Survival Skills in SMEs—Continuous Competence Renewing and Opportunity Scanning

Abstract

This article focuses on how SMEs react in drastic environmental changes and what part competences play in business survival. The comparative qualitative case study is based on interviews in Finnish and Russian SMEs that have encountered drastic changes in their business environments. The findings indicated differences in the entrepreneurial competences of the SMEs between the countries, such as passive in environmental and/or opportunity scanning. As practical implications, we highlight the need for SMEs to invest in competence renewing to avoid competence traps. Surviving SMEs must also possess a forward-looking attitude with the opportunity exploitation and exploration.

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