Entrepreneurial Innovation and Market Share of Small and Medium Enterprises in Lagos State, Nigeria

Entrepreneurial innovation is a vital driver of market share growth for SMEs in Lagos State, Nigeria.By adopting innovative practices, leveraging technology, and fostering a culture of continuous improvement, SMEs can enhance their competitiveness and achieve sustainable business success.However, few studies are available on effect of entrepreneurial innovation on market share of SMEs in Nigeria, therefore creating a gap that requires urgent research attention.More so, it is observed that SMEs owners/managers in Nigeria are unable to tap new markets and ease accessibility of their products and services, which may probably be as a result of lack of marketing innovation to carry out various changes in their product design, product packaging and also lagging behind in product promotion and pricing to address customers' needs.Based on the above rationale, the research study, therefore, examined the influence of dimensions of entrepreneurial innovation on the market share of selected SMEs within Lagos State, Nigeria.This study adopted a cross-sectional survey research design.The population to carry out the study comprised 42,067 owners/managers of SMEs in Lagos State, Nigeria.Cochran's formula was used to find out a sample size of 495.A simple random sampling technique was carried out on respondents.Data collection was carried out using a structured and validated questionnaire.The reliability test achieved Cronbach's alpha of 0.716 to 0.879 for the constructs.There was an attainment of 92.5% response rate.Multiple linear regression statistics was employed to put the hypothesis into testing on 5% significance level.The results presented that entrepreneurial innovation had a significant effect on market share (Adj.R2= 0.537, F(4,398)= 117.35, p<0.05).The study of entrepreneurial innovation dimensions concluded that it significantly affected the market share of selected SMEs in Lagos State, Nigeria.The recommendation presented is the fact that small and medium-sized enterprises operating in Lagos State should work towards actively cultivating and nurturing a culture of entrepreneurial innovation within their organizational frameworks.All this needs is a mindset that tolerates, encourages, or allows creativity, risk-taking and experimentation within the front lines among the employees.