The story of Nike is one every business should aspire to, started by a newly graduated Phil Knight with $1500 in his hands in 1964 in the small city of Eugene, Oregon, no one would have predicted how far this team of ragtag shoe enthusiast would go. This story of the earlier days of Nike have been encapsulated in Phil Knight’s autobiography Shoe dog, a must read for every new team member here at Cedur. Here are some key takeaways from Shoe dog.

1.      Humble Beginnings:Nike began with modest funds that Phil Knight put together by selling off his first car and taking out a bank loan guaranteed by his father, showing that no business ever starts off big and getting your first few set of clients is a special rite of passage that every business should go through.  

    

2.      Offshore Manufacturing: Nike was one of the first companies to outsource production to overseas factories, particularly in countries with lower labour costs. This allowed them to produce goods more affordably and compete on price. Again this was a small company venturing into the unknown to find its edge in business.

 

3.      Endorsement Deals:Nike revolutionized sports marketing by signing high-profile athlete endorsement deals. The iconic partnership with Michael Jordan, for example, not only boosted sales but also created a powerful brand image.

 

4.      Innovative Product Design: Nike invested heavily in research and development to create innovative and high-performance athletic footwear. This commitment to product quality and design gave Nike a competitive edge in the market.

 

5.      Emphasis on Branding: Phil Knight recognized the importance of branding and marketing. Nike's "Just Do It" campaign, launched in 1988, became a cultural phenomenon, reinforcing the brand's association with athleticism, determination, and success.

 

6.      Strategic Partnerships: Nike strategically partnered with sports teams, schools, and other organizations to strengthen its market presence. These partnerships helped Nike become synonymous with sports culture.

 

7.      Focus on Athletes:Nike's early focus on meeting the needs of athletes and working closely with them in product development ensured that the brand was associated with top-tier performance and innovation.

 

8.      Supply Chain Efficiency: Nike optimized its supply chain to ensure timely and cost-effective production. This allowed them to respond quickly to changing market demands and trends.

 

9.      Continuous Innovation: Nike consistently introduced new technologies and materials in its products, staying ahead of competitors in terms of performance and comfort.

 

10.  Global Expansion: Nike aggressively pursued global markets, expanding its reach beyond the United States. This global perspective helped the company tap into diverse consumer markets and trends.

 

11.  Internal Loyalty: Nike in its very beginnings found it very difficult to recruit new people to expand the company, consequently Nike adopted a policy of promoting internally, as result most of Nike’s senior leadership at the time of its IPO were part of the first set of employees that were ever hired at Nike.

In the journey of Nike's success, Phil Knight's story serves as an inspirational testament to the transformative power of innovation, determination, and strategic vision. As you embark on your own entrepreneurial path, remember that success often emerges from a blend of resilience, forward thinking, and a genuine passion for your mission. Just as Knight turned a startup into a symbol of athletic triumph, your journey holds the potential to shape a narrative of success that goes beyond business – one that inspires and uplifts others to chase their dreams with unwavering determination. May your entrepreneurial endeavours be marked by innovation, purpose, and the courage to "Just Do It."