THE EFFECT OF INNOVATION TOWARDS THE GROWTH OF SMALL SCALE BUSINESSES IN UGBOWO BENIN CITY

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ABSTRACT

This study investigated the effect of innovation on the growth of small-scale businesses. Through an empirical analysis of demographic data and survey responses collected from 200 respondents, key insights into innovation awareness, practices, and perceived barriers were examined. The demographic analysis revealed a diverse representation across gender, age groups, marital status, and educational backgrounds among the respondents, highlighting the need for inclusive perspectives in discussions on innovation and business growth. The findings underscored a strong positive attitude towards innovation, with respondents acknowledging its significance for competitiveness and growth. High mean scores were observed across various indicators, indicating proactive engagement in seeking and implementing innovative ideas and technologies. Furthermore, respondents attributed positive outcomes such as increased customer base, marketing efficiency, and productivity to innovative practices. However, challenges such as limited access to resources and government support were identified as significant barriers to innovation. Collaboration, financial support, and training programs emerged as potential enablers to overcome these barriers and foster innovation. Overall, the study highlights the critical role of innovation in driving growth for small-scale businesses and emphasizes the importance of addressing systemic challenges to create a conducive environment for innovation adoption and sustainable business development.

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