Entrepreneurial Strategies And Development Of Small And Medium Scale Enterprises (Smes)

Abstract

This paper examines today’s dynamic business landscape, the growth and sustainability of small and medium scale enterprises (SMEs) rely heavily on effective entrepreneurial strategies. Its explores key strategies for SME development, including innovation, market penetration, strategic partnerships, and digital transformation. Thus, the paper discusses the challenges faced by SMEs and proposes actionable solutions to overcome them. By implementing these strategies, SMEs can not only survive but thrive in competitive markets, driving economic growth and fostering innovation. The theoretical framework for entrepreneurial strategies in small and medium enterprises (SMEs) provides a structured approach to understanding how various strategies contribute to the growth and sustainability of these businesses are Resourced Based View and Technology Adoption and Innovation. The methodology adopted for this paper is secondary sources of data in which existing literatures were consulted and inferences were made based on their objectives i.e. the secondary data were sourced for from relevant journal articles, books, publications and the Internet as well as published data from scholarly sources. The paper concluded that entrepreneurial strategies are essential for SMEs seeking to achieve sustainable growth and competitiveness in today's dynamic business environment