Nike

Nike's story is one of audacity and perseverance. It began in 1964 with Phil Knight, a middle-distance runner at the University of Oregon, and his coach Bill Bowerman. They started Blue Ribbon Sports with just $1,200 in the bank. Their first year's revenue? A mere $8,000.

Knight had a simple idea: import high-quality, low-cost running shoes from Japan. He'd sell them out of his car at track meets. Crazy? Maybe. But it worked.

"Let everyone else call your idea crazy," Knight said. "Just keep going. Don't stop."

The early days were tough. Knight worked full-time as an accountant while building the business on the side. Cash was always tight. Banks were skeptical. Suppliers were unreliable.

But Knight and Bowerman had an edge. They knew runners. They understood what athletes needed. Bowerman even made custom shoes for his runners, pouring rubber into waffle irons to create lightweight soles.

In 1971, Blue Ribbon Sports became Nike, named after the Greek goddess of victory. The famous Swoosh logo, designed by a graphic design student for just $35, made its debut.

Then came the turning point. In 1972, Nike shoes were worn at the U.S. Olympic trials. Suddenly, everyone wanted them. Sales exploded. By 1980, Nike had captured half the U.S. athletic shoe market.

But success brought new challenges. Competitors sued. The government hit Nike with a massive import tariff bill. Quality control issues plagued production.

Knight's response? "It's alright to be Goliath, but always act like David."

Nike innovated. They expanded into apparel. They signed Michael Jordan in 1984, launching the Air Jordan line that would revolutionize sports marketing.

"You can't explain much in 60 seconds," Knight said, "but when you show Michael Jordan, you don't have to. It's that simple."

Nike grew. And grew. They acquired Converse. They expanded globally. Today, Nike is a ~$50 billion company, the world's largest supplier of athletic shoes and apparel.

But Knight never forgot the company's roots. "Nike is a marketing-oriented company, and the product is our most important marketing tool," he said.

Lessons

Lesson 1: Build a brand, not just a product. Nike's success isn't about shoes. It's about what those shoes represent. Phil Knight understood this early on. "We wanted Nike to be the world's best sports and fitness company," he said. But how? By selling an idea, not just footwear. Nike doesn't sell you running shoes. It sells you the dream of being an athlete. Every ad, every slogan, every sponsorship reinforces this. It's not about the swoosh. It's about what the swoosh means.

Lesson 2: Your first idea probably sucks. Nike's first shoe was terrible. It fell apart. But Knight kept going. He iterated. Improved. Failed again. Kept going. "The cowards never started and the weak died along the way. That leaves us, ladies and gentlemen. Us," Knight wrote. Your first product will probably suck too. That's okay. Keep going.

Lesson 3: Embrace your inner weirdo. Knight wasn't your typical CEO. He was an introvert who hated public speaking and often communicated through silence. Yet he built one of the world's most iconic brands. Don't try to fit the mold of what you think a leader should be. Your quirks might be your greatest strengths.

Lesson 4: Embrace the chaos. Nike's early years were a constant scramble - cash flow problems, legal battles, supply chain issues. But Knight thrived in that environment. He saw challenges as opportunities to get creative. "Fear of failure, I thought, will never be our downfall as a company. Not that any of us thought we wouldn't fail; in fact we had every expectation that we would. But when we did fail, we had faith that we'd do it fast, learn from it, and be better for it."

Lesson 5: Be a storyteller. Knight understood the power of narrative. He built Nike's brand around stories of athletes overcoming odds. He saw his own company's journey as an epic tale. People connect with stories more than products. "The art of competing, I'd learned from track, was the art of forgetting... You must forget your limits. You must forget your doubts, your pain, your past."

Lesson 6: Trust your crazy ideas. Knight's initial concept - importing Japanese shoes to sell in America - seemed far-fetched to many. But he believed in it enough to bet his future on it. Sometimes the ideas that seem craziest are the ones with the most potential. "Let everyone else call your idea crazy... Just keep going. Don't stop. Don't even think about stopping until you get there, and don't give much thought to where 'there' is. Whatever comes, just don't stop."

Speeches and Interviews

• Phil Knight Says Nike Is His 'Work of Art' - Interview with David Rubenstein
• High-Performance Marketing: An Interview with Nike's Phil Knight
• A message from our President & CEO, John Donahoe on NIKE, Inc. Impact Report
• Opening Nike Speech 1998 Phil Knight
• Nike Brand president Charlie Denson delivers speech

Book Recommendations

• Shoe Dog: A Memoir by the Creator of Nike by Phil Knight
• Just Do It: The Nike Spirit in the Corporate World by Donald Katz
• Swoosh: The Unauthorized Story of Nike and the Men Who Played There by J.B. Strasser and Laurie Becklund
• Nike Culture: The Sign of the Swoosh by Robert Goldman and Stephen Papson
• Bowerman and the Men of Oregon: The Story of Oregon's Legendary Coach and Nike's Cofounder by Kenny Moore