The powerful mindset that helped Nike founder Phil Knight overcome challenges
“The trouble in America is not that we are making too many mistakes, but that we are making too few.”
— Phil Knight
It was the mid-1960s, and Phil Knight was a young, ambitious entrepreneur with a passion for running.
After graduating from Stanford, where he wrote a thesis on the potential for Japanese running shoes to disrupt the American market, Knight decided to turn his theory into reality.
He traveled to Japan and struck a deal with Onitsuka Tiger, a shoe company, to distribute their products in the United States.
With no experience and little money, he founded Blue Ribbon Sports, which would later evolve into Nike.
However, the road to success was anything but smooth. In those early days, Knight struggled to keep his fledgling business afloat.
Distribution issues, cash flow problems, and a constant need for more inventory were just a few of the challenges he faced. But Knight was nothing if not persistent.
One day, Knight found himself in a particularly tight spot. He had received a massive order from a major retailer, one that had the potential to take Blue Ribbon Sports to the next level.
But there was one problem: Knight didn’t have the funds to fulfill the order.
Desperate, he went from bank to bank, seeking a loan to cover the costs. But every single bank turned him down.
They saw him as a risky bet—a small-time entrepreneur selling foreign shoes out of the trunk of his car.
With no other options, Knight found himself standing in front of the Bank of Tokyo, his last hope.
He was nervous, knowing that if he didn’t secure this loan, his business might not survive.
As he sat across from the bank manager, he made his pitch with all the passion and conviction he could muster.
He talked about his belief in the product, the growing demand in the U.S., and his vision for the future. But the manager, like all the others, was skeptical.
Just as Knight was about to leave, the manager paused and said, “Mr. Knight, you remind me of someone. I can’t put my finger on it, but you have the same drive, the same determination. You know what? I’m going to take a chance on you. You’ve got one year to prove me right.”
That loan saved Blue Ribbon Sports. Knight fulfilled the order, and the company began to grow.
It wasn’t long before he decided to part ways with Onitsuka Tiger and create his own line of shoes, which he named after the Greek goddess of victory—Nike.