Fundamentals

Small businesses often resemble speedboats in a vast ocean, nimble and quick to react, yet vulnerable to sudden storms. They don’t possess the inertia of massive tankers, the Fortune 500 behemoths that can often weather any squall through sheer size. Instead, SMBs thrive, or perish, based on their capacity to adapt, a trait less about brute force and more about intelligent agility. This adaptability, in business parlance, edges close to what academics call dynamic capability.

Decoding Dynamic Capability for Small Business

Dynamic capability, at its core, describes a company’s ability to change, to morph, to reconfigure itself in response to a shifting environment. Think of it less as a fixed asset and more as a muscle, one that strengthens with use, or atrophies from neglect. For a small business owner juggling payroll, marketing, and customer service, this might sound like abstract corporate speak.

However, strip away the academic veneer, and you find something profoundly practical. It’s about not getting blindsided when the market shifts, when a competitor emerges, or when technology renders your old way of doing things obsolete.

Dynamic capability is not about having a static plan; it’s about having the organizational reflexes to create new plans as the game changes.

Consider Sarah’s bakery, a local favorite known for its sourdough. For years, Sarah relied on foot traffic and word-of-mouth. Then, a trendy vegan bakery opened across the street, and suddenly, Sarah’s customer base started to dwindle. A business without dynamic capability Meaning ● SMBs enhance growth by adapting to change through Dynamic Capability: sensing shifts, seizing chances, and reconfiguring resources. might simply double down on what worked before, perhaps increasing advertising for sourdough.

A business with it, however, would sense the shift, analyze the new competitive landscape, and adapt. Sarah, in this case, started experimenting with gluten-free options, leveraging social media for targeted ads, and even partnered with local coffee shops to expand her reach. This wasn’t a pre-ordained strategy; it was a reaction, an adaptation, a demonstration of dynamic capability in action.

The Three Pillars of SMB Agility

Dynamic capability isn’t some mystical business superpower. It’s built on concrete actions, often falling into three interconnected categories:

Sensing ● Keeping Your Ear to the Ground

This is about vigilance, about constantly scanning the horizon for changes. For an SMB, this isn’t about expensive market research Meaning ● Market research, within the context of SMB growth, automation, and implementation, is the systematic gathering, analysis, and interpretation of data regarding a specific market. reports, but about paying attention to what’s happening around you. Are customer preferences changing? Are new technologies emerging?

Are competitors making moves? Sensing is about active listening, both to your customers and to the broader market signals.

Think of a local bookstore owner who notices a surge in online book sales and the rise of e-readers. Sensing this trend isn’t complicated; it’s about reading industry news, observing customer behavior, and being aware of technological advancements. Ignoring these signals would be a failure of sensing, a critical misstep in dynamic capability.

Seizing ● Acting When Opportunity Knocks (or Threat Looms)

Sensing is useless without action. Seizing is about taking advantage of opportunities or mitigating threats that sensing reveals. It’s about making decisions, often quickly and decisively, and allocating resources to respond effectively. For an SMB, this might mean investing in new technology, entering a new market niche, or even fundamentally changing a business process.

The bookstore owner who sensed the digital shift now needs to seize the opportunity. This might involve creating an online store, offering e-books alongside physical books, hosting online book clubs, or even transforming part of the physical store into a community space to offer experiences that online retailers can’t replicate. Seizing requires courage, a willingness to step outside the comfort zone, and to invest in change.

Transforming ● Changing the Core to Stay Relevant

Transformation is the deepest level of dynamic capability. It’s about fundamentally altering the business model, the organizational structure, or even the core competencies of the SMB to ensure long-term survival and growth. This isn’t about tweaking existing processes; it’s about rebuilding parts of the machine while it’s still running.

For our bookstore example, transformation might mean shifting from primarily selling books to becoming a community hub centered around literature and learning. This could involve hosting workshops, partnering with local schools, offering writing classes, or even becoming a co-working space for writers and readers. Transformation is radical, often painful, but sometimes essential for long-term relevance in a dynamic market.

Dynamic Capability and SMB Implementation ● A Practical Dance

So, what role does dynamic capability play in SMB implementation? It’s not a separate step in the implementation process; it’s the underlying rhythm that guides the entire dance. Implementation, whether it’s adopting new software, entering a new market, or automating a process, is rarely a linear, predictable journey. Things change, unexpected obstacles arise, and initial plans often need to be adjusted.

