Innovation requires an innovation mind-set derived from behavioural aspects of individuals. To realize such a notion, this paper introduces a framework and integrated theory of planned behaviour (TPB) in the line with the exploratory and exploitative innovations. Attitudes towards innovation, subjective norms for innovation and perceived control over innovation can influence on exploratory and exploitative innovations in SMEs. It is believed that through exploratory and exploitative innovations, entrepreneurs in SMEs may achieve subjective wellbeing. The approach of applying the TPB to exploratory and exploitative innovations will have few implications. First it allows SMEs to understand which factors are important in doing exploratory and exploitative innovations. Second, it will indicate that doing exploratory and exploitative innovations can bring the feeling of perceived wellbeing among entrepreneurs. Finally, the framework identifies a number of areas for future research that can verify the comprehensive understanding of successful innovations. © 2017, IGI Global. All rights reserved.