ENTREPRENEURIAL INNOVATIVENESS AND THE PERFORMANCE OF SMALL MEDIUM ENTERPRISES (SMEs) IN YABA AREA OF LAGOS STATE, NIGERIA

Authors

  • Omolekan, O. J. University of Ilorin, Ilorin, Nigeria

Keywords:

Innovativeness, Entrepreneurship, Performance, Technology Innovation, Market Innovation.

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 SmartPLS 3, 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.

Author Biography

Omolekan, O. J., University of Ilorin, Ilorin, Nigeria

Department of Business Administration

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Published

2024-06-06

How to Cite

Omolekan, O. J. (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(2). Retrieved from https://fuw-ijmss.com.ng/index.php/fijmss/article/view/101