Dynamic capability ensures that SMB implementation Meaning ● SMB Implementation: Executing strategic plans within resource-limited SMBs for growth and efficiency. isn’t a rigid march toward a pre-defined goal, but a flexible, adaptive process. It allows SMBs to:

• Adjust Implementation Plans ● When initial assumptions prove wrong, dynamic capability allows for course correction, ensuring implementation stays aligned with evolving realities.
• Overcome Unexpected Hurdles ● Implementation rarely goes perfectly. Dynamic capability equips SMBs to identify and overcome unforeseen challenges, keeping the project on track.
• Maximize Implementation Outcomes ● By constantly sensing and seizing, SMBs can identify opportunities to enhance implementation outcomes, going beyond the initial plan to achieve even better results.

Imagine a small manufacturing company implementing a new inventory management system. Initially, they might plan for a simple, direct implementation. However, as they start the process, they realize that their existing data is messier than anticipated, requiring a more complex data migration strategy.

A company with dynamic capability would sense this data quality issue, seize the opportunity to invest in data cleansing and migration expertise, and transform their implementation plan to accommodate this new reality. Without dynamic capability, they might stubbornly stick to the original plan, leading to a flawed implementation and wasted resources.

Automation, Growth, and the Dynamic Edge

Dynamic capability becomes even more critical when considering SMB growth Meaning ● SMB Growth is the strategic expansion of small to medium businesses focusing on sustainable value, ethical practices, and advanced automation for long-term success. and automation. Growth inevitably brings complexity, requiring SMBs to adapt their structures, processes, and strategies. Automation, while offering efficiency gains, also introduces change, demanding adjustments in workflows and potentially workforce skills.

For SMBs pursuing automation, dynamic capability is the compass guiding their journey. It allows them to:

1. Identify the Right Automation Opportunities ● Sensing market trends and technological advancements helps SMBs pinpoint automation areas that offer the greatest strategic advantage.
2. Implement Automation Adaptively ● Dynamic capability ensures automation implementation is flexible, allowing for adjustments based on real-time feedback and evolving needs.
3. Leverage Automation for Growth ● By continuously sensing and seizing, SMBs can use automation not just for efficiency, but as a platform for innovation and growth, exploring new markets and service offerings.

Consider a small e-commerce business experiencing rapid growth. They decide to automate their customer service Meaning ● Customer service, within the context of SMB growth, involves providing assistance and support to customers before, during, and after a purchase, a vital function for business survival. using chatbots. A dynamically capable SMB would not just blindly implement any chatbot solution. They would sense customer feedback, monitor chatbot performance, and adapt their automation strategy based on real-world results.

They might start with basic FAQs, then gradually expand chatbot capabilities as they learn more about customer needs and preferences. This iterative, adaptive approach, driven by dynamic capability, ensures automation becomes a growth enabler, not a rigid constraint.

Dynamic capability, therefore, isn’t a luxury for SMBs; it’s a survival imperative. It’s the ability to learn, adapt, and evolve in a business world that is constantly in motion. For the small business owner navigating the choppy waters of entrepreneurship, cultivating dynamic capability is akin to learning to read the waves, adjust the sails, and steer the boat toward opportunity, even when the winds shift unexpectedly.

In the SMB landscape, dynamic capability is the difference between merely reacting to change and proactively shaping your own future.

Intermediate

The lifecycle of a small to medium-sized business resembles a biological organism more than a static machine. It’s born, it grows, it adapts, and sometimes, despite best efforts, it declines. This inherent dynamism necessitates a management philosophy that transcends rigid planning and embraces fluidity. For SMBs, dynamic capability isn’t a theoretical construct; it’s the oxygen they breathe, the metabolic process that fuels their evolution and survival in competitive ecosystems.

Beyond Reactive Adaptation ● Proactive Dynamic Capability

While the fundamentals of dynamic capability in SMBs often center on reacting to immediate market shifts, a more sophisticated understanding involves proactive capability building. This moves beyond simply responding to threats and opportunities as they arise, to actively shaping the SMB to anticipate and even influence future market dynamics. It’s about developing organizational foresight and agility not just for the present, but for the projected landscapes of tomorrow.

