ANALYSIS OF INNOVATIVE STRATEGIES INFLUENCE ON BUSINESS GROWTH OF SMES IN NAIROBI COUNTY, KENYA: CASE OF SMES IN GIKOMBA MARKET

In modern societies the role of SMEs in economic development, innovation, and gross domestic product (GDP) is evident. The Government of Kenya through Vision 2030 has tried to put an enabling environment to help nurture and grow smes. This research addresses a key determinant of SMEs business growth. SMEs have contributed to over 60% of jobs and statistics indicate that most of these smes are in the brink of failure as only two out of every five SMEs make it through past the first few months. The research specific objective was to assess the influence of innovative strategies on SME business growth. The target population was six hundred (600) smes. A sample size of one hundred and twenty (120) smes was selected using stratified random sampling. The research adopted a descriptive research design. Semi structured questionnaires and interview guides were used to collect data. Descriptive statistical techniques as well as a Statistical Package for Social Sciences (SPSS 21.0) were used to analyze collected data. The research revealed the existence of a positive relation between training and SMEs business growth. As the national and county governments seek to promote entrepreneurship and provides employment to the youth, there is need to invest in providing training to the youths and SME operators in general while creating an ease in business registration and operation. Entrepreneurs and the government should invest in training initiatives to boost SME entrepreneurial skills.