ENTERPRENEURIAL INNOVATIVENESS AS A FACTOR OF SUCCESS ENTERPRENEURIAL BUSINESS PERFORMANCE

Abstract

Innovativeness is a key entrepreneurial orientation needed to successfully develop products and services to face continuous change and uncertainty. Entrepreneurial innovativeness can, to some extent, improve the ability of the entrepreneur to identify and develop opportunities, which will significantly improve their business performance. Therefore, it is necessary to determine how much and what the contribution of entrepreneurial innovation is to two types of business performance - financial performance and innovation performance. The research was conducted on the example of 40 entrepreneurs in central Serbia who introduced at least one kind of innovation in their business. The paper aims to identify the contribution of entrepreneurial innovativeness to entrepreneurial business performance in central Serbia. To test the hypotheses, regression analysis was applied. The results indicate a positive contribution of entrepreneurial innovativeness to financial performance and innovation performance. Results also indicate the need for additional improvement of the innovative activities of the observed entrepreneurs.