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In current economic conditions, one of the primary aims of strategic management in organizations is to improve their performance. This is especially applicable for Small and medium sized enterprises (SMEs) which need continuous innovation in order to survive and further develop. In that frame is of crucial importance innovativeness of SMEs. Innovativeness of SMEs and their members is dependent upon synergic set of factors, whereas most fundamental and/or underlying are personal values of SMEs members. First step in the process of improving innovativeness of SMEs is therefore holistical understanding of innovativeness and/or preferences of SMEs members towards innovativeness. In that frame this contribution discusses two theses: 1) Personal values of SMEs members are fundamental in/for understanding innovative thinking, and 2) SMEs members’ must innovate their values in order to retain/improve SMEs innovativeness. The paper presents a possible framework for innovating personal values of SMEs members in order to improve innovativeness of SMEs. Paper also lays and important ground work for further research of impact of personal values on SMEs members’ innovativeness.