Good morning! Welcome to MF/TS. If you are new here, MF/TS is a newsletter focusing on culture, advertising, running, and performance. In the last MF/TS dispatch, we took a look at Italy as a culture and wondered if there are super powers that lay in having and being part of a village.
In this week’s MF/TS we explore the power of principles, workers ownership and share some LOLs because why not.
1. NIKE’S MANIFESTO STILL GOES HARD
In 1977, Nike was still a small company, struggling against bigger rivals like Adidas and facing a $25 million tariff dispute that could have shut it down.
Amid this crisis, executive Rob Strasser typed out a list of 10 company “principles” that captured the rebellious, scrappy mindset of early Nike employees. The memo, which included phrases like “Break the rules; fight the law” and “This is as much about battle as about business,” was not an official Nike document, but it became a symbol of the company’s culture.
Nike cofounder Phil Knight wasn’t initially aware of the memo but later acknowledged Strasser’s ability to communicate with few words. The company eventually overcame its struggles, went public in 1980, and settled its customs dispute for $9 million.
Thoughts
This manifesto is now all over the internet and for good reason. While the background behind it was Nike’s struggle in the late 1970s, it’s relevant to any company trying to grow fast and do it with high-quality outputs. Also, I think the idea of principles that can be used as an organizational force to create focus, ambition, and what silicon valley likes to call “OKRs” is severely underrated and under utilized by a lot of organizations.
Separate yet related are principles for how you want to live. Related to the mood board pro-tip, it’s never a bad idea to write out 5 - 10 principles for how you want to be and move through the world and hang them up in your bathroom. Trust me. It can make a difference in re-centering you on what really matters.
2. WORKERS SHOULD OWN
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“Pete Stavros, discussed a model he had been developing to provide employees with an equity stake in companies it purchased, so the workers would reap some benefits if it was flipped for a profit. When all goes according to plan, KKR doesn’t give up a penny of profit, since newly motivated workers benefit the company’s bottom line, elevating the eventual sale price by more than what KKR gives up.” - Private Equity Is Starting to Share With Workers, Without Taking a Financial Hit, January 28, 2024
Thoughts
It’s not a novel concept but seems to be a rare one these days. Give part of the company ownership with the employees doing the actual work to build the business. From this piece: “Eight of those companies have been sold, and Mr. Stavros said they earned higher returns than the average across KKR’s portfolio over a similar time frame. They have driven impressive results for employees, resulting in emotional, professionally produced videos of the announcements.”
There is such a thing as a win-win, and better yet, it just might make our country a better place over the long term. I wish there was more of this.
3. LOL
Thoughts
I always joke with people that when I was a kid, I dreamt of making Power Point presentations so I can win over the approval of people who don’t care as much about the creativity, ideas, and impact as me. Look at me Ma, we’ve made it! 😆😆😆
4. ONE RUNNING THING…
Shout out to my guy RG who just completed 365 days of running. That’s running everyday for a year. Wild. What a triumph. He reflected on that journey here, and his thoughts on the experience are beautiful. “A year of running taught me a lot. But mostly this: consistency beats intensity; ease beats ego; and time with the people you love beats everything.” Amen 🙏
VISUALS OF THE WEEK
Go forth.
Stay safe.
Ride the wave.
-Mitch