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Entrepreneurship Exam  >  Entrepreneurship Tests  >  Summaries: Must Read Books for Entrepreneurs  >  Test: Shoe Dog - Entrepreneurship MCQ

Test: Shoe Dog - Entrepreneurship MCQ


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10 Questions MCQ Test Summaries: Must Read Books for Entrepreneurs - Test: Shoe Dog

Test: Shoe Dog for Entrepreneurship 2024 is part of Summaries: Must Read Books for Entrepreneurs preparation. The Test: Shoe Dog questions and answers have been prepared according to the Entrepreneurship exam syllabus.The Test: Shoe Dog MCQs are made for Entrepreneurship 2024 Exam. Find important definitions, questions, notes, meanings, examples, exercises, MCQs and online tests for Test: Shoe Dog below.
Solutions of Test: Shoe Dog questions in English are available as part of our Summaries: Must Read Books for Entrepreneurs for Entrepreneurship & Test: Shoe Dog solutions in Hindi for Summaries: Must Read Books for Entrepreneurs course. Download more important topics, notes, lectures and mock test series for Entrepreneurship Exam by signing up for free. Attempt Test: Shoe Dog | 10 questions in 10 minutes | Mock test for Entrepreneurship preparation | Free important questions MCQ to study Summaries: Must Read Books for Entrepreneurs for Entrepreneurship Exam | Download free PDF with solutions
Test: Shoe Dog - Question 1
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What was Phil Knight's "Crazy Idea" that he presented for his entrepreneurship class?

Detailed Solution for Test: Shoe Dog - Question 1
Phil Knight believed that Japanese shoes could become more popular than European shoes in America, just as Japanese cameras had overtaken German ones recently. He spent weeks researching and learning about importing and trade laws to support his idea. Despite the initial lack of enthusiasm from his classmates, Phil's belief in his idea eventually led him to pursue it further and establish a business partnership with a Japanese shoe company named Onitsuka.
Test: Shoe Dog - Question 2
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What was the name of the company that Phil Knight founded as a distributor for Onitsuka shoes in the US?

Detailed Solution for Test: Shoe Dog - Question 2
After successfully convincing Onitsuka to allow his company to be their distributor in the US, Phil Knight and his business partner Bill Bowerman established the company Blue Ribbon Sports. Initially, they sold the Tiger shoes from Onitsuka by driving around to track meets and selling them from the trunk of Phil's car. This marked the beginning of their entrepreneurial journey and their first step towards building the Nike brand.
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Test: Shoe Dog - Question 3
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What was Phil Knight's advice to young people in their mid-twenties?

Detailed Solution for Test: Shoe Dog - Question 3
Phil Knight believed that it was important for young people to seek a calling rather than just settling for a job or a career. He encouraged them to pursue something they were passionate about and to follow their true interests and aspirations. According to Phil, when you're following your calling, the challenges and setbacks you face along the way become easier to bear, and the successes become even more fulfilling.
Test: Shoe Dog - Question 4
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What lesson did Phil Knight learn from his experience of growing Blue Ribbon (later Nike) at a fast pace?
Detailed Solution for Test: Shoe Dog - Question 4
Phil Knight believed that growth was the key to success in business and in life. He adopted a mindset that you're either growing or you're dying, and he pushed himself and his company to grow as fast as possible. Despite the added stress and challenges, Phil found joy in the process of building his business and believed that growth was essential for staying relevant and successful.
Test: Shoe Dog - Question 5
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What strategy did Phil Knight encourage when it comes to failure?
Detailed Solution for Test: Shoe Dog - Question 5
Phil Knight encouraged the mindset of "failing fast" and learning from failures. He believed that if you're going to fail, it's better to fail quickly so that you can gain valuable wisdom and insights from the experience. By embracing failure as a learning opportunity, you can apply the lessons learned to your next endeavor and improve your chances of success.
Test: Shoe Dog - Question 6
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What was the reason behind Phil Knight's decision to create their own brand of shoes?
Detailed Solution for Test: Shoe Dog - Question 6
As tensions grew between Blue Ribbon (later Nike) and Onitsuka, Phil Knight realized the need to create their own brand of shoes. By doing so, they would have control over their own product and destiny, rather than being dependent on Onitsuka's decisions. This decision marked a significant turning point for the company, as it allowed them to establish their own identity and pursue their own vision for the future.
Test: Shoe Dog - Question 7
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What important lesson can be learned from Bill Bowerman's invention of the waffle trainer?
Detailed Solution for Test: Shoe Dog - Question 7
Bill Bowerman's invention of the waffle trainer, inspired by a waffle iron in his kitchen, highlights the importance of collaboration between different fields. By combining his knowledge of running shoes with insights from an unrelated field (cooking), Bowerman was able to create a unique and innovative shoe design that became one of Blue Ribbon's best sellers. This lesson emphasizes the value of interdisciplinary thinking and exploring ideas outside of one's own field of expertise.
Test: Shoe Dog - Question 8
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According to Phil Knight, what is the key to effective leadership?
Detailed Solution for Test: Shoe Dog - Question 8
Phil Knight believed in a hands-off leadership approach and emphasized the importance of encouraging creativity and allowing autonomy among his employees. He often quoted General George S. Patton, who said, "Don’t tell people how to do things, tell them what to do and let them surprise you with the results." By giving his employees the freedom to figure out how to achieve their assigned tasks, Phil believed that their creativity would be unleashed and lead to surprising and successful outcomes.
Test: Shoe Dog - Question 9
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What is the main message that Phil Knight wants to convey to younger people?
Detailed Solution for Test: Shoe Dog - Question 9
Phil Knight's main message to younger people is to embrace adventure and live life to the fullest. He encourages them to have faith in themselves and their abilities, but also to have faith in the concept of faith itself. According to Phil, embracing boldness and adventure is essential for achieving fulfillment and making the most of one's life.
Test: Shoe Dog - Question 10
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Why did Phil Knight decide to take Nike public?
Detailed Solution for Test: Shoe Dog - Question 10
Phil Knight's decision to take Nike public was driven by his desire to connect with others and seek a sense of oneness. He believed that life is about seeking greater connection and that sports, in particular, allow people to feel united in spirit. By going public, Phil aimed to share his company's success and allow others to become part of the Nike journey. This decision reflected his belief in the power of connection and the importance of shared experiences.
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