Innovativeness and Survival of Small and Medium Scale Enterprises in Nigeria
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Abstract
The study investigated the relationship between innovativeness and the survival of small and medium scale enterprises (SMEs) in Port Harcourt. The cross-sectional survey method was adopted. A sample size of eighty was drawn from a population of one hundred employees using the Taro Yamane formula. The questionnaire was the main instrument for data collection and data obtained were analyzed using the SPSS. Spearman’s rank correlation coefficient was used to test the hypotheses. Our findings revealed a strong and positive relationship between innovativeness and the measures of survival of small and medium scale enterprises. We concluded that innovativeness significantly and proportionately predicts the organizational performance and success level of SMEs. We recommended that firms should undertake more innovative and enterprising activities. Managers should encourage employees to think beyond the present situation. They should be willing to tolerate mistakes and reward new ideas contributed towards innovation and organizational survival. The government ought to as a matter of criticality help planned business visionaries to have admittance to the public purse to back them up. This could enable them to implement their innovative ideas.
Keywords
innovativeness, survival, enterprises, success.
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