Entrepreneurial Innovativeness and the Performance of Small Medium Enterprises (SMES) in Yaba Area of Lagos State, Nigeria
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Date
2024
Journal Title
Journal ISSN
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Publisher
Department of Business Administration, Federal University Wukari, Taraba State.
Abstract
Entrepreneurs, characterized by their risk-taking disposition, embark on ventures with a keen eye on market dynamics. This distinctive approach involves not only recognizing current market trends but also anticipating future shifts, enabling entrepreneurs to proactively position their ventures for success. This study underscores the real-world challenges and opportunities faced by SMEs in navigating the global business landscape through effective entrepreneurial innovation strategies and SMEs performance in the Yaba area of Lagos State. Utilizing SmartPLS3, a path model was constructed to analyze the impact of market innovation and technology innovation on SMEs performance, using brand recognition, patronage, and market share as proxies. The results revealed a nuanced dynamic, showcasing a weak negative effect of market innovation on SMEs performance, coupled with a moderate positive correlation between technology innovation and SMEs performance. The R square value of 0.049 indicates that though statistically significant, a modest portion of SMEs performance variability were accounted for in the model. The study recommends SMEs to prioritize technology innovation, allocating more resources to research and development, adopting digital technologies, fostering collaborative innovation networks, and incorporating continuous market research and customer feedback. Additionally, fostering collaborative innovation networks, continuous market research, and customer feedback integration were suggested for a more comprehensive approach to innovation. As SMEs continue to navigate global challenges, the findings and recommendations offer actionable insights, paving the way for further research into unexplored factors influencing SMEs performance in the context of entrepreneurial innovativeness.
Description
Keywords
Innovativeness, Entrepreneurship, Performance, Technology innovation, Market Innovation
Citation
Omolekan, O.J. & Akinsanya, D. O. (2024).Entrepreneurial Innovativeness and the Performance of Small Medium Enterprises (SMES) in Yaba Area of Lagos State, Nigeria, FUW-International Journal of Management and Social Sciences, 9(1), 213-225, Published by the Department of Business Administration, Federal University Wukari, Taraba State.