A story that illustrates the saying "strike while the iron is hot" is "Mike was offered a great job opportunity however he decided not to take it and never got such a good opportunity again".
This refers to the idea one should act at a specific moment to take an opportunity or to avoid a negative event.
Mike, who lived in New York, and has just graduated as an architect from a prestigious university was offered the opportunity to work in Japan in a big company. However, as Mike had never lived abroad and was afraid of living a different culture he rejected the opportunity. Sadly, he was never offered a similar opportunity.
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