Consider a mid-sized regional restaurant chain. A reactive approach to dynamic capability might involve adjusting menus based on current food trends or implementing online ordering in response to competitor actions. A proactive approach, however, would involve investing in data analytics Meaning ● Data Analytics, in the realm of SMB growth, represents the strategic practice of examining raw business information to discover trends, patterns, and valuable insights. to predict future culinary preferences, experimenting with sustainable sourcing models before they become mainstream, or even exploring vertical integration by establishing relationships with local farms to secure supply chains and differentiate their brand. This proactive stance requires a deeper level of organizational learning Meaning ● Organizational Learning: SMB's continuous improvement through experience, driving growth and adaptability. and strategic foresight.

Deconstructing Dynamic Capability ● The Microfoundations

To understand how SMBs can cultivate proactive dynamic capability, it’s essential to delve into its microfoundations ● the specific organizational and managerial processes that underpin sensing, seizing, and transforming. These aren’t abstract concepts; they are concrete actions and routines that SMBs can consciously develop and refine.

Sensing Capabilities ● Market Intelligence and Foresight

Effective sensing in SMBs transcends anecdotal customer feedback Meaning ● Customer Feedback, within the landscape of SMBs, represents the vital information conduit channeling insights, opinions, and reactions from customers pertaining to products, services, or the overall brand experience; it is strategically used to inform and refine business decisions related to growth, automation initiatives, and operational implementations. and reactive market analysis. It requires establishing structured mechanisms for gathering, interpreting, and disseminating market intelligence. This includes:

• Developing Market Sensing Routines ● Implementing regular scans of industry publications, competitor websites, social media trends, and customer feedback channels. This isn’t a one-off activity but an ongoing process embedded in daily operations.
• Fostering Open Communication Channels ● Encouraging employees at all levels, especially those in customer-facing roles, to share market insights and observations. This requires a culture of open communication and valuing bottom-up intelligence.
• Leveraging Data Analytics ● Utilizing readily available data analytics tools to identify patterns in customer behavior, sales trends, and market shifts. Even basic analytics can reveal valuable insights that inform strategic decisions.

A small software-as-a-service (SaaS) company, for example, might implement a system for tracking user feature requests, monitoring online forums for discussions about industry pain points, and conducting regular competitor analysis to identify emerging product trends. This structured approach to sensing allows them to anticipate market needs and proactively develop new features or product lines.

Seizing Capabilities ● Resource Orchestration and Opportunity Exploitation

Seizing opportunities in a dynamic environment requires more than just recognizing them; it demands the ability to quickly mobilize resources and execute strategic responses. For SMBs, this often involves:

• Flexible Resource Allocation Meaning ● Strategic allocation of SMB assets for optimal growth and efficiency. Processes ● Moving away from rigid annual budgets to more agile resource allocation models that allow for rapid reallocation of funds and personnel to capitalize on emerging opportunities.
• Developing Project Management Agility ● Adopting agile project management Meaning ● Agile Project Management, within the realm of SMB growth, constitutes an iterative approach to software development and project execution, enabling SMBs to respond rapidly to evolving market conditions and customer feedback. methodologies that enable rapid prototyping, iterative development, and quick adjustments to implementation plans.
• Building Strategic Partnerships ● Leveraging external networks and partnerships to access complementary resources, expertise, and market reach, accelerating the seizing process.

Consider a small craft brewery that senses a growing demand for non-alcoholic craft beers. Seizing this opportunity requires them to quickly reallocate resources to product development, adjust their brewing processes, and potentially partner with distributors who specialize in the non-alcoholic beverage market. Agile resource allocation and strategic partnerships Meaning ● Strategic partnerships for SMBs are collaborative alliances designed to achieve mutual growth and strategic advantage. are crucial for rapid opportunity exploitation.

Transforming Capabilities ● Organizational Learning and Reconfiguration

Transforming the SMB for sustained dynamic capability requires a deep commitment to organizational learning and a willingness to fundamentally reconfigure internal structures and processes. This includes:

• Establishing a Culture of Experimentation and Learning ● Encouraging risk-taking, embracing failure as a learning opportunity, and fostering a mindset of continuous improvement and adaptation.
• Developing Knowledge Management Meaning ● Strategic orchestration of SMB intellectual assets for adaptability and growth. Systems ● Implementing systems for capturing, codifying, and disseminating organizational knowledge, ensuring that lessons learned from past adaptations are readily accessible and applied to future challenges.
• Promoting Organizational Ambidexterity ● Balancing the need for efficiency and exploitation of existing capabilities with the imperative for exploration and development of new capabilities. This often requires creating separate organizational units or teams focused on innovation and future-oriented initiatives.

