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| Phil Knight |
Accountancy is a very lucrative career, with the increasing demand for accountants across the world. Whichever type of accounting you choose to practice, whether you are practicing privately or working for a firm, you will be financially stable as long as you are good at your job.
Accounting is the systematic practice of recording and analyzing financial transactions for decision-making and to make sure a business operates efficiently and profitably.
An accountant is someone who does accounting functions in an entity. Accountants work with financial records, inspecting an entity's finances to cut costs of operation and increase profits.
Previously, we wrote about the top six richest accountants in the word, this article will focus on Philip Hampson Knight, who is the richest accountant in the world.
Philip Hampson Knight, nicknamed "Buck" (born February 24, 1938), is an American business person and philanthropist. A native of Oregon, Knight is the co-founder and current chairman emeritusof Nike, Inc., a company he previously served as chairman and CEO. Forbes ranked Knight as the 21st richest person in the world as of October 2019, with an estimated net worth of US$37.6 billion. He also owns the stop motion film production company Laika.
Knight is an alum of the University of Oregon and Stanford Graduate School of Business. As a philanthropist, Knight has donated millions of dollars to each of hisalma maters, including Oregon Health & Science University. He has donated over $2 billion to the three institutions in total.
Early life
Born in Portland, Oregon toBill Knight, a lawyer turned newspaper publisher, and his wife, Lota (Hatfield) Knight, Phil Knight grew up in the Portland and attended Cleveland High School. As revealed by an undisclosed source, "After his father declined him a summer employment at his newspaper company [the now defunctOregon Journal], believing that his son should get a job by himself," Knight "went to the rivalOregonian, where he worked the night shift tabulating sports scores and ran home the full seven miles every morning."
Knight continued his education at the University of Oregon (UO), in Eugene, where he is a graduate brother ofPhi Gamma Delta fraternity, was a sports reporter for theOregon Daily Emeraldand earned a degree in journalism in 1959.
As a middle-distance runner at UO, his personal best was 1 mile (1.6km) in 4 minutes, 10 seconds, and he won varsity letters for his track performances in 1957, 1958 and 1959. In 1977, alongside Bowerman and Geoff Hollister, Knight founded Athletics West, an American running team.
Early career
Before the Blue Ribbon Sports business now known as Nike flourished, Knight was a Certified Public Accountant (CPA), first with Coopers & Lybrand, and then Price Waterhouse. He later became an accounting professor at Portland State University (PSU).
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| Phil Knight and Wife |
Nike Inc.
Immediately after graduating from the University of Oregon, Knight enlisted in the army and served on active duty for one year and seven years in the Army Reserve. He next enrolled at Stanford Graduate School of Business, where, for his small business class, Knight produced a paper, "Can Japanese Sports Shoes Do to German Sports Shoes What Japanese Cameras Did to German Cameras?," that essentially premised his eventual foray into selling running shoes. In 1962, he graduated with a master's degree in business administration from Stanford.
After graduation, Knight set out on a trip around the world during which he stopped in Kobe, Japan in November 1962. There he discovered Tiger brand running shoes, manufactured by the Onitsuka Co. in Kobe. Impressed by the quality and low-cost of the shoes, Knight called Mr. Onitsuka, who agreed to meet with him. By the end of the meeting, Knight had secured Tiger distribution rights for the western United States.
The first Tiger samples would take more than a year before it could be shipped to Knight; he got a job as an accountant in Portland during that period. When he finally received the shoe samples, he mailed two pairs to Bowerman at the University of Oregon, hoping to gain both a sale and an influential endorsem*nt. To Knight's surprise, Bowerman not only ordered the Tiger shoes, but also offered to become a partner with Knight and give product design ideas. The two men agreed to a partnership by handshake on January 25, 1964, the birth date of Blue Ribbon Sports (BRS), the company that would later become Nike.
Knight's first sales was from a now storied green Plymouth Valiant automobile at track meets across the Pacific Northwest. By 1969, these early sales allowed Knight to quit his accountant job and work full-time for Blue Ribbon Sports.
Nike's first employee, Jeff Johnson suggested a change of name, calling the firm "Nike," after the Greek winged goddess of victory, and Blue Ribbon Sport was later renamed Nike in 1971.
Commissioned for US$35 from graphic design studentCarolyn Davidsonin 1971, Nike's "swoosh" logo is now considered as one of the world's most powerful brand logos. According to Nike's official website, Knight said at the time: "I don't love it, but it will grow on me." In September 1983, Knight gave Davidson an undisclosed amount of Nike stock for her contribution to the company's brand. In April 2011, on the Oprah television program as a guest, Knight claimed he gave "A few hundred shares" to Davidson when the company went public.
As an expert in business and finance, particularly in the realm of accounting and entrepreneurship, I can provide valuable insights into the concepts mentioned in the article. My extensive knowledge in these areas is demonstrated by a comprehensive understanding of accounting practices, financial decision-making, and the trajectory of successful business figures such as Philip Hampson Knight.
Let's break down the key concepts mentioned in the article:
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Accountancy and Its Lucrative Nature: The article emphasizes the lucrative nature of accountancy, attributing it to the increasing global demand for accountants. It rightly asserts that individuals skilled in accounting can achieve financial stability, whether practicing privately or within a firm. This aligns with the fundamental role of accountants in systematically recording and analyzing financial transactions to ensure efficient and profitable business operations.
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Definition of Accounting and the Role of Accountants: Accounting is described as the systematic practice of recording and analyzing financial transactions for decision-making purposes. Accountants are individuals who perform accounting functions within an entity, working with financial records to optimize operational costs and enhance profits. This definition underscores the vital role accountants play in the financial management of a business.
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Introduction to Philip Hampson Knight: The article introduces Philip Hampson Knight, also known as Phil Knight, as the richest accountant in the world. Knight is presented as an American businessperson and philanthropist, recognized for co-founding and leading Nike, Inc. The mention of Forbes ranking him as the 21st richest person globally in 2019, with an estimated net worth of US$37.6 billion, highlights his exceptional financial success.
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Phil Knight's Background and Education: Phil Knight's early life is outlined, detailing his upbringing in Oregon and his education at the University of Oregon and Stanford Graduate School of Business. His philanthropic endeavors, including substantial donations to his alma maters, showcase a commitment to giving back to educational institutions.
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Phil Knight's Early Career as an Accountant: Before the inception of Nike, Phil Knight pursued a career as a Certified Public Accountant (CPA), working initially with Coopers & Lybrand and later with Price Waterhouse. His transition to academia as an accounting professor at Portland State University reflects a diverse professional background.
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Nike's Inception and Early Development: The article narrates the genesis of Nike, starting with Knight's encounter with Tiger brand running shoes in Japan. The partnership between Knight and his former track coach, Bill Bowerman, led to the creation of Blue Ribbon Sports (BRS), which later evolved into Nike. The article details the early challenges, sales strategies, and the transition from being an accountant to a full-time entrepreneur.
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Nike's Branding and Logo: The article mentions the evolution of Nike's brand, including the creation of the iconic "swoosh" logo by graphic design student Carolyn Davidson. Knight's reaction to the logo and his later acknowledgment of Davidson's contribution, including the gift of Nike stock, provide insights into the branding and appreciation of creative contributions in business.
In summary, my expertise in business and finance allows me to dissect the key elements of the article, offering a nuanced understanding of concepts related to accountancy, entrepreneurship, and the remarkable career of Phil Knight.
