3 Business Lessons that Young Entrepreneurs Can Learn from Phil Knight

Business lessons - cfamedia

There are, probably, a handful of people, all over the world, who have not heard about Nike, (One of the biggest sports wears and shoe manufacturers in the world), but do you know the man behind the corporation?

Phil Knight was once a young, dogmatic entrepreneur, who quit his well-paying accounting job, to pursue his dream, of opening a shoe company.

In 2016, he released a book, titled “Shoe Dog” and in there, he shared his wealth of experience.

The book chronicles the history of Nike, from its early stage and how it struggled, to evolve into one of the world’s, most recognized and profitable companies.

There are so many business lessons that, young entrepreneurs can learn, from the book, as some of the things he pointed out, are beautiful nuggets that should be taken seriously if one is to succeed.

Below are 3 business lessons that, young entrepreneurs, can learn from Phil Knight, Co-Founder of Nike:

Understand The Market And Inject What You Like Into It

Having a great understanding, of how the market you hope to dominate works, goes a long way in ensuring that, you penetrate, effectively, into the market.

Have a clear understanding, of what you are, exceptionally, good at and inject it, into the market and make money off it.

These simple principles have been used, by top business moguls, all over the world.

Knight has a clear understanding, of what he loves doing, which is running. He used his love for running, to fuel his entrepreneurship desire and allowed it to fly.

That is, how he, gradually, built up Blue Ribbon, into what we all know and call Nike today.

“The cowards never started and the weak died along the way. That leaves us, ladies and gentlemen. Us.” ― Phil Knight, Shoe Dog

Be Convinced That You Will Win

One thing that makes entrepreneurs successful is, how much they are able, to convince themselves that, they are winners.

Sometimes, the entrepreneurship journey, can be a very tedious one and if you have not convinced yourself enough that, you will succeed, there is a high probability that, you will give up.

Without a concrete belief, in your ideas, you will not be able to, confidently, sell them to, both customers and investors.

When Knight, was pitching to the Japanese shoe company, he did not have his own company and still stayed with his parents, but he believed in his dream and knew, without a doubt that, the shoe business, will be a big hit, in America.

He gave it his all and convinced the Japanese company, to see his dream.

“Have faith in yourself but, also, have faith in faith. Not faith, as others define it. Faith, as you define it. Faith, as faith defines itself, in your heart.” ― Phil Knight, Shoe Dog

Build A Great Team

To grow, you need people. You need to surround yourself with great minds. Individuals that are trusted and have something in them that will push you.

Knight understands this and teamed up with his coach, Bill Bowerman.

Bowerman understands what running shoes should look like and have, often, sneaked into the locker room of his players and make little modification to their footwear, which aids the players to speed on the track.

There are so many business lessons out there, but learning from the practical life of accomplished entrepreneurs do matter.

Featured Image: succeedfeed

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