Managing SMEs' Survival from Financial Crisis in a Transition Economy: A Chaos Theory Approach

Abstract

This paper builds a model to manage SMEs in turbulent environments using Chaos Theory. The empirical evidence was based on in-depth interviews with 25 business leaders of SMEs in the transition economy of Vietnam. The results revealed that to survive in turbulent environments, SMEs are required to quickly shift their businesses and strategic focuses, become involved in new businesses, be flexible and make innovative moves.

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