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Entrepreneurial bricolage in the aftermath of a shock. Insights from Greek SMEs

Entrepreneurial bricolage in the aftermath of a shock. Insights from Greek SMEs AbstractThe world has seen several waves of economic crises, which have had a severe impact on small and medium-sized enterprises (SMEs), such as the Great Depression of the 1930s, the financial crisis in the late 2000s and, most recently, the global COVID-19, because they strip SMEs from their much needed resources. Prior research suggests that SMEs use bricolage to cope with such negative external shocks. While there is a rich discussion on how SMEs carry out their bricolage processes, the literature provides little empirical evidence on what actually happens in times of crisis. To examine whether the SME bricolage process described in the literature is consistent with how SMEs use bricolage when they face a business environment crisis, we conducted a qualitative study of six SMEs’ response to the austerity measures of the bailout programme for Greece, scheduled by the EU, ECB and IMF, which were known to have unambiguously led to the deterioration of the SME business environment. We found that bricolage occurred across all SMEs’ activities as expected. However, contrary to the literature, we found that bricolage did not lead the strategic approach of any of the investigated SMEs. Rather, bricolage was integrated within their overall strategy. Furthermore, we found that how the bricolage is unrolled depends on the SME sector. With this knowledge, the present study suggests policymakers need to adjust their support system towards enabling resource-constrained SMEs to deal with the aftermath of negative shocks in their business environment. http://www.deepdyve.com/assets/images/DeepDyve-Logo-lg.png Journal of Small Business & Entrepreneurship Taylor & Francis

Entrepreneurial bricolage in the aftermath of a shock. Insights from Greek SMEs

Entrepreneurial bricolage in the aftermath of a shock. Insights from Greek SMEs

Journal of Small Business & Entrepreneurship , Volume 32 (6): 18 – Nov 1, 2020

Abstract

AbstractThe world has seen several waves of economic crises, which have had a severe impact on small and medium-sized enterprises (SMEs), such as the Great Depression of the 1930s, the financial crisis in the late 2000s and, most recently, the global COVID-19, because they strip SMEs from their much needed resources. Prior research suggests that SMEs use bricolage to cope with such negative external shocks. While there is a rich discussion on how SMEs carry out their bricolage processes, the literature provides little empirical evidence on what actually happens in times of crisis. To examine whether the SME bricolage process described in the literature is consistent with how SMEs use bricolage when they face a business environment crisis, we conducted a qualitative study of six SMEs’ response to the austerity measures of the bailout programme for Greece, scheduled by the EU, ECB and IMF, which were known to have unambiguously led to the deterioration of the SME business environment. We found that bricolage occurred across all SMEs’ activities as expected. However, contrary to the literature, we found that bricolage did not lead the strategic approach of any of the investigated SMEs. Rather, bricolage was integrated within their overall strategy. Furthermore, we found that how the bricolage is unrolled depends on the SME sector. With this knowledge, the present study suggests policymakers need to adjust their support system towards enabling resource-constrained SMEs to deal with the aftermath of negative shocks in their business environment.

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References (47)

Publisher
Taylor & Francis
Copyright
© 2020 Journal of the Canadian Council for Small Business and Entrepreneurship/Conseil Canadien de la PME et de l’entrepreneuriat
ISSN
2169-2610
eISSN
0827-6331
DOI
10.1080/08276331.2020.1764733
Publisher site
See Article on Publisher Site

Abstract

AbstractThe world has seen several waves of economic crises, which have had a severe impact on small and medium-sized enterprises (SMEs), such as the Great Depression of the 1930s, the financial crisis in the late 2000s and, most recently, the global COVID-19, because they strip SMEs from their much needed resources. Prior research suggests that SMEs use bricolage to cope with such negative external shocks. While there is a rich discussion on how SMEs carry out their bricolage processes, the literature provides little empirical evidence on what actually happens in times of crisis. To examine whether the SME bricolage process described in the literature is consistent with how SMEs use bricolage when they face a business environment crisis, we conducted a qualitative study of six SMEs’ response to the austerity measures of the bailout programme for Greece, scheduled by the EU, ECB and IMF, which were known to have unambiguously led to the deterioration of the SME business environment. We found that bricolage occurred across all SMEs’ activities as expected. However, contrary to the literature, we found that bricolage did not lead the strategic approach of any of the investigated SMEs. Rather, bricolage was integrated within their overall strategy. Furthermore, we found that how the bricolage is unrolled depends on the SME sector. With this knowledge, the present study suggests policymakers need to adjust their support system towards enabling resource-constrained SMEs to deal with the aftermath of negative shocks in their business environment.

Journal

Journal of Small Business & EntrepreneurshipTaylor & Francis

Published: Nov 1, 2020

Keywords: Entrepreneurship; entrepreneurial bricolage; SMEs; crisis; entrepreneuriat; environnement sans ressources; bricolage entrepreneurial; PME; crise

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