Innovation and Organisational Resilience among Small and Medium-Sized Enterprises in Lagos State

Abstract

The study conducted a comprehensive examination to assess the impact of entrepreneurial innovativeness on organisational resilience within the Small and Medium-Sized Enterprises (SMEs) sector in Lagos State, Nigeria. In today's fiercely competitive business environment, it is imperative for startups and SMEs to consistently foster innovation as a core component of their operational strategy. This research employed a descriptive research design and gathered data from a sample of 500 business owners representing various SMEs sectors. The primary data collection tool was a self-structured questionnaire. The study's findings revealed a significant and positive correlation between entrepreneurial innovativeness within business organisations and their corresponding levels of organisational resilience. This correlation underscores the pivotal role that innovation plays in determining an organisation’s ability to withstand and navigate through challenging and turbulent conditions, especially in the context of SMEs in Lagos State. In light of these findings, the study puts forth valuable recommendations for business owners, particularly those at the startup stage. It strongly advises that businesses, regardless of their size, should consistently integrate innovation into their product development, operational processes, and overall organisational culture. By doing so, businesses can not only survive but also make a lasting impact in the highly dynamic and competitive business environment of Lagos State. This proactive approach to innovation is essential for long-term sustainability and success.