A traditional brick-and-mortar retailer facing the disruptive force of e-commerce needs to undergo significant transformation. This might involve not just launching an online store, but fundamentally rethinking their business model, potentially shifting towards a hybrid online-offline approach, developing new customer service strategies, and retraining their workforce to adapt to the digital retail landscape. Organizational learning and reconfiguration are essential for navigating such transformative shifts.

Dynamic Capability Implementation ● A Stage-Based Approach for SMBs

Implementing dynamic capability in SMBs isn’t an overnight transformation; it’s a gradual process that can be approached in stages, tailored to the specific context and resources of the business.

Stage 1 ● Foundational Sensing. Focus on establishing basic market sensing routines. This might involve subscribing to industry newsletters, setting up Google Alerts for relevant keywords, and conducting informal customer surveys. The goal is to create awareness of external changes and begin building a habit of market monitoring.

Stage 2 ● Reactive Seizing. Once basic sensing is in place, focus on developing reactive seizing capabilities. This might involve creating a rapid response team to address immediate threats or opportunities, establishing a small budget for experimentation, and streamlining decision-making processes to enable quicker action.

Stage 3 ● Proactive Sensing and Seizing. Move towards proactive sensing by investing in more sophisticated market research, data analytics tools, and scenario planning Meaning ● Scenario Planning, for Small and Medium-sized Businesses (SMBs), involves formulating plausible alternative futures to inform strategic decision-making. exercises. Develop proactive seizing capabilities by establishing more flexible resource allocation processes, implementing agile project management, and actively seeking strategic partnerships.

Stage 4 ● Transformative Capability Building. Focus on long-term organizational transformation. This involves embedding a culture of learning Meaning ● Within the SMB landscape, a Culture of Learning signifies a business-wide commitment to continuous skills enhancement and knowledge acquisition. and experimentation, implementing knowledge management systems, and fostering organizational ambidexterity. This stage is about building dynamic capability into the DNA of the SMB.

This stage-based approach allows SMBs to progressively build dynamic capability without overwhelming their resources or disrupting their core operations. It’s a journey of continuous improvement, adapting and evolving as the business grows and the market landscape shifts.

Dynamic capability is not a destination; it’s a continuous journey of organizational evolution and adaptation.

The role of dynamic capability in SMB implementation is therefore multifaceted. It’s not just about ensuring successful execution of specific projects; it’s about building a fundamentally adaptive organization that can thrive in the face of uncertainty and change. For SMBs aiming for sustainable growth and long-term competitiveness, cultivating dynamic capability is not merely advantageous; it’s strategically imperative.

Consider the following table outlining the stages of dynamic capability implementation for SMBs:

Advanced

In the contemporary hyper-competitive landscape, small and medium-sized businesses operate within ecosystems characterized by radical uncertainty and discontinuous change. Linear strategic planning and static competitive advantages become increasingly tenuous. For SMBs to not only survive but to achieve sustained competitive advantage, a shift from operational efficiency to organizational agility, underpinned by robust dynamic capabilities, represents a fundamental strategic imperative. This necessitates a move beyond incremental adaptation to a posture of continuous strategic renewal, a process deeply intertwined with the very essence of dynamic capability.

Dynamic Capability as Strategic Renewal Engine

Dynamic capability, viewed through an advanced strategic lens, functions as the engine of strategic renewal Meaning ● Strategic Renewal, in the context of Small and Medium-sized Businesses, signifies a continuous cycle of reshaping the company's strategy, structure, and processes to maintain a competitive advantage. for SMBs. It is not merely a set of organizational competencies; it is a meta-capability, a higher-order organizational capacity that enables SMBs to sense, seize, and reconfigure their asset base and organizational structure to achieve congruence with the evolving competitive environment. This perspective reframes dynamic capability from a reactive adaptation mechanism to a proactive strategic renewal driver, positioning it at the core of SMB strategic management.

Consider a high-growth technology startup operating in the rapidly evolving artificial intelligence (AI) sector. A simplistic application of dynamic capability might involve adapting their product roadmap based on competitor feature releases. However, a strategic renewal perspective demands a more profound application.

