Shoe Dog

1. “I’d tell men and women in their midtwenties not to settle for a job or a profession or even a career. Seek a calling. Even if you don’t know what that means, seek it. If you’re following your calling, the fatigue will be easier to bear, the disappointments will be fuel, the highs will be like nothing you’ve ever felt.”

2. “So that morning in 1962 I told myself: Let everyone else call your idea crazy . . . just keep going. Don’t stop. Don’t even think about stopping until you get there, and don’t give much thought to where “there” is. Whatever comes, just don’t stop.”

3. “And those who urge entrepreneurs to never give up? Charlatans. Sometimes you have to give up. Sometimes knowing when to give up, when to try something else, is genius. Giving up doesn’t mean stopping. Don’t ever stop. Luck plays a big role. Yes, I’d like to publicly acknowledge the power of luck. Athletes get lucky, poets get lucky, businesses get lucky. Hard work is critical, a good team is essential, brains and determination are invaluable, but luck may decide the outcome.”

4. “Starting my own business was the only thing that made life’s other risks—marriage, Vegas, alligator wrestling—seem like sure things. But my hope was that when I failed, if I failed, I’d fail quickly, so I’d have enough time, enough years, to implement all the hard-won lessons. I wasn’t much for setting goals, but this goal kept flashing through my mind every day, until it became my internal chant: Fail fast.”

5. “The art of competing, I’d learned from track, was the art of forgetting, and I now reminded myself of that fact. You must forget your limits. You must forget your doubts, your pain, your past.”

6. “When you make something, when you improve something, when you deliver something, when you add some new thing or service to the lives of strangers, making them happier, or healthier, or safer, or better, and when you do it all crisply and efficiently, smartly, the way everything should be done but so seldom is—you’re participating more fully in the whole grand human drama. More than simply alive, you’re helping others to live more fully, and if that’s business, all right, call me a businessman.”

1. Passion and Purpose Drive Through Impossible Odds

Phil Knight's obsession with running and belief in the power of sports kept Nike alive through decades of near-bankruptcy, supplier problems, and legal battles. When you're building something meaningful that aligns with your deepest interests, you'll find energy to persist through challenges that would stop others.

2. Cash Flow Problems Nearly Kill Every Growing Business

Nike was perpetually on the verge of bankruptcy despite growing sales because growth requires working capital for inventory, manufacturing, and operations. Success can kill you if you don't manage cash flow carefully. Growth without capital is a recipe for disaster, no matter how good your product is.

3. Build Deep Relationships with Key Partners

Nike's relationship with Japanese manufacturer Onitsuka Tiger (and later other suppliers) was crucial to their success. Knight invested years building trust, understanding cultural differences, and creating mutual value. Strong supplier relationships become competitive advantages that are hard for competitors to replicate.

4. Hire People Who Believe in the Mission

Nike's early team worked for below-market salaries because they believed in the company's mission and enjoyed the work. Cultural fit and shared purpose often matter more than credentials or experience. People who care about what you're building will outperform mercenaries every time.

5. Innovation Requires Taking Big Risks

Nike's breakthrough innovations—like the waffle sole and Air technology—came from bold bets that could have failed spectacularly. Playing it safe in competitive markets leads to mediocrity. You have to risk significant failure to achieve breakthrough success, especially when competing against established giants.