At the end the paper will carefully evaluate the accumulated data and establish the extent to which the entrepreneur conforms to the conventional entrepreneurship mentioned in the textbooks.
The Father of Modern Management Peter F Drucker has defined entrepreneurship as "a systematic innovation, which consists in the purposeful and organized search for changes, and it is the systematic analysis of the opportunities such changes might offer for economic and social innovation.' (Jyotsna 2008) Therefore entrepreneurship can be described as the process of action an entrepreneur undertakes to establish and enterprise.
Drucker's statement of entrepreneurs and innovation is widely accredited and truly reflect the vital elements of any successful enterprise he states "Innovation is the specific tool of entrepreneurs, the means by which they exploit change as an opportunity for a different business or a different service. It is capable of being presented as a discipline, capable of
being learned, and capable of being practiced. Entrepreneurs need to search purposefully for the sources of innovation, the changes and their symptoms that indicate opportunities for successful innovation. And they need to know and to apply the principles of successful innovation." (Drucker, by Jyotsna 2008)
The enterprise chosen for our study is a small baby gift business called 'LittleSyd Gifts & Celebrations' The owner and proprietor of the business is a 28-year-old Michelle Yoxall. She is some one who saw an opportunity and developed the same into a progressive business. Her choice of business is an innovation that rose from a need or from her difference in thought process. In the last four years Ms Yoxall has found herself in a strong position with a healthy books of accounts and capable of expanding further.
Let us look at the some the vital aspects of her business namely finance, management, customer service, marketing and operations. An interview with the young entrepreneur (The exact text of the interview mentioned in the appendix) gave rich insights about her business and the total framework. Exploring the essentials of the business also educates us on the key issues facing her and the challenges and opportunities ahead of her.
The start up: Ms Yoxall started the baby gift business due to her fashion-designing job that turned redundant. She was inspired when she wanted to gift something special to her friend who had a baby and found bouquets to be boring and of no value. So she decided to give a baby bouquet one that is filled with baby products and that which would be a treat for the Mother and the child. - A bouquet made of baby products with flowers that are functional. The entrepreneur stated that her family had been a huge support for her by offering her the outhouse and backing her emotionally to try this new venture. She received help from Creative bias and Train 2000 an organization that helps women start up their own business.
Finance: Finance for a small firm is explained in the Book 'Entrepreneurship as "Smaller firms that in a midst of a strong growth stage will probably be unable to finance all of the growth from the initial capital and internally generated funds. Consequently they will