Phil Knight | Accounting Is A Very Useful Skill | 1963

beat-the-cpa
Phil Knight’s family dynamic has changed upon his return; he finds that something has changed in him – it is not just his scruffy beard and castaway attire that causes his mother to thoughtfully call him ‘worldly’; there is a fundamental change in his spirit. Buddhism had captured him; be one with the path.

accounting-for-phil-knightHaving been betrayed by someone he thought was a business associate and having lost fifty dollars borrowed from his father for the purpose of getting a specific pair of shoes shipped, he comes to the realization that he is actually drifting in life without a sense of purpose. He brings this up with his father, who encourages him to talk to a friend of his, Mr. Frisbee.

Mr. Frisbee had officially ‘made it’ in life – he was an alumnus of Harvard Business School and had quickly risen to become the CEO of a New York State Exchange Company. This makes quite an impression on Phil. In a meeting with Frisbee, Knight hears a useful philosophy of working, saying that everyone typically changes three jobs before they hit upon the right one.
ledger-phil-knightNow, if you are not adequately educated, your career and earning scale might go down as you progress from job to job instead of going up. Therefore to secure a solid financial return, it is necessary to do two things – get a CPA and an MBA.

portland-state-campusThis though poses a problem for Phil because he hadn’t studied accounting as a major and didn’t have the necessary hours to qualify. He therefore enrolled at Portland State for three accounting classes. Portland State is a far cry from something like Harvard (something that both Phil and his father realize), but the author finishes his nine hours and starts working at the accounting firm Lybrand, Ross Bros. and Montgomery. It is one of the Big Eight National firms, but the offices in Portland are quite small. Knight takes this positively, reflecting that this would give him a chance to learn the language of business.

The author quickly discovers the downside of a small branch. There is no one to take up the slack when the workload increases, which means that everyone is logging in long hours, not leaving much opportunity for the learning process. However the author admires the CEO, Al Reser, who happens to be a mere three years older than Phil.

ledgerThe best example of how important work is at this firm is reflected when Phil is refused a holiday on the day after President Kennedy’s assassination. Of course, the upside to all this is that Phil is earning well. So he buys a car for himself. His life has finally taken a definite direction, and he seems set in his profession too. However, the chapter closes with him often wondering if his travels around the world last year were the peak of his life, and there is nothing better to look forward to…..

shoe-dog-by-phil-knightThe above synopsis is based on notes from ShoeDog by Phil Knight – Founder of NIKE INC.nike

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