Small Business Transformation: The MEDS Approach

Authors

  • Ravi S. Behara Stephen F. Austin State University
  • David E. Gunderson Stephen F. Austin State University

Abstract

In today's  rapidly  changing  business   environment,  small  businesses  must  gain  a deeper understanding of the future to  develop  strategies  that  will  provide  them  with sustainable competitive advantage. The traditional approaches to strategy formulation are inadequate in an environment that is complex and dynamic. This paper investigates a "new " approach that helps small businesses "see the future." It discusses an application of the multi­ equilibrium dissipative  structures  (MEDS)  approach  to strategy formulation   within the context of a small business involved in medical management software development. The dissipative systems approach can be  used to evaluate  the critical  discontinuities  that  a  small  business faces  in dealing  with its changing  environment.  The approach also provides  an opporrunity fur researchers to further develop theory in strategy formulation in small businesses, especially those directly involved in the rapidly changing areas of global  operations and technology innovations.

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Published

1995-06-10

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