Abstract
This research paper addresses the challenges and opportunities in building resilient Micro, Small and Medium Enterprises (MSMEs) in Zambia. The paper also examines the different forms of resilience and there implications on organisational resilience. The findings indicates that challenges encountered by MSMEs in building resilient business organisations can be addressed in different ways including through the development and implementation of monitoring and response capabilities, learning abilities and anticipation. The research study relied on secondary data sources and was able to conclude that building resilient MSMEs was vital for the survival of these business organisations.
Highlights
Resilience is increasingly been acknowledged as an important factor for the survival of businesses in today’s business environment
Creating MSMEs that are able to thrive in an environment of complexity and uncertainty is important to Zambia because the MSME sector plays an important role in the developmental agenda of the Zambian economy, in terms of both job and wealth creation
MSMEs face numerous challenges such as global economic recession, complexities associated with global sourcing, and disruptions in supply chains owing to the Covid-19 pandemic
Summary
Resilience is increasingly been acknowledged as an important factor for the survival of businesses in today’s business environment. Lengnick – Hall and Beck (2005) define resilience as an “organisation’s ability to effectively absorb, develop situation-specific responses to, and engage in transformative activities to capitalise on disruptive surprises that potentially threaten organisation survival.” Linnenluecke, Griffiths and Monika (2012) describe resilience as the “capacity of an organisation to absorb the impact and recover from the actual occurrence of an extreme weather event.”. The emphasis of these three definitions is on “resistance, recovery and adaptation” (Duchek, 2019). An attempt to compare and contrast, and to draw a relationship between individual resilience and entrepreneurial resilience is brought out by the researchers
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