Abstract
Rogers (1983) defines innovation as an idea, practice, or object that is perceived as new by individuals or units that adopt it. Innovation can be seen as “something that is new or improved and that which creates value”. For an entrepreneurial firm defined by Miller (1983) as, “the one that engages in product, market innovation, undertakes risky ventures, and is first to come up with proactive innovations, beating competitors to the punch”, innovation is considered integral for its existence. These entrepreneurial firms can be small and medium enterprises (SME’s) also. This study attempts to understand the perspective of innovation, characteristics of the entrepreneurial firms and their innovative practices.
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