It necessitates continuously reassessing the fundamental value proposition of their AI solutions, anticipating disruptive technological shifts like quantum computing or neuromorphic engineering, and proactively reconfiguring their R&D investments and talent acquisition strategies to maintain a leading-edge position in the long term. This is strategic renewal driven by dynamic capability.

The Multi-Dimensionality of Dynamic Capability in SMBs

Advanced analysis of dynamic capability in SMBs requires acknowledging its multi-dimensional nature, extending beyond the canonical sensing, seizing, and transforming framework. These dimensions encompass not only operational and strategic aspects but also cognitive and relational dimensions, reflecting the inherently human and interconnected nature of SMBs.

Cognitive Dynamic Capabilities ● Sensemaking and Strategic Foresight

Cognitive dynamic capabilities Meaning ● Organizational agility for SMBs to thrive in changing markets by sensing, seizing, and transforming effectively. refer to the organizational processes and managerial cognition that enable SMBs to effectively interpret ambiguous market signals, develop shared understandings of emerging trends, and formulate strategic foresight. This dimension is crucial for navigating complex and uncertain environments where information is often incomplete and contradictory.

• Sensemaking Processes ● Developing organizational routines for interpreting market information, fostering collective sensemaking through cross-functional dialogues and scenario planning workshops, and cultivating a culture of intellectual humility that acknowledges the limits of current understanding.
• Strategic Foresight Capabilities ● Investing in future-oriented market research, engaging in horizon scanning activities to identify weak signals of disruptive change, and developing scenario planning methodologies to explore potential future market trajectories and their implications for the SMB.
• Mental Models and Cognitive Flexibility ● Promoting cognitive diversity within the management team, challenging dominant mental models and assumptions about the market and competitive landscape, and fostering cognitive flexibility ● the ability to adapt mental models in response to new information and evolving circumstances.

An SMB operating in the nascent market for sustainable packaging solutions, for instance, faces significant cognitive challenges. They must interpret evolving regulatory landscapes, anticipate shifts in consumer preferences regarding environmental consciousness, and make sense of often conflicting information about the lifecycle impacts of different packaging materials. Strong cognitive dynamic capabilities, including robust sensemaking processes and strategic foresight, are essential for navigating this complex and ambiguous market.

Relational Dynamic Capabilities ● Ecosystem Orchestration and Network Leveraging

Relational dynamic capabilities highlight the critical role of external relationships and network orchestration in SMB dynamic capability. In an increasingly interconnected business world, SMBs rarely operate in isolation. Their ability to access external resources, knowledge, and market channels through strategic alliances, partnerships, and ecosystem participation becomes a crucial determinant of their dynamic adaptability.

• Ecosystem Orchestration Capabilities ● Actively shaping and managing the SMB’s position within relevant industry ecosystems, fostering collaborative relationships with complementary businesses, research institutions, and government agencies, and developing platforms or mechanisms for knowledge sharing and co-innovation within the ecosystem.
• Network Leveraging Capabilities ● Building and maintaining diverse networks of relationships with suppliers, distributors, customers, and industry experts, actively leveraging these networks to access market intelligence, acquire new technologies, and expand market reach, and cultivating strong relational capital based on trust and reciprocity.
• Alliance Management Capabilities ● Developing competencies in forming, managing, and evolving strategic alliances and partnerships, effectively negotiating alliance agreements, managing inter-organizational knowledge transfer, and adapting alliance structures in response to changing strategic needs.

A small biotech firm specializing in drug discovery, for example, heavily relies on relational dynamic capabilities. They need to orchestrate relationships with pharmaceutical companies for clinical trials and commercialization, partner with research universities for access to cutting-edge scientific knowledge, and leverage networks of venture capitalists for funding. Their ability to effectively build and manage these external relationships is paramount to their dynamic capability and long-term success.

Operational Dynamic Capabilities ● Process Reconfiguration and Agile Implementation

Operational dynamic capabilities, while seemingly more tactical, are nonetheless integral to advanced dynamic capability. They represent the organizational routines and processes that enable SMBs to efficiently reconfigure their operational processes, adapt their value chain activities, and implement strategic changes with agility and speed. These capabilities bridge the gap between strategic intent and operational execution in dynamic environments.

