Changes in business environment may drive SMEs to recognise collective international opportunities
Pan-European Institute's Research Manager Eini Haaja and Professor in international business Niina Nummela have studied how SMEs recognise collective international opportunities amidst changes in their business environment.
The study shows that change events trigger a sensemaking process in which managers generate an understanding of what the changes mean for their businesses. Depending on the type of sensemaking, the process may lead managers to recognise opportunities in the new situation, independently or collectively.
This research also opens the challenges that firms encounter in maintaining the collective view of the opportunity in the face of new events. The fragmentation of collective sensemaking and views of opportunity materialisation lead to the break-up of collaboration. However, then further opportunities emerge.
The longitudinal research data has been collected among Finnish maritime industry SMEs attempting to enter the Norwegian and Russian markets.