Entrepreneur's Handbook
The Man Who Found Nike with $ 50 Phil Knight
“Be prepared for many challenges and unexpected developments. “ -Phil Knight
Phil Knight is the founder of one of the first brands that come to mind when it comes to sneakers today. Setting up Nike was not easy for him.
The hero of the brand, Phil Knight, was interested in running while he was a student at Stanford University. Although he was a good athlete, he could not demonstrate the qualities of being a national athlete.
Knight believed that the footwear market in the US in the 1960s was very open to development. He thought that the brands in the market had difficulties in meeting the demand, and that if better shoes were produced for athletes, they could reach important places in the sector and he shared this idea with his father and convinced his father.
The adventure started when he went to Japan.
He went to the Onitsuka Company, which produces running shoes, and told them that he was working for the "Blue Ribbon" company, which was entirely his imagination, and got what he wanted!
After a compelling and persuasive speech, Onitsuka gave Phil Knight's fictional company the distributorship right for the US market.
But in return, Knight needed $ 50. He asked for $ 50 from his father, whom he persuaded.
Nike was ready to be born now.
By 1964, the first shoes he expected from Onitsuka arrived. Knight sent the shoes to his running coach, Bill Bowerman. His only hope was if Bowerman hadn't bought a few shoes for the team. It was much better ...
Bill Bowerman had been to partner with this dream company.
Finally, his dream company had come true.
Blue Ribbon Sports was first operating in the trunk of his car. In 1966, he owned a shop where he could sell retail.
Phil Knight wanted to reach all the running teams on the west coast. The sales strategy, on the other hand, was simple but effective. His shoes were selling like cheese and bread, so to speak.
Sales were increasing, it closed the year 1966 with sales of 84 thousand dollars. During this time, he met his arch-rival Adidas and was obsessed with him. Competition was starting.
By 1968 everything was fine. But Onitsuka wanted to see Blue Ribbon Sports for a new deal.
The office did not satisfy them very much. Sales were too good for the scenery they saw. Phil Knight had rolled up his sleeves for a 5-year deal, but was able to get a 3-year deal from them. And that was a turning point for Knight.
Phil Knight created the Nike brand as an alternative to Onitsuka. Eventually he decided to part ways with Onitsuka and fly with his own wings.
During the long process of finding a name, one of the business employees suggests the name "Nike". As the name has two syllables, has a hard consonant, symbolizes the Greek goddess of victory and Phil Knight's admiration for Greek culture, Nike registers the name.
He had some difficulties. But he never gave up. He fought like a true warrior for his brand. By the end of the year in 1974, sales had reached 8 million dollars.
In 1974, Phil Knight continued to survive, despite all the financial difficulties he faced. He was also experiencing supplier difficulties as he parted ways with Onitsuka. But he was beginning to smell success.
After all the financial problems were overcome, Phil focused on what kind of brand he wanted to create. He wanted the brand to be absolutely big and powerful, yet profitable, innovative and efficient.
Back then, sneakers should not only be a product worn by athletes but also a product that people can use in daily life. He should have prepared his brand in this direction.
By 1976, Nike's shoes were liked not only by athletes but by everyone. The sales were incredible.
Nike was more than just a brand now.
