Navigating Innovation: Understanding the Forces Behind Entrepreneurial Success in Small and Medium-sized Enterprises for Sustainable Business Ventures

Agnes Castro

doi:10.55927/eajmr.v4i8.353

Authors

Agnes Castro Philippine Christian University

DOI:

https://doi.org/10.55927/eajmr.v4i8.353

Keywords:

Entrepreneurship, Business Practices, Innovation, Navigational Technology

Abstract

This study was designed to investigates factors influencing entrepreneurial success and innovation adoption within SMEs in Mamburao. It aims to explore how leadership vision, resource availability, and market understanding contribute to innovation adoption. This approach provides comprehensive insights into entrepreneurial dynamics, innovation practices, and sustainability initiatives within the SME sector. Moreover, SMEs in Mamburao employ diverse innovation strategies including product/service innovation, process optimization, market expansion through digital platforms, collaborative partnerships, and sustainability initiatives. Based on these findings, practical recommendations are provided to enhance innovation adoption and sustainability practices within SMEs. These include strengthening leadership capabilities, optimizing resource allocation, fostering an entrepreneurial culture, and leveraging strategic partnerships. The study also proposes a strategic model for cultivating sustainable business ventures tailored to the context of SMEs in Mamburao.

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