ENTREPRENEURIAL INNOVATION AND THE SUCCESS OF MANUFACTURING FIRMS IN ANAMBRA STATE

Abstract

This study examined the influence of entrepreneurial innovation on the success of manufacturing SMEs in Anambra State. Two specific objectives, research questions, and hypotheses were formulated with the decomposed variables of the study. The study was anchored on Schumpeter’s creative destruction theory. This study used a descriptive survey design. The study population was 2654, while the sample size was 336, arrived at using Krejcie and Morgan's (1970) formula. Data were collected using a self-administered questionnaire from the random sample of workers at the selected manufacturing SMEs in Anambra State. The simple random and stratified sampling techniques were used for the study. Descriptive statistics (frequency tables and percentages) were adopted for data presentation; however, the Pearson correlation coefficient was applied for hypothesis testing. The study found that entrepreneurial innovation has a significant and positive relationship with a firm’s success. This study concluded that to remain competitive as well as become profitable, manufacturing SMEs operating in Anambra State must embrace innovation and continuously seek ways to be innovate. Hence, manufacturing SMEs can leverage their success by continuously implementing product innovation and process innovation. The study recommended that manufacturing firms need to constantly endeavor to invest in different new product designs and improve on the existing products so as to attain a competitive advantage against competitors.