How The Lazy CEO turned failure into a global fashion success

Jane Lu never set out to be an entrepreneur. In fact, her first taste of entrepreneurship was, in the traditional sense, a complete failure. However, from its ashes, the 38-year-old went on to build one of Australia’s most successful online fashion brands.

As the Founder and CEO of Showpo, Lu, aka ‘The Lazy CEO’, managed to turn a garage startup into a multimillion-dollar empire – all without external funding. She mastered social media before it became mainstream, built a global customer base and by all means, defied the traditional rules of retail.

And it’s all because she started out, not with the right connections or the typical background, but with the right mindset.

"I didn’t have a business degree, I wasn’t a fashion expert, and I had no idea what I was doing," she tells The CEO Magazine. "But I was willing to take risks and figure it out along the way."

Breaking the mold

Like many children of immigrants, Lu was raised with a strong emphasis on financial security. She followed the expected path: good grades, a finance degree and a corporate job in accounting. It was everything her younger self had dreamed about.

"When I was younger, I romanticized the idea – wearing a suit in a high-rise building, working for a multinational, traveling for work," she recalls. "That, along with the financial security, sounded so exciting to me, until I realized I absolutely hated it, and it was slowly killing me one day at a time."

Recognizing she couldn’t slog away for forty years in ‘accounting prison’, she decided to give something else a go. Her first attempt, a pop-up store selling products from emerging local designers, flopped. But all was not lost – the experience gave her a crash course in what not to do.

Around the same time, she noticed a rise in online shopping. With no retail experience and a strong gut feeling about ecommerce, she decided to try again.

"At the time, fashion seemed like something for the elites. And for someone to start a fashion label, you’d think they must have money, connections or at least look a certain way," she explains.

"I didn’t tick any of those boxes. But my philosophy on anything is, if you don’t have a better idea, just go with the one you have."

In 2010, Lu launched Showpo from her parents' garage with only a laptop and two racks of clothes. At first, she kept it from her family.

"As an immigrant child, my family would always tell me how much they sacrificed for me when they moved to Australia," she says.

"So when the time had come, I couldn’t bring myself to tell them that I was going to leave it all behind and resign to start a fashion business that wasn’t even validated and proven yet. I didn’t want them questioning me every day, playing into my fear of failure."

Naturally then, Lu jokes she did what anybody else would do.

"For six months, I got up early every day, put on my suit and pretended to go to work," she reveals, with a laugh. "My mom actually worked in the city too, so we would catch the bus together – all of this because of my fear that my parents would think I was a failure.

"I didn’t want to deal with the questions or the doubt – I just wanted to focus on making it work."

Sink or swim

And make it work she did. Today, Showpo is a global fashion force, bringing in more than US$100 million a year. However, despite its success, Lu says it hasn’t been an easy ride.

"I grew up with such a big fear of failure, and I still have it," she says. "If I didn’t think I could succeed at something, then I wouldn’t even try."

Fear’s evil stepsister, imposter syndrome, also reared its ugly head from time to time. But it really intensified when she was selected to join the hit TV show Shark Tank Australia.

"I was worried the producers were going to regret casting me, thinking I was a dud. I kept wondering what I was doing there with all of those other judges," she recalls.

"I’d literally be in the Shark Tank, telling myself, ‘OK, try to sound smart. Don’t say anything dumb.’ I just had the biggest imposter syndrome."

Over time, however, she grew to realize that self-doubt isn’t always a bad thing, because it often signals growth.

"You feel imposter syndrome when you’re leveling up and taking yourself out of your comfort zone, so it’s a good thing," she explains.

With this mindset, she settled in as a Shark, and even got invited back for a second season. While season three is still up in the air, one thing is crystal clear, Lu sees investing in a whole new light thanks to the hit TV show.

"I’m planning a big pivot in my investment strategy," she reveals. "Initially, I wanted a lot of small businesses where I can really make an impact – if I work hard with them, I know we could achieve incredible growth in a few months.

"But this will all be around Shark Tank. That’s when I’ll diversify, simply because filming takes a lot of time, especially combined with running Showpo, having two kids, a partner and a social life."

Lu says she also plans to take some time to learn about different industries.

"I’ve kept it safe in the past, defaulting to what I know," she admits. "But now, given I’ve been speaking to a lot more businesses across industries through my podcast The Lazy CEO and my experience helping small businesses, I’m excited to expand my horizon and diversify."

Investments that matter

It’s one thing to say that investing in women can change the world, but Lu walks the talk, supporting women in business. In 2015, she co-founded Like Minded Bitches Drinking Wine, a networking group that has grown into a global movement.

"We have more than 180,000 members now, and hold events across the world," she notes, proudly. "For International Women’s Day, we hosted a conference called BitchCon. Amazing speakers came and all of the profits from the ticket sales went to The Hunger Project Australia, a charity focused on using women as the solution to fight poverty and world hunger."

The Hunger Project provides microfinance loans to women in developing countries, giving them the opportunity to build businesses and lift their communities out of poverty.

"There are so many amazing stories a bout what happens when they invest in these women, giving them a chance with just a small loan," Lu says.

"There was one woman, she and her family were only eating one meal a day. But with the loan, they were able to grow maize to eat and sell at the market. Thanks to the money that came in, she was able to invest in a sewing machine and now she’s making clothes to sell at the market."

The impact extends beyond this woman, creating a ripple effect of goodness where everyone benefits.

"Not only are they able to support their community, but now there’s a surplus of food for the communities around them as well. And it all comes from the women who were given a chance, which I resonate with so much," Lu acknowledges.

"I think about how if I never had the opportunity to come to Australia, and instead, grew up in rural China, my life would be very different. Not everyone gets a fair chance in life; but with a little help, like with these loans, it can be life changing."

A sure bet

For all the smart strategies and business wins, Lu’s success comes down to one thing: backing herself.

"I always tell people – think about the cost of not following your dreams," she advises, recalling her own business challenges.

"My business had failed. I was unemployed. I was in debt. I couldn’t get another job because it was in the middle of the global financial crisis. And I felt like a complete failure. It was bad. But what would’ve been worse was being stuck in a job that I hated."

Life isn’t predictable, she says, but it’s a one-time only offer, so cultivate a strong sense of self-belief and live it to the fullest.

"Get out of your comfort zone, and be open to change. Pivot and learn new things. If you work your butt off, it will all work out – just maybe not the way you anticipated it," Lu enthuses.

"You have to believe in yourself to succeed. Even if it’s not a straight path, it could lead to your right path. My failed business led me to Showpo."

While admittedly not a golfer, Lu uses the analogy that life is a lot like golf.

"It’s not about hitting a hole in one. If you miss your shot, you’re not out of the game. If you miss, you actually go closer to your goal. You pivot and readjust your strategy," she explains. "The most important thing is your next swing. Each time, you get closer – and you get better."

Listen to the latest episode of our CEO: Behind the Scenes podcast with Jane Lu on Amazon, Apple or Spotify.