Small and Medium size Software Enterprises (SME’s) often faces many challenges in the pursuit of developing quality software due to various factors such as limited resources, time and complexity, cost, frequent changes in the requirement by the stakeholder due to the agile development process where customer satisfaction is paramount. Even though the testing activities carried out in a traditional way but still there are many projects exposed to vulnerability and other critical issues which goes unnoticed. Exploratory Testing is an approach which helps to solve this issue by identifying the bugs which can be fixed before being delivered to the stakeholder. So far there is no standard approach available for Exploratory Testing. Based on the previous research work and analysing various literatures, a new conceptual framework has been developed. The proposed conceptual framework for Exploratory Testing, is to be analysed using Partial Least Squares Structural Equation Modelling (PLS-SEM). The reliability and validity of the research framework is being assessed using the measurement model in PLS-SEM.