Abstract

This paper introduces the background and fundamental aspects of chaos and complexity together with the differences and the links between chaos and complexity, and the distinction between complicatedness and complexity with reference to issues in business administration. There is a need to be cautious when using chaos and complexity models in business administration, not to provide a superficial characterization of reality within a confused narrative. Besides, the application of these theories and models is accompanied with several rationales and logic, such as dialogic reasoning, circumscription, the logic of belief, paraconsistent logic, adductive and default reasoning. All these logic and rationale are applied in business administration and specifically in financial statements analysis, management discussion and analysis and notes to financial statements. There seems to be a need and an opportunity for the use of chaos and complexity in business administration; new logic and models are ready to be applied with solid foundations, but they require new forms of thinking.   Key words: Business administration, management, chaos, complexity, financial statements.

Highlights

  • ASPECTS OF CHAOS AND COMPLEXITYThe sciences of chaos and complexity have been introduced in business administration and their possibilities have been explored (Lewin, 1999); management science is interested in this new form of approaching reality and its developments

  • A combination of Entrepreneurial orientation (EO) and Entrepreneurial Marketing (EM) theories complements previous research and forms an alternative framework of analysis, which accredits better understanding how small businesses gain a competitive advantage through EO in their marketing activities

  • The analysis has shown that the interviewed companies were able to gain a competitive advantage by using EO in their marketing activities, which can be supported by the fact that those companies have survived, and expanded

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Summary

Introduction

BACKGROUND AND FUNDAMENTAL ASPECTS OF CHAOS AND COMPLEXITYThe sciences of chaos and complexity have been introduced in business administration and their possibilities have been explored (Lewin, 1999); management science is interested in this new form of approaching reality and its developments. When investigating factors that promote economic wealth, the concept of Entrepreneurial Orientation (EO) has often been considered, as EO enhances competitiveness and the performance of small businesses (Keh et al, 2007) Besides other areas, such as strategy and firm culture, EO has a strong impact on the marketing of a business. If a customer is not satisfied with a ready-to-wear suit in Engelska Herr, he can directly be introduced to the Conservative studio downstairs where personal measurements can be taken to tailor a perfectly fitting suit This way the co-founders combine and complement two businesses based on two different concepts. Customer loyalty and high-end products do not require large quantities, but rather time for personalized service and direct communication with customers

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