Sudharshan Rao
Centurion University of Technology and Management, Odisha

Anita Patra
Professor, Centurion University of Technology and Management, Odisha

DOI: CJBES/Vol.1.1/June_2024

Abstract:

Small and medium-sized companies (SMEs) are essential for economic development and employment creation. The majority of countries throughout the world have recognized the importance of Small and Medium Enterprises (SMEs) in national economic growth by creating jobs, producing income, and promoting economic development. However, fast technological improvements, often changing legislation, and market competitiveness all pose problems to SMEs. This article investigates the role of business models and innovation in enabling small and medium-sized firms to achieve sustainable growth. Firms adapt their processes in response to market circumstances. This technique might assist them in maintaining their business in a competitive industry. This study examines the techniques and practices that aid in effective business model innovation in SMEs by analyzing business and model frameworks. The study’s results can improve SMEs’ competitiveness while contributing to sustainable social and economic growth. This research study offers significant insights for entrepreneurs, business executives, and policymakers looking to drive long-term growth in the SME sector.

Keywords: Business Model Innovation, SMEs, Economic Development, Sustainable Growth

References

1. Santhi, N., & Kumar, S. R. (2011). Entrepreneurship challenges and opportunities in India. Bonfring International Journal of Industrial Engineering and Management Science, 1(1), 14-16.
2. Teece, D. J. (2010). Business models, business strategy and innovation. Long range planning, 43(2-3), 172-194.
3. Zott, C., Amit, R., & Massa, L. (2011). The business model: recent developments and future research. Journal of management, 37(4), 1019-1042.
4. Soluk, J., Miroshnychenko, I., Kammerlander, N., & De Massis, A. (2021). Family influence and digital business model innovation: The enabling role of dynamic capabilities. Entrepreneurship Theory and Practice, 45(4), 867-905.
5. Foss, N. J., & Saebi, T. (2017). Fifteen years of research on business model innovation: How far have we come, and where should we go?. Journal of management, 43(1), 200-227.
6. Amit, R., & Zott, C. (2012). Creating value through business model innovation. MIT Sloan management review.
7. Ramdani, B., Binsaif, A., & Boukrami, E. (2019). Business model innovation: a review and research agenda. New England Journal of Entrepreneurship, 22(2), 89-108.
8. Tur-Porcar, A., Mas-Tur, A., Merigó, J. M., Roig-Tierno, N., & Watt, J. (2018). A bibliometric history of the journal of psychology between 1936 and 2015. The Journal of psychology, 152(4), 199-225.
9. Sosna, M., Trevinyo-Rodríguez, R. N., & Velamuri, S. R. (2010). Business model innovation through trial-and-error learning: The Naturhouse case. Long range planning, 43(2-3), 383-407.
10. Massa, G. D., Dufour, N. F., Carver, J. A., Hummerick, M. E., Wheeler, R. M., Morrow, R. C., & Smith, T. M. (2017). VEG-01: Veggie hardware validation testing on the International Space Station. Open Agriculture, 2(1), 33-41.
11. Schneider, S., & Spieth, P. (2013). Business model innovation: Towards an integrated future research agenda. International Journal of Innovation Management, 17(01), 1340001.
12. Casadesus‐Masanell, R., & Zhu, F. (2013). Business model innovation and competitive imitation: The case of sponsor‐based business models. Strategic management journal, 34(4), 464-482.
13. Al-Debei, M. M., & Avison, D. (2010). Developing a unified framework of the business model concept. European journal of information systems, 19(3), 359-376.
14. Osterwalder, A., & Pigneur, Y. (2010). Business model generation: a handbook for visionaries, game changers, and challengers(Vol. 1). John Wiley & Sons.
15. Amit, R., & Zott, C. (2001). Value creation in e‐business. Strategic management journal, 22(6‐7), 493-520.

Maheshkar, C., & Soni, N. (2021). Problems faced by Indian micro, small and medium enterprises (MSMEs). SEDME (Small Enterprises Development, Management & Extension Journal), 48(2), 142-159.