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PHIL KNIGHT

Net worth: $44.2 Billion

PHIL KNIGHT

Net worth: $44.2 Billion

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Phil Knight is the co-founder and the biggest stakeholder of Nike, formerly known as Blue Ribbon Sports, which has more than 1,100 branches across the globe. The company, which is considered the largest creator of athletic shoes and sports apparel, also includes brands like Jordan, Cole Haan, and Converse. Knight serves as the chairman emeritus at Nike, Inc and is one of the board of directors of the corporation. He was ranked as No. 28 in Forbes Magazines’ list of richest people in the world and is reported to have an estimated net worth of $44.2 billion. Apart from Nike, Knight also owns Laika, which is a stop motion film production company.

Knight was born on February 24, 1938 to Bill Knight and Lota Hatfield in Portland, Oregon. He was raised in Eastmoreland and completed his high school education at Cleveland High School. Even at a young age, the billionaire entrepreneur had shown remarkable determination in business. Reports revealed that when his father rejected his request to work with him in the now-defunct Oregon Journal, Knight decided to apply to the rival newspaper despite working the night shift.

In 1959, Knight completed his journalism degree at the University of Oregon, where he spent his years as a sports reporter for the Oregon Daily Emerald. He also graduated as part of the Phi Gamma Delta fraternity. Following the completion of his undergraduate education, Knight worked as a Certified Public Accountant with Coopers & Lybrand and Price Waterhouse. He later on taught accounting at Portland State University.

Three events in Knight’s life were specifically attributed to the creation of Nike. The first one was meeting his track coach, Bill Bowerman, in 1957. The latter participated in the Olympics and had a burning passion to help athletes through innovative ways. His determination and vision eventually inspired Knight to start a business selling footwear to track athletes. Consequently, Knight sought Bowerman to be his partner in this endeavor.

The second one occurred while Knight was studying at Stanford University Business School. One of his assignments was to create a business and marketing scheme centered on importing first-rate running all the way from Japan and retailing these items in the United States. The goal was to come out with a high-profit margin. This later on inspired Knight to partner with Japanese vendors and market their shoes in the US.

The final event happened in Japan in 1963. During his trip to the country, Knight met up with Onitsaka Company executives. At the time, the said company were distributors of the Tiger running shoes. In the course of their conversation, Knight found himself sealing a distribution agreement with the company. When he was asked what company he represented, the first name that came to his mind was Blue Ribbon Sports (BRS).

In 1964, Knight and Bowerman officially started BRS with only $500 investment from each of them. They then worked closely with the Onitsaka company and cornered the North American market. Gradually, BRS started opening branches in California, Oregon, and Santa Monica. In 1969, $1 million worth of Tiger running shoes were sold by the company.

In 1971, however, BRS and Onitsaka had disagreements with their contracts and the two parties went their separate ways. Meanwhile, Knight and Bowerman decided to create their own company and came up with a new brand. In 1972, Nike debuted their first ever shoe, called the Cortez, in the Olympic trials. On that year alone, the company earned over $3 million in revenue. In 2016, Knight released a book titled “Shoe Dog,” which detailed his early years with the Nike brand.

Billionaire Phil Knight & Nike – TIP096

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Billionaire Phil Knight & Nike – TIP096

Listen to The Investor’s Podcast’s episode wherein Preston and Stig discusses Phil Knight’s book, Shoe Dog. Learn more about his journey to success and his tips and tricks on making it big in business and investing.

Get to listen to more free episodes of The Investor’s Podcast and discover the secrets to success and other books about other Billionaires by subscribing via iTunes, Stitcher, or Soundcloud.

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