25/11/2020
There's a reason you wear jeans.
This man:
In January, 1848, James Wilson Marshall was constructing a water-powered sawmill in the base of the Sierra Nevada Mountains.
Whilst working, he made an unusual discovery: flakes of gold in the river. Marshall and the owner of the sawmill initially tried to keep their discovery quiet: this was their chance to make a fortune and monopolise the market.
But within weeks, the news leaked. And all hell broke loose. Three quarters of San Francisco's male population had left for mining towns. And by the end of 1849, the non-native population of California had exploded from just 1,000 to over 100,000.
Young men full of dreams travelled to California to get their handful of gold and make their fortune.
But who were the real winners? As the expression goes: if you want to make a fortune during a gold rush, sell shovels.
The real winners were the saloons, the shovel manufacturers and even the brothel owners that catered to gold miners. One of the greatest winners? Levi Strauss who combined durable denim and copper rivets and sold 'jeans' as workwear.
Throughout history, these 'ancillary' businesses have often been more successful than the businesses they support.
And in the gold rush that is online businesses: where effective marketing is as important as a good shovel, your business could be the next Levis.
Of course, you could be one of the thousands who tries to make their fortune with gold.
Or You Could Sell Shovels.