Case Study 1: Picked Up by Local News
When the COVID-19 pandemic hit, Australian teenagers Lachlan and Taylor saw an opportunity to start an ecommerce store in the toys and hobbies category. Despite having had entrepreneurial ambitions for a while and a few ecommerce failures under their belts, they decided to give it a go. After validating their product idea and launching their store, they were pleasantly surprised to make $1,400 on their very first day.
Their big break came when their local news featured their product. Anticipating the broadcast, they pivoted their ad strategy to target the channel's viewers and ended up making $70,000 in sales in just one month. This shows that sometimes luck can be the result of being in the right place at the right time, but it's also about being proactive and ready to seize an opportunity when it presents itself.
Case Study 2: Featured in a Rapper's Music Video
Entrepreneur Suhail Nurmohamed started making money online at the young age of 16. After years of hustling, he eventually decided to start an online men's fashion store using the dropshipping model. Looking for a low-cost way to promote his brand, he turned to influencer marketing, which proved to be a successful strategy.
One day, American rapper Jeezy reached out to Suhail on Instagram about one of his products. Suhail responded immediately and helpfully, and as a result, Jeezy posted about the product on Facebook, which led to viral memes and soaring sales. In addition, Jeezy featured Suhail's product in a music video, which was seen by millions of people and generated even more sales. In just 18 months, Suhail's store generated £112,000 in sales.
This case study shows that luck can come in the form of unexpected opportunities, such as being featured in a music video. However, it's also about being responsive and providing excellent customer service, which can lead to positive word-of-mouth and further success.
Case Study 3: Chanced Upon an Early Monopoly
Sometimes, luck can come in the form of being in the right place at the right time, as merchant Tze Hing Chan discovered. He had an insider's advantage with his winning product: boba plush toys. Knowing that the trend was on the rise, he decided to jump on it early and create a boba plush toy of his own. As a result, he was able to secure a monopoly on the market and his product became a best-seller.
This case study shows that luck can be about being in the right place at the right time, but it's also about being proactive and taking action. In this case, Tze Hing Chan recognized an opportunity and took advantage of it, which led to his success.
In these three case studies, we can see that luck does play a role in success, but it's not the only factor. In all three cases, the entrepreneurs were proactive, responsive, and ready to seize opportunities when they presented themselves. Luck may have played a part in their success, but it was their hard work, determination, and strategic thinking that ultimately led to their success.