Table 1

Potential future research agenda

BMT frameworkPotential future research questions
Business model innovation
  • How does BM reconfiguration affect firm performance of small businesses in differing sectors, sizes, geographical contexts, and stages of lifecycle?

  • How can resource boundaries in small businesses be incorporated into the