INNOVATION AND ENTREPRENEURIAL SUCCESS: THE CASE OF LAGOS STATE SELECTED SMALL & MEDIUM ENTERPRISES SMEs

This study examines innovation and entrepreneurial success with special reference to selected SMEs in Lagos State. The rationale for the study is to investigate how various types of innovations (product, process, marketing and administrative innovation respectively) influence entrepreneurial success. To this effect, this study adopts a descriptive research design which allows for the usage of questionnaire to collect information from 200 respondents which are purposively selected. Data obtained are analyzed via correlation and multiple regression analysis. Result from the study shows that, product, process and marketing innovation respectively, significantly influenced the entrepreneurial success of the selected firms. Conversely, administrative innovation did not enhance entrepreneurial success. In view of this outcome, this study recommends that, SMEs managers to establish a formidable firm structure and human resource management so as to overcome the menace of lack of administrative innovation. More so, SMEs owners and managers must be abreast of changes in technological trends while adopting modern techniques to enhance .every aspect of innovation activities. To this effect, this study suggested that, futuristic studies can examine other forms of innovation like business model innovation to further establish the relationship between innovation and entrepreneurial success.