Entrepreneurial Characteristics and Business Innovative Creativity Affect the Business Performance of SMEs in Ubon Ratchathani Province, Thailand

Pichyada Pheunpha ()
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Pichyada Pheunpha: Department of Business Management, Faculty of Management Science, Ubon Ratchathani University

No 14916813, Proceedings of International Academic Conferences from International Institute of Social and Economic Sciences

Abstract: SMEs are widely acknowledged as essential economic growth, employment, and innovation drivers in both developed and developing economies. However, to survive and remain competitive, strong business performance is crucial for their success. The research aimed to examine the influence of entrepreneurial characteristics and innovative business creativity on the performance of SMEs in Ubon Ratchathani Province, Thailand. A questionnaire with a reliability coefficient (0.97) at a very high level was used in this study. Area sampling collected 271 small and medium enterprises in Ubon Ratchathani province, Thailand. The statistics used were descriptive statistics and multiple linear regression analysis. The results showed that eight sub-independent variables correlated with the business performance at a very high level (r = 0.87) and can explain or predict the variance of business performance at a high level with 74% (Adjusted R-Square). Seven variables affected the business performance of SMEs with statistical significance at 0.01** and 0.05*, which were entrepreneurial characteristics of management (? = 0.183**), taking risks (? = 0.181**), learning of business innovative creativity (? = 0.17**), creativity (? = 0.16**), innovation (? = 0.159*), operational (? = 0.15*), and autonomy (? = 0.12**), respectively. To enhance the performance of SMEs in Ubon Ratchathani Province, entrepreneurs should focus on improving their business management skills through workshops and tailored training, fostering a culture of calculated risk-taking by creating safe environments for experimentation, such as pilot projects, and investing in continuous learning and development to bolster innovative thinking, including seminars and mentorship programs. Additionally, organizing brainstorming sessions can promote creativity and lead to actionable outcomes from innovative ideas, and supporting employee autonomy will further enhance motivation and innovation. On the government side, creating support programs and facilitating networking opportunities will allow entrepreneurs to share best practices and challenges. Collaboration with research institutions can also drive innovation, while regular assessments of SME needs will ensure relevant and effective policy adjustments. Implementing these strategies will cultivate a more innovative and resilient business environment.

Keywords: Entrepreneurial Characteristics; Business Innovative; Creativity; Business Performance; SMEs (search for similar items in EconPapers)
JEL-codes: F14 (search for similar items in EconPapers)
Pages: 20 pages
New Economics Papers: this item is included in nep-sbm
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Published in Proceedings of the Proceedings of the 65th International Academic Conference, Venice, Nov -0001, pages 17-36

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