Product Development for Microenterprise: A New Technique
Keywords:business growth, growth strategy, small, micro and medium enterprises, MMEs
Entrepreneurs often make numerous decisions to grow business by developing new products for the market. However, many entrepreneurs face difficulties to sustain in the market and are forced to close their businesses. One of the reasons for the business closure is due to product failure. This paper aims to propose a new technique to guide the entrepreneur in enhancing a new product success rate and subsequently improve the small to micro and medium enterprises (SMMEs) business growth. The SCAARERU technique was developed based on the “SCAMPER” technique and the “Four Actions Blue Ocean'' strategy, which has been used extensively by businesses as a technique to generate new product ideas. Therefore, the SCAARERU technique serves as an excellent platform to motivate entrepreneurs to create ideas and assess business opportunities.