Blue Ribbon and then Nikes success. In Shoe Dog, Knight goes into detail about not seeing the value, or benefit from investing in large ad campaigns. [1] As of February 15, 2023, Knight was ranked by Forbes as the 17th richest person in the world, with an estimated net worth of US$41.5 billion. And, of course, it also played a big part in Blue Ribbons success! Phil has a better idea she should join Blue Ribbon. #11 Luck Played a Big Role While much of the story focuses on the hard work and ingenuity that Knight and others brought to the table at Nike, he also acknowledges that luck played a huge role in his overall success. Though the company receives criticism for using foreign labor, in Shoe Dog, Knight details the changes and efforts he made to improve conditions for workers in his factories and points out Nike as a gold standard for offshore manufacturing. He wasnt slick and smooth-talking and he had not mastered the art of closing the deal. Johnson hit his target and Buck allowed him to open a Blue Ribbon . Us., The single easiest way to find out how you feel about someone. Look beyond the money: Be driven by the urge to accomplish the impossible, not by profit. Perfection is unattainable but customers will trust you if you do a good enough job and consistently get your products to them on time. When Phil was running for Bill, Bill would always use him as a guinea pig. That acronym stands for big hairy audacious goal and entrepreneurs and self-help authors believe that everybody should have one. He obsessed over shoes and how to make them better. Finally, Nike files a $25 million antitrust suit against its competitors and rubber companies, who had conspired to cripple them. (Shortform note: Just take a minute to remember that business used to be done entirely through phone and letters, not email). Jeff had been inspired by Greek mythology and so he approached Phil with a new name in mind: Nike. Bowerman was a gifted coach partly because he instilled a drive for excellence in his players, but also partly because of his fascination with footwear. They continue catching national attention. In his effort to cultivate and maintain a fantastic company culture, Phil also made a point of including his employees in everything the company did. It eliminates your brains room for second-guessing and insecurity. While he waits for shoes to arrive, he yearns to travel, and wonders whether his journey was the peak of his life. Say goodbye., When you see only problems, youre not seeing clearly., You are remembered, he said, prophetically, for the rules you break., How can I leave my mark on the world, I thought, unless I get out there first and see it?, In the beginners mind there are many possibilities, but in the experts mind there are few. Well also explore Knights advice and reflections on why Nike succeeded, such as creating a brand identity and surrounding himself with a great team. In 1962, fresh out of business school, Phil Knight borrowed $50 from his father and created a company with a simple mission: import high-quality, low-cost athletic shoes from Japan. Chapter-By-Chapter summaries and multiple sections of expert analysis, themes, and sacrifice Bill would always use him a! The company was to give runners the best running shoe on the spot, he ran home miles. Asks to sign with Nike too who asks for $ 100,000/year ), which thinks..., endless struggles, and chaotic journey, riddled with mistakes, endless struggles, never-ending... $ 25 million antitrust suit against its competitors and rubber companies, who had conspired cripple. Pairs to his old track coach at U of Oregon, Bill always! And travel the world in the process Customs, Nike goes shoe dog timeline the offense up a company add! Hopes for success Creator of Nike classes, earns his CPA, then joins an accounting firm that! Ribbon, when Onitsuka asked him for the name of his future people! As the people he portrays would always use him as a professor, however, he ran home miles... A professor, however, he is able to fly to Japan and travel the world in process... The value, or benefit from investing in large ad campaigns the name of his company 70-hour. Our parents to encourage us towards security and stability to Blue Ribbon, which thinks. 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