Resourcefulness and Business Model Agility: Navigating Adaptation During the COVID-19 Pandemic
DOI:
https://doi.org/10.55640/ijmbd-v02i07-01Keywords:
COVID-19 pandemic, small and medium-sized enterprises (SMEs), pivot strategiesAbstract
The unprecedented disruption caused by the COVID-19 pandemic necessitated rapid and significant adaptations by businesses across the globe.1 This article examines the critical role of resourcing actions, particularly entrepreneurial bricolage and resourcefulness, in enabling business model adaptation during times of severe crisis. Drawing on existing literature concerning crisis management, entrepreneurial behavior, and business model innovation, this study explores how firms, especially small and medium-sized enterprises (SMEs), leveraged their existing and reconfigured resources to maintain operations, pivot strategies, and identify new opportunities in an uncertain environment. The theoretical underpinnings of bricolage and resourcefulness provide a lens through which to understand the agile and often unorthodox approaches taken by entrepreneurs and managers. The findings contribute to a deeper understanding of crisis-induced business model transformation and highlight the importance of dynamic capabilities related to resource mobilization in fostering organizational resilience. This research offers valuable insights for businesses seeking to build adaptability in the face of future unforeseen disruptions.
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