• Process Reconfiguration Capabilities ● Developing modular and flexible operational processes that can be rapidly reconfigured in response to changing market demands or technological advancements, implementing process automation technologies to enhance operational agility, and fostering a culture of continuous process improvement and experimentation.
• Agile Implementation Capabilities ● Adopting agile methodologies for project management and product development, empowering cross-functional teams to make rapid decisions and adapt implementation plans in real-time, and developing robust change management processes to facilitate organizational transitions and minimize disruption during periods of change.
• Resource Re-Deployment Capabilities ● Establishing mechanisms for rapidly re-deploying resources ● financial capital, human capital, and physical assets ● across different business units or projects in response to evolving strategic priorities, developing flexible workforce models that allow for rapid scaling up or down of operations, and cultivating a culture of resourcefulness and adaptability in resource utilization.

A small manufacturing company aiming to transition to a circular economy business model, for instance, requires strong operational dynamic capabilities. They need to reconfigure their production processes to utilize recycled materials, adapt their logistics and supply chain to manage reverse flows of materials, and implement agile project management to rapidly develop and launch new circular products. Operational agility and process reconfiguration are critical for executing this strategic transformation.

Dynamic Capability, Automation, and SMB Growth Trajectories

The interplay between dynamic capability, automation, and SMB growth trajectories Meaning ● SMB Growth Trajectories: Dynamic paths of expansion shaped by strategic choices, market forces, and automation, impacting long-term value. is complex and synergistic. Automation, when strategically implemented and dynamically managed, can significantly enhance SMB dynamic capabilities, accelerating growth and enabling entry into new markets. However, poorly conceived or rigidly implemented automation initiatives can also stifle organizational agility Meaning ● Organizational Agility: SMB's capacity to swiftly adapt & leverage change for growth through flexible processes & strategic automation. and hinder dynamic adaptation.

Dynamic capability guides SMBs in leveraging automation strategically by:

1. Identifying Automation Opportunities for Dynamic Advantage ● Sensing market trends and technological advancements to pinpoint automation areas that not only improve efficiency but also enhance organizational agility, such as automating data analytics for improved market sensing or implementing robotic process automation (RPA) for flexible process reconfiguration.
2. Implementing Adaptive Automation Systems ● Designing automation systems that are modular, flexible, and easily reconfigurable, avoiding rigid, monolithic automation solutions that can become constraints in dynamic environments, and prioritizing automation technologies that enhance human capabilities rather than simply replacing them.
3. Dynamically Managing Automation Deployment ● Adopting an iterative and adaptive approach to automation implementation, continuously monitoring the impact of automation on organizational agility and performance, and adjusting automation strategies based on real-time feedback and evolving strategic priorities.

Consider a small logistics company seeking to scale its operations. Implementing a rigid, pre-defined automation system for warehouse management might initially improve efficiency. However, a dynamically capable approach would involve implementing a more flexible and adaptable warehouse management system, coupled with data analytics capabilities to continuously optimize warehouse operations based on real-time demand fluctuations and market shifts. Furthermore, they might explore robotic automation for specific tasks, but with a focus on human-robot collaboration and workforce upskilling to ensure adaptability and resilience in the face of unforeseen disruptions.

Dynamic capability, in its advanced form, is not just about adapting to change; it’s about architecting change, shaping the competitive landscape to the SMB’s advantage.

In conclusion, the role of dynamic capability in SMB implementation, viewed through an advanced strategic lens, transcends operational effectiveness. It is about building a fundamentally adaptive and strategically agile organization capable of continuous strategic renewal. By cultivating cognitive, relational, and operational dynamic capabilities, SMBs can not only navigate the complexities of the contemporary business environment but also proactively shape their growth trajectories and achieve sustained competitive advantage Meaning ● SMB Competitive Advantage: Ecosystem-embedded, hyper-personalized value, sustained by strategic automation, ensuring resilience & impact. in the face of relentless change. The challenge for SMB leaders is to move beyond a static, resource-based view of competitive advantage to embrace a dynamic, capability-centric perspective, recognizing that organizational agility and strategic renewal are the ultimate sources of sustainable success in the 21st century.

References

• Teece, D. J., Pisano, G., & Shuen, A. (1997). Dynamic capabilities and strategic management. Strategic Management Journal, 18(7), 509-533.
• Eisenhardt, K. M., & Martin, J. A. (2000). Dynamic capabilities ● What are they? Strategic Management Journal, 21(10-11), 1105-1121.
• Zahra, S. A., Sapienza, H. J., & Pedersen, T. (2006). Entrepreneurship and dynamic capabilities ● A review, model and research agenda. Journal of Management Studies, 43(4), 917-955.