Entrepreneurship and Innovation in Small Scale Enterprises: A Case Study of SamteX Small Scale Enterprise in Nigeria

Abstract

Entrepreneurship and Innovation are increasingly becoming critical areas of management for any business as they are closely associated with value creation and employment creation-both in public and private sectors with greater emphasis in the private sector as the driver of economic growth in the world over. In order to survive and remain relevant in the 21st century, businesses need to take an entrepreneurial approach and be innovative in the manner they do business. This paper aims at exploring entrepreneurial activities and innovation capabilities of enterprises established a business; the task is to critically evaluate the degree of entrepreneurship and innovation in the areas of products/services and growth strategies. The study gives detail analysis of the micro and macro environment and considers the challenges and opportunities they present to the enterprises. To achieve this, key principles, concepts, theories and models of entrepreneurship and innovation is adopted. Furthermore, the study makes appropriate and feasible recommendations that clearly demonstrate creativity on how the enterprises should exploit existing or identified entrepreneurial and innovation opportunities while mitigating identified macro and micro challenges faced by the enterprises. In addition, the study focuses on the practice and addressing real challenges and opportunities faced by enterprises in the 21st century while also developing entrepreneurial and innovation skills in businesses.

Keywords: Entrepreneurship, innovation, enterprises, products/services, growth strategies, opportunities, challenges, micro and macro environment.