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Sean Allen Fenn

@seanallenfenn

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Sean Allen Fenn pfp
Sean Allen Fenn
@seanallenfenn
Multitasking is for the Unfocused Methods of Prosperity no.68 Phil Knight (continued) TL;DR Creating a successful business demands significant focus and energy. Phil Knight prioritized Blue Ribbon Sports. He worked at Price Waterhouse until it took up too much time and energy. Phil transitioned to teaching accounting to focus more on his business. Blue Ribbon Sports needed to take market share from Adidas and Puma. Blue Ribbon hired competitive athletes as salesmen. Sponsoring athletes helped Blue Ribbon gain market share. Inconsistent deliveries from Onitsuka held up sales and debt repayments. Phil’s banker demanded cash reserves. Blue Ribbon needed liquidity. Phil attempted to take the company public to solve these problems. That didn’t work. Phil raised funds from family and friends. He explored Japanese trading companies for financial support. Phil was considering a deal with a Japanese trading company named Nissho Iwai. That’s when he discovered Onitsuka was seeking a new US distributor.
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0xdesigner
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by the time anyone can make an app, apps will be the wrong thing to make
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Sean Allen Fenn
@seanallenfenn
It’s Not A Lie If Your Word Comes True Methods of Prosperity no. 67. Phil Knight (cont.) TL;DR Johnson had been attracting the Marlboro Man’s customers on the East Coast. Johnson had done all the ground work. No one promoted Tigers like he did. Now the Marlboro Man placed an ad in Track & Field News. Johnson and Phil devised a plan to cut him off. Phil flew to Japan to secure exclusive US distribution rights for Onitsuka shoes. He stretched the truth about having an East Coast office. This led to Blue Ribbon securing a three-year contract and ordering 5,000 shoes. Phil hired someone to take over for Johnson at the Santa Monica store. Johnson agreed to move to Boston to oversee East Coast operations. Before moving, he demanded a partnership and higher pay. Phil Knight and Bill Bowerman refused to give him equity. He settled for a small raise. In 1967, Blue Ribbon expanded further. They hired new employees and opened a second retail store. They developed the Cortez shoe, a direct competitor to Adidas...
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Sean Allen Fenn
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Not culty enough.
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Sean Allen Fenn
@seanallenfenn
Curious what to do with this. It’s not in my wallet?
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Sean Allen Fenn
@seanallenfenn
I remember my first time.
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0xdesigner
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3 coffees 1 lunch
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tyler ↑
@trh
The only parasite that functionally replaces an organ. The tongue-eating louse (Cymothoa exigua) is one of the strangest and most disturbing parasites in the animal kingdom. It enters through the gills of a fish and attaches itself to the base of the tongue. It severs the blood vessels, causing the tongue to wither and fall off. Then it replaces the tongue, attaching itself to the stump and functioning like a prosthetic tongue. The fish can still eat and live normally—with the louse acting as its new tongue.
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Varun Srinivasan
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I regret asking for non crypto content on Farcaster
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Sean Allen Fenn
@seanallenfenn
Return of the Marlboro Man. Methods of Prosperity newsletter no.66. Phil Knight (cont). TL;DR Phil Knight faced significant challenges in growing his shoe business, Blue Ribbon. His company lacked equity, relying on bank credit. His banker, Bob Wallace, was reluctant to extend Blue Ribbon’s credit. Wallace considered Knight too high-risk. In 1965, Knight worked his day job at Price Waterhouse. He served in the US Army Reserves. This was on top of getting Blue Ribbon off the ground. Bill Bowerman, Knight’s partner, met with their Japanese supplier, Onitsuka. Still slow to deliver, Onitsuka was unresponsive to his innovative shoe designs. Meanwhile, Jeff Johnson, another key figure, worked on marketing and customer relations. Johnson received no encouragement from Knight. Are you aware of archetypes? It’s relevant to suggest that Knight, Bowerman, and Johnson embody certain archetypes. Knight being the Commander. Bowerman as the nurturing Coach. Johnson could be the persistent, unlucky lucky...
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Sean Allen Fenn
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There’s No Business Like Shoe Business Methods of Prosperity newsletter no. 65. Phil Knight (cont.) TL;DR There was too much work for Phil Knight to do alone. He hired his sister part time. He needed more help. He’d given a pair of Tigers to an acquaintance named Jeff Johnson. They knew each other from track meets. Jeff had sold shoes for Adidas. Now he worked as a social worker. Jeff started a family and needed to earn more cash than his day job could provide. Phil offered Jeff a commission sales job to sell Tiger shoes. Enthusiastic about selling the shoes, Jeff suggested expanding the business. Phil warned him about the company’s financial struggles and negative cash flow. Jeff persisted. He became Blue Ribbon’s first full-time employee. Phil’s bank thought Blue Ribbon was growing too fast. It was a vicious cycle of debt and short supply. He needed equity. To be continued...
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Sean Allen Fenn
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I just got paid 2,000 $QR for checking out today's winner @qrcoindotfun now what?
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Sean Allen Fenn
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Phil Knight vs. the Marlboro Man Methods of Prosperity newsletter no.64. Phil Knight (cont.) There was no such thing as venture capital in 1965. US Bank had turned him down. First National Bank was hesitant. There wasn’t any equity. Blue Ribbon Sports was cash flow negative. Phil Knight’s fledgling shoe business was outgrowing its cash balance. His balance was zero. Still, he asked the bank for another letter of credit. That wasn’t his only problem. Now he had competition.
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Sean Allen Fenn
@seanallenfenn
Would you mind hearing the newest song from the album I’ve been working on? “Melanie” by @seanallenfenn on Tortoise.
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Sean Allen Fenn
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Methods of Prosperity 63 Newsletter examining the methods used by historical figures to accumulate wealth. What makes you happy? That’s a trick question. This newsletter is not about happiness. It’s about how to become a billionaire. The irony is that, doing what makes you happy can make you a billionaire. For Phil Knight, the co-founder of Nike, wealth and success is a byproduct of chasing after your bliss. Nike was co-founded by Phil Knight and his track coach, Bill Bowerman, on January 25, 1964. The original name of the company was Blue Ribbon Sports. They rebranded to Nike, Inc. on May 30, 1971, named after the Greek goddess of victory. “You ask, what is our aim? I can answer in one word. It is victory. Victory at all costs. Victory in spite of terror. Victory however long and hard the road may be. For without victory, there is no survival.” – Winston Churchill
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Sean Allen Fenn
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How Donald Trump Bends Reality Methods of Prosperity newsletter no.62: Donald J. Trump 45th & 47th President of the United States of America Key Lessons: • Disregard facts that don’t serve your purpose. • Negotiate like your life depends on it. • Buy distressed assets and add value. • Don’t drink alcohol or do drugs. • Legally avoid paying taxes. • Build your personal brand. • Don’t be over-leveraged. • Always fight back.
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Sean Allen Fenn
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Would
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Sean Allen Fenn
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Need a boat first.
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Sean Allen Fenn
@seanallenfenn
Wake up babe new Methods of Prosperity dropped
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Sean Allen Fenn
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Billionaires Have Better Brains How to Rewire Your Brain for Success. Methods of Prosperity newsletter no. 61. Brad Jacobs (concl.) Key Lessons: • Automate as much as possible. • Expect positive outcomes. • Find and fix inefficiencies. • Be better not only bigger. • Prioritize technology. • Get the culture right. • Embrace problems. • Invest in A players. • Go after big deals. • Meditate.
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