Fostering Innovation and Entrepreneurship in Small and Medium Enterprises (SMEs)
Fostering Innovation and Entrepreneurship in Small and Medium Enterprises (SMEs)

Summary/Abstract: Most of the SMEs in this decade have dealt with difficult market environment and the present financial crises around the world. This has weakened the position of SMEs. This research focuses on Innovation and Entrepreneurship in Small and Medium Enterprises (SMEs). The survey method was adopted. The quantitative research design was employed. The data was analyzed using manual and electronic based methods through the data preparation grid and statistical package for the social sciences, (SPSS). The study made use of statistical tools such as (ANOVA), correlation efficient and regression analysis in testing hypotheses where applicable. The findings from the two hypotheses revealed that product innovation and process innovation influenced SMEs performance significantly. This research revealed that innovation in SMEs is affected by financial resources deficiency, limited prospects for recruiting dedicated workers and innovation portfolios that are small in nature. Enterprises should create their own ideas in the model of innovation and then build, develop, distribute, and sustain these ideas. The study concluded that innovation model enhances SMEs on becoming strongly autonomous. The research recommended that process innovation should be driven by future environmental requirements and a desire to have a more sustainable pre-treatment process in the SMEs.

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