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Published VersionCC BY-NC-ND V4.0, Open Access
Journal article
Business model redesign through effectual action in times of crisis
Journal of Small Business Management, Vol.63(3), pp.1106-1142
2025
Appears in UniSC Supported Open Access Outputs
Abstract
This paper explores why and how some small firms rapidly redesign their business models, while others wait for environmental turbulence to subside. Using multiple case studies, we analyzed changes made to 28 business models by 26 Australian firms, two months after the first COVID lockdown. We discover effectual action patterns utilized as firms redesigned their business models. Three key findings shed light on how effectuation drive entrepreneurial action, first we uncover how framing and entrepreneurial reframing plays a critical role in the contingency effectuation principle. Second our findings show that resources at hand is a necessary, but not sufficient condition for business model redesign. Third partnering, experimentation and affordable loss in combination is most strongly related to small firm business model innovation. Our proposed effectual action framework contributes to the effectuation literature, addressing calls to examine the underlying mechanisms and dynamics that explain effectual action and business model redesign.
Details
- Title
- Business model redesign through effectual action in times of crisis
- Authors
- Margarietha J de Villiers Scheepers (Corresponding Author) - University of the Sunshine Coast, Queensland, School of Business and Creative IndustriesSarel Gronum (Author) - The University of QueenslandStuart Cranney (Author) - University of the Sunshine Coast, Queensland, School of Business and Creative IndustriesNoel Tracey (Author) - University of the Sunshine Coast, Queensland, School of Business and Creative Industries
- Publication details
- Journal of Small Business Management, Vol.63(3), pp.1106-1142
- Publisher
- Wiley-Blackwell Publishing, Inc.
- Date published
- 2025
- DOI
- 10.1080/00472778.2024.2370512
- ISSN
- 0047-2778; 1540-627X
- Copyright note
- © 2024 The Author(s). Published with license by Taylor & Francis Group, LLC. This is an Open Access article distributed under the terms of the Creative Commons Attribution-NonCommercial-NoDerivatives License (http://creativecommons.org/licenses/by-nc-nd/4.0/), which permits non-commercial re-use, distribution, and reproduction in any medium, provided the original work is properly cited, and is not altered, transformed, or built upon in any way. The terms on which this article has been published allow the posting of the Accepted Manuscript in a repository by the author(s) or with their consent.
- Grants
- Queensland Regional Innovation Benchmark (QRIB), 0980026372, Sunshine Coast Council (Australia)
- Organisation Unit
- School of Business and Creative Industries
- Language
- English
- Record Identifier
- 991050398902621
- Output Type
- Journal article
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