The banker called him into his office on a Wednesday and informed the man that his business was no longer welcome at the bank. The banker said that the man “simply did not have enough equity.”
Even though the business had more than doubled every year in each of the last five, the bank simply did not want to lend any more money (never mind that the lines of credit had been paid on time and kept at zero until needed).
Feeling defeated, the man went down the street to visit another bank. Upon arrival and further discussion with the bank’s senior officer, the man was informed that the bank was also not interested in the previous bank’s “second-hand problems.”
Not knowing what to do, the man decided to visit one more bank before giving up.
He had heard that this particular bank was interested in entrepreneurs and seeing them grow. Unsure of whether to believe this or not, he decided to visit the bank and give it one last shot.
To his surprise, he was welcomed with open arms. “We are so excited to get into business with you!” the senior officer at the bank exclaimed.
The man, surprised, followed up by cautioning, “But aren’t you at all concerned about my lack of cash balances, equity?”
The senior banker looked him square in the eyes and said, “Sir, we bank the person and the business and believe in both. Welcome to our bank.”
Feeling elated and exhausted, the man began putting the finishing touches on his plan. He threw every penny of the remaining money he had in the world into the business. He started building new and improved manufacturing options in Japan and other locations to ensure he could keep up with demand. With unwavering vision, he focused on delivering the quality that his customers expected.
He went home and explained all of this to his wife, all that had transpired.
She then asked, “What happens if this doesn’t work out?”
To which the man replied, “We lose the house, and I go back to work as an accountant.” (A job the man despised.)
There were no doubts as to the path forward for either of them. They were ready to conquer the world or accept their fate.
Now they had to decide on a new name for this new and vanguard branch of their existing business. What about a logo? And a slogan?
He started burning the midnight oil working on it. And then, after all the logo reviews and name searches, he finally settled on one…
Nike and the Swoosh were born.
Phil Knight was the man, and the rest is sneaker, sports, and American culture history.
‘Seems like it all worked out!
When your back is against the wall and everyone is bailing out, if you believe in the process and the plan, that is when your greatest achievements will be realized.
Believe in your vision even more because it’s so different and difficult, not despite it.
And like Phil Knight decided, just do it!
-J.D.