“You measure yourself by the people who measure themselves by you.”–Phil Knight
Introduction
A normal review book would involve highlighting the important message of the book. In this case, I enjoyed the book so much that I am tempted to download the book in its entirety and give it to you.
America has been fortunate that so many of our great business leaders have contributed back much of their profits. While some of these individuals were not great human beings, the world is a better place because of them. Let me name a few: John D. Rockefeller, J.P. Morgan, Andrew Carnegie, Thomas Edison, Warren Buffett, Bill Gates, Eli Broad, Mike Bloomberg, and of course Phil Knight.
At the end of Shoe Dog, Phil Knight shares his philosophy: “The Cowards never started, and the weak die along the way. That leaves us.” This statement is the tough side of Phil Knight, he has a warmer disposition. In brief, Phil built a company where the key executives were literally members of his family. Sponsors of his product–Michael Jordon, Tiger Woods, LeBron James, Bo Jackson, etc. –became family members.
In today’s environment, pundits criticize CEOs and entrepreneurs. Buying back your stock (the ultimate test of a belief in your company) and/or paying dividends has become a moral liability. Of course that is nonsense. What was true in 1776 in Wealth of Nations by Adam Smith then is true today. “It is not from the benevolence of the butcher, the brewer, or the baker that we can expect our dinner, but from their regard to their self interest. We address ourselves not to their humanity, but their self-love, and never talk to them of own necessities, but of their advantages.”
In brief, we want to know the Shoe Dog Story, because Phil Knight sold $8,000 of shoes from the trunk of his car in 1972, and now NIKE sells $35 billion annually. (That is billion with a B). If Phil (Bucky) and his “shit head” buddies (their self description) can do it, there is hope for optimism as we struggle through this pandemic.
Body of the Review
Knight started Nike in 1972. For the next 18 years, the company could have failed at any time. Instead, through hard work, risk taking, vision, teamwork, loyalty, and plenty of luck he created a lasting brand.
Even during the worst of times when the company lived on overdrafts, Knight and his team had one goal–plan for growth. According to Phil “life is growth, you grow, or you die.”
The book provided many principles and lessons. Let me share some of them
According to Phil Knight, “Confidence more than liquidity is what a man needs.”
Nike survived on great partnerships: His Japanese partners, his early employees, his legendary coach at University of Oregon (Bill Bowerman) and his wife–Penny. They stuck with Phil through thick and thin.
While Phil stressed that business is a war, he always condemned needless military involvements such as our Vietnam War. When Phil went to Vietnam after starting 5 factories there, his one dream was to meet General Giap who defeated the Japanese, French, Americans, and Chinese
Building a brand is not a day thing, but a life of an unending commitment to do above what you have been known for. A commitment to beat your personal best. Since its inception, Nike has revolutionized shoes. We have come a long way from the footwear of yesterday. Putting air into the soles and heals of shoes represents a step in the evolution.
