27A Reading Reflection #3
1. The thing that surprised me the most was the fact that Phil Knight got his start selling the foreign made shoe, Onitsuka. I had previously thought that he had simply had the idea for his own shoe in the first place. I admired his perseverance and willingness to just do it (pun intended). He had the guts to call up the CEO of the Japanese shoe distributor and ask for distribution rights in America. I would have assumed that a major company would have said no to an individual with minimal experience but it paid off for Phil Knight. The thing I least admired about Phil Knight was the sheer lack of innovation that he actually made. He didn't come up with the company name "Nike" or the swoosh logo or even design the first hit shoe. What he did do was take risks, push through failure, and work really hard. Phil Knight experienced failure that may have stopped me in my tracks and considered the idea a waste. The book says that he only made 8,000 dollars his first year in business. He stuck out the hard times and ended up becoming a massive success as we all know.
2. Phil Knight showed both the ability to adapt and strong self-efficacy, or in other words the self confidence to not lose faith in his idea. Phil Knight originally planned to simply sell shoes that were made by a foreign manufacturer and take advantage or the sports market in the western U.S. where running shoes were in high demand for elite athletes. After some tension with the manufacturer and a couple good ideas Phil Knight decided to go out on his own with the help of Bill Bowerman and market a shoe they felt would be an improvement on the Onitsukas. This ended up being the right choice and his ability to adapt really saved the company. His self-efficacy was really an innate attribute but hardened by the perseverance it required to start such a risky business venture on his own. Early lack of customers and a year delay in even receiving his first set of inventory items somehow didn't slow him down, that took great self confidence and trust in his abilities as a businessman.
3. Something that was initially confusing to me was how a market for running shoes in the 60's was big enough to boost Nike to it's prestigious level. There are many times I think that I would never go into an industry because another product already exists for that but I tend to forget that small improvements on existing products can result in as much, if not more, success than brand new inventions. Phil Knight saw the market for cheaper running shoes and then developed an improved product to market as well.
4. I would ask Phil Knight why he didn't want to just work for an existing company. Even when he was partnered with an existing company he still operated very independently. He must have wanted the freedom working entrepreneurially and saw the great potential. I would also ask him what about the shoe industry stood out. It may have just been a familiar industry to him but there seemed to be better opportunities in areas like the technology sector.
5. Phil Knight's opinion of hard work was and is definitely that there is no limit. The way to get ahead is always to work harder no matter the situation. You need to put in the time to be successful because no one is going to do it for you. He even offers to young people the idea that now is the time to go for broke especially if you have very little to lose. He suggests you won't regret an opportunity to go out on a limb take a risk.
2. Phil Knight showed both the ability to adapt and strong self-efficacy, or in other words the self confidence to not lose faith in his idea. Phil Knight originally planned to simply sell shoes that were made by a foreign manufacturer and take advantage or the sports market in the western U.S. where running shoes were in high demand for elite athletes. After some tension with the manufacturer and a couple good ideas Phil Knight decided to go out on his own with the help of Bill Bowerman and market a shoe they felt would be an improvement on the Onitsukas. This ended up being the right choice and his ability to adapt really saved the company. His self-efficacy was really an innate attribute but hardened by the perseverance it required to start such a risky business venture on his own. Early lack of customers and a year delay in even receiving his first set of inventory items somehow didn't slow him down, that took great self confidence and trust in his abilities as a businessman.
3. Something that was initially confusing to me was how a market for running shoes in the 60's was big enough to boost Nike to it's prestigious level. There are many times I think that I would never go into an industry because another product already exists for that but I tend to forget that small improvements on existing products can result in as much, if not more, success than brand new inventions. Phil Knight saw the market for cheaper running shoes and then developed an improved product to market as well.
4. I would ask Phil Knight why he didn't want to just work for an existing company. Even when he was partnered with an existing company he still operated very independently. He must have wanted the freedom working entrepreneurially and saw the great potential. I would also ask him what about the shoe industry stood out. It may have just been a familiar industry to him but there seemed to be better opportunities in areas like the technology sector.
5. Phil Knight's opinion of hard work was and is definitely that there is no limit. The way to get ahead is always to work harder no matter the situation. You need to put in the time to be successful because no one is going to do it for you. He even offers to young people the idea that now is the time to go for broke especially if you have very little to lose. He suggests you won't regret an opportunity to go out on a limb take a risk.
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