ENTREPRENEURSHIP

Detailed explanation-1: -Knight ran track at the University of Oregon and created Nike shoes with his former track coach, Bill Bowerman. In 1964, they each put up $500 to start what would become Nike, then called Blue Ribbon Sports.

Detailed explanation-2: -In 1958, Phil Knight, a business major at the University of Oregon and a miler on the track team, shared with his coach, Bill Bowerman, a dissatisfaction with the clumsiness of American running shoes. They formed a company in 1964 to market a lighter and more comfortable shoe designed by Bowerman.

Detailed explanation-3: -Philip Knight owns 2.3% of Nike’s shares. As of December 2022, the market value of Philip Knight’s stake in Nike was $4.1 billion.