The purpose of this paper is to explore the continuous identification of tangible and intangible strategic resources needed to achieve competitive advantages in uncertain times in Spanish wineries, highlighting the critical value of human capital.
By means of a case study of a Spanish Sherry winery theoretically based on the resource-based view (RBV) of the firm, the paper focuses on the influence of environmental uncertainty on firms’ strategic resources and the need for in-depth knowledge. Direct participation and experience in the business have allowed access to data for longitudinal exploratory analysis.
Human capital, especially managers’ knowledge and experience, has been the key to the survival and success of the company analysed, throughout its history.
The paper guides managers, especially in microenterprises and SMEs, on the inclusion among the firm’s strategic resources of a part of their own human capital that is generally not considered.
This paper contributes to the RBV and self-reflection theory by demonstrating the value of human capital in a small family business under extremely uncertain times.
