Effect of Innovation Processes on the Financial Growth of Small Scale Businesses in Custom Market, Juba-South Sudan

Abstract

Innovation refers to the introduction of new products, services, processes, or ideas in conducting businesses. It encompasses both technological advancements and non-technological improvements, such as organizational changes or novel marketing strategies. The main aim of this study was to assess the overall effect of innovation processes on the performance and growth of small-scale businesses in Custom market. The study adapted a descriptive survey design, by quantitative approaches to enrich the understanding of the phenomenon under study. The study adopted; descriptive Statistics; Mean, Percentages, Frequencies, Standard deviation and Inferential Statistics; Correlation analysis to determine the relationships, ANOVA to test the model fitness, and Regression analysis to test the effect of independent variables on the dependent. The research findings stated that, ideas development had a weak positive insignificant relationship with and financial growth. Idea development had no statistical effect on financial growth. It also revealed that based on idea selection had a strong positive significant relationship with financial growth. The findings also indicated Idea implementation had a weak positive insignificant relationship with financial growth and it had no statistical effect on financial growth. It was recommended that business idea development should be done by in-depth exploration of passion, skills and keen observation to identify market gaps and opportunities thus improving financial growth. There is also need for a study to identify customers’ satisfaction factors that can be improved through innovation processes by the small scale businesses in Custom market, Juba South Sudan.