Innovation in Entrepreneurship: A Study of Small and Medium Enterprises in Kanpur

Abstract

The impetuous provided by the government of India through ‘Make in India’ initiatives and the MSME ministry has brought about increased activity on the entrepreneurial scene. Success stories of young entrepreneurs have been a big motivating factor. With ever increasing competition both in the domestic and international markets, a need is necessitated for overcoming challenges with respect to costing, quality, diversification, product choices and innovation and upgradation of technology. In the case of SMEs, they cannot compete with the established players having enormous resources in their grasp. However SMEs have been able to stand up to the challenge by adopting innovation and innovative methodology. This paper is an attempt to analyze the link between entrepreneurship and innovation methodology. For improving product quality of SME’s entrepreneurs have to recognize the importance of innovations that has to take place at all levels within and outside the firm. This paper also explores the role of innovation methodology adopted by SMEs in relation to firm’s turnover, success and growth.