A Sydney teenager who dropped out of university is now turning over tens of thousands of dollars from his online business.
Andy Mai came across an e-commerce model known as dropshipping when he was six months into his first year of university from watching videos on YouTube.
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The 19-year-old, who is the son of Vietnamese refugees, began learning how he could make money by taking orders for products and then ordering the items from the manfacutuers. He doesn't actually hold stock, but instead has it shipped directly to the customers.
Mr Mai was drawn to the idea of success at the age of eight, after watching his mother struggle to raise three children on a low income when his parents divorced, News.com.au reported.
Dropshipping has risen in popularity, with websites like AliExpress making it possible to purchase from and connect directly with Chinese manufacturers.
At 10 years old, Mr Mai began playing online game MapleStory - but rather than investing in defeating monsters, he says was more interested in the buying and selling of virtual goods.
"I was obsessed with making money in the game instead of playing normally," Mr Mai told News.com.au. "That's how I got my first taste of negotiating, of arbitrage - buying low and selling high."
By the time Mr Mai reached high school, he was swapping virtual cosmetic items on the game, known as 'skins', for real money.
The young entrepreneur had got his first taste of making cash, and soon moved to selling real products on Facebook and eBay.
Despite failing initially and losing $5000, he stuck with his craft while studying an actuarial degree and eventually set himself a goal.
If he could make $500 a day from dropshipping, he would put his studies on hold. That's exactly what happened - Mr Mai's business took off, and he is now making NZ$185,000 a year using the method.
He now sells coaching packages priced upwards of $20,000, boasting a YouTube channel with more than 6000 subscribers.
Newshub.
