Freeing Your Toes: A Story of Entrepreneurship

Have you ever dreamt about wearing socks and flip flops at the same time? Have you ever tried? I have and the outcome was numerous falls between awkward periods of walking. It’s impossible and extremely dangerous since the thong of the sandal cannot rest properly between the big toe and the second toe. That was my perception until today when I discovered “Freetoes” founded by a local British Columbian 12 year old, Katelyn Lohr.

Miss. Lohr appeared on Dragon’s Den at the age of 11, but her idea of “Freetoes”, socks with the toe area cut off, didn’t receive any support from the Dragons. Her appearance on the famous television series did however gain recognition for both her and her company, Freetoes. As of date, she has sold over 30,000 pairs of socks at approximately $6.99 a pair. Now, she’s what I call an entrepreneur, “a person of very high aptitude who pioneers change, possessing characteristics found in only a very small fraction of the population” according to QuickMBA (2013).

Others may not categorize her as an entrepreneur, but rather an owner of a small business as her company doesn’t encompass the following features created by QuickMBA that define what an entrepreneurship is:

1. An entrepreneurship generates over millions in profits: The profit earned by Freetoes is not exposed to the general public, but revenue for the 30,000 pairs of socks priced at $6 each is not enough generate millions of dollars of profit.

2. An entrepreneurial business is able to generate a significant profit during a short period of time: Miss Lohr started her business at the age of eight which was four years ago and she extremely probable that she won’t generate profits in the million dollar range at all.

3. Entrepreneurs are exposed to high risks: The riskiness of Freetoes is unclear; however, the interview conducted by CBCnews suggests that the business is not quite risky as the owner is supported by a manufacturer and nothing about debt is addressed.

4. Innovation allows the company to profit and have a competitive advantage: Freetoes embodies this characteristic as the company produced the first innovation of the sock and will profit until others decide to join the industry or produce a better alternative of the toeless socks.

Whether Miss. Lohr is an entrepreneur or a small business owner in an individual’s mind doesn’t particular matter as her innovation is the only aspect that does matter. Consumers are now able to wear socks and flip flops at the same time, something that Miss. Lohr dreamt about in the past. These socks can be worn while doing anything and perhaps they’ll attract more customers from the standard closed toe socks market. However, how long will this project last? Will the craze die down and what will Miss. Lohr do to attract more customers?

References:

http://www.theglobeandmail.com/news/national/education/keg-parties-textbook-markets-every-student-is-a-natural-entrepreneur/article14802550/

http://www.cbc.ca/news/canada/british-columbia/toeless-socks-business-booming-for-b-c-girl-1.2417812?cmp=rss

http://www.huffingtonpost.ca/2013/11/07/toeless-socks-business-bo_n_4230457.html

http://www.quickmba.com/entre/definition/

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