Bill Gates recommended Phil Knight's book Shoe Dog in his 2015 annual blog. After reading Knight's story I can't but agree with Gates.
Shoe Dog is a very honest memoir of Knight and Nike (NYSE:NKE), full of business wisdom but also the challenges and setbacks. He didn't sugarcoated his story like many entrepreneurial books. Reading Shoe Dog is an emotional rollercoaster, from stories of adventure, success, failure, doubts, despair, sorrow, pride and joy.
Things I found amazing about Phil Knight:
- He prepared ahead for the adventure. From the very early pages he tells the story of how he wanted to travel around the world. With near $0 budget yet "I spent weeks, reading, planning, preparing for my trip." similar stories are prefaces to his first trip to Japan, to Taiwan and China.
- He cared for his team, having hired very odd people at the beginning mainly trying to help them to his support for the athletes they sponsored.
- He recognized his business journey very honestly, from making money, to dominate the market to contribute to the human drama. "I redefined winning, expanded it beyond my original definition of not losing, of merely staying alive. That was no longer enough to sustain me, or my company. We wanted, as all great businesses do, to create, to contribute, and we dared to say so aloud."
- His almost devotion to his coach and cofounder, Bill Bowerman, as well as to other people who contribute to Nike success. Constantly not letting Bowerman behind, naming the buildings after supporters, his appreciation for Tiger Woods, etc.
- His connection with his family could be omitted but it helps to appreciate Knight's humanity. The struggle between a growing business and his family, his regret for not having spend enough time with his kids, his apologies to his wife, Penny, for having to waited and waited,
The book has some pearls of business wisdom too, not as a recipe but as a testimony.
- Cash management is crucial specially for a fast growing business.
- Plans have a short life, specially when conditions change.
- Tell people what you want and let them surprise you with their results
- When you believe in something being stubborn pays off, but if you have doubts trust your team.
- An IPO may be necessary but the timing is important.
An interesting conversation with HBR Ideacast.
