Indian Journal of Commerce and Management Studies

Entrepreneurial Orientation and Business Performance: An Empirical Study of SMEs in Nashik District of Maharashtra

Dr. A. V. More — 2023-05-31

Purpose: Small and Medium-sized Enterprises (SMEs) act as a country's backbone for economic growth and employment generation. The ability of an organisation to recognise and grab opportunities, create new products and services, and adapt to evolving market conditions is directly connected with its entrepreneurial mentality. The current study aims at finding the relationship between entrepreneurial orientation and business performance of SMEs. Further, the study also aims at identifying the key factors that influence the entrepreneurial orientation of the SMEs and the strategies that can be used by the SMEs to enhance their entrepreneurial orientation and accordingly their business performance. Methodology: In this study, quantitative research design was followed and a cross-sectional survey was conducted to gather the data from a total of 69 SMEs from Nashik district. Stratified random sampling was utilized to select SMEs from various sectors proportionately. Descriptive and inferential statistical analyses were employed to analyze the collected data. Findings: The current study findings reveal that creativity and proactiveness play crucial roles in SME success. The results suggest that SMEs should foster an innovative and proactive culture to enhance their business performance. Moreover, the study emphasizes the significance of entrepreneurial orientation in overall success, with a considerable number of SMEs recognizing its importance. However, the findings indicate that risk-taking and autonomy do not significantly correlate with company performance, implying that SMEs should focus on other factors to improve their performance. Implications: The current study provides valuable insights about the relationship that exists between entrepreneurial orientation and the performance of the SMEs’ business at Nashik district, Maharashtra. The current study recommended the business people and decision-makers to emphasize on creativity in their business activities, nurture a work environment that boosts the entrepreneurial behaviour among the employees, develop strategic alliances, form a risk management strategy and leverage technology. The current study is a first-of-its-kind attempt among the target audience in the Nashik district of Maharashtra.

Application of corporate governance measures in Indian small and medium enterprises: A way forward

Dr. Nandkishor N. Dhondge — 2023-05-31

Purpose: The current review article provides a bird’s eye-view on corporate governance measures and its importance for the SMEs in India. In spite of its huge contribution to economic growth and employment generation, the role played by SMEs is often unrewarded and in cases, remains unacknowledged. Though corporate governance measures have been introduced before 30 years i.e., after Cadbury report, its 100% compliance among the large-sized corporations in India remains opaque. So, the current review work is a first-of-its-kind attempt to provide more insights about this unexplored domain, with regards to Indian SMEs. Indian SMEs have huge potentials that are yet to be untapped and it is possible to leverage the manpower, resources, raw materials and government support through proper channelization. Methodology: The current review follows the exploratory research approach since the studies pertaining to corporate governance in Indian SMEs are negligible. In order to fulfil this research gap, the study attempts at covering the most important aspects of the domain. Findings: The review highlighted the importance of corporate governance and emphasized the need for its implementation among the Indian SMEs so that it can compete with its international counterparts. The review quoted examples of implementing corporate governance among the SMEs in various developing nations and also provided policy-level recommendations. Implications: In order to gain sufficient level of trust and confidence upon the SMEs’ financial performance by the investors, the current review suggested the possible measures to be undertaken by the government and the entrepreneurs since the contribution should be collaborative in true spirit. Future empirical studies should be conducted in this domain so as to provide suggestions for the policy-makers, entrepreneurs, investors and so on. Originality: The current review article is a holistic paper that covered the aspects of corporate governance and detailed about the need for it case of Indian SMEs. Only a handful of studies focused on corporate governance in Indian SMEs so far which lacked to provide the way forward and the need for training, awareness, etc.

Role of Creativity and Technological Innovation in Achieving Entrepreneurial Success

Dr. Ifeanyi Mbukanma — 2023-05-31

Purpose. 'Necessity is the mother of invention' which acts as the baseline for any businesses to start, flourish, survive and reinvent itself to cater to the needs of the customers. Creativity, innovation, and entrepreneurship are crucial for the business owners to sustain their business. In the aftermath of COVID-19, technological innovations disrupted the way how businesses were functioning so far. So, there is a need exists to review the role played by creativity and technological innovation in achieving success. Methodology. The current review work follows an exploratory research framework and a multi-pronged approach was followed to study about the topics relevant to creativity, business innovation, technological innovation, entrepreneurial success, change management and the policy recommendations. Findings. With the advent of technologies and its obvious evolution in the upcoming decade, it is crucial for the business owners to be creative, dynamic enough and adapt to the growing market conditions. The current review detailed about the impact of artificial intelligence, machine learning and other disruptive technologies upon entrepreneurial success. The role played by artificial intelligence in upgrading the industrial ecosystem and the automation of processes has been investigated in detail. Further, the issues pertaining to change management and the implementation of AI have been discussed in detail. Implications. The review article provides an overview on how entrepreneurs should be tech-savvy, ready to migrate to new technologies, adapt to digital transformation so as to achieve success and sustain in a highly competitive market. Novelty. The current review is a first-of-its-kind that dealt with technological innovation and creativity to achieve entrepreneurial success in India. The study provided recommendations from substantial reports for the implementation of AI for an affordable social upbringing.