Access to capital, market knowledge, product innovation, working capital and entrepreneurial orientation, are the top five enablers identified to overcome the impact of uncertain environment on internationalizing MSMEs’ recovery.
Authors
Akash Saharan, Assistant Professor, Jindal Global Business School, O.P. Jindal Global University, Sonipat, Haryana, India
Krishan Kumar Pandey, Professor, Jindal Global Business School, O.P. Jindal Global University, Sonipat, Haryana, India
Mayank Dhaundiyal, Professor, Jindal Global Business School, O.P. Jindal Global University, Sonipat, Haryana, India
Rajat Agrawal, Department of Management Studies, Indian Institute of Technology Roorkee, Roorkee, India
Anil Kumar, Guildhall School of Business and Law, London Metropolitan University, London, United Kingdom
Summary
Purpose: Volatility, uncertainty, complexity and ambiguity (VUCA) due to crises like COVID-19 and geo-economic tensions have put micro, small and medium enterprises (MSMEs), especially international MSMEs, under stress in emerging economies. Hence, these firms must focus on survival and formulate strategies to recover from the VUCA environment. This study aims to identify and examine the enablers of internationalizing MSMEs’ recovery and provides suggestions for stronger recovery.
Design/methodology/approach: A threefold approach consisting of literature review, prioritization and modelling suggestions is used in this study. The firm level main enablers and their corresponding sub-enablers are determined under the gamut of resource-based view and ranked using expert opinions. Best-worst method (BWM) followed by sensitivity analysis is used to rank identified enablers and their validation respectively. Finally, a “layered cake foundations-approaches-strategies-transition (FAST) model” is suggested for implications.
Findings: The top five enablers identified to overcome the impact of uncertain environment on internationalizing MSMEs’ recovery are “access to capital,” “market knowledge,” “product innovation,” “working capital” and “entrepreneurial orientation.” Based on these findings, the FAST model is proposed.
Research limitations/implications: The results of our investigation have important implications not only for MSMEs striving for recovery but also for consultants, policymakers and scholars working in this area. Originality/value Since there is a dearth of studies in the recovery from a VUCA environment such as COVID-19, the contributions of the current study are unique to the IB literature and important for internationalizing MSMEs.
Published in: Journal of Modelling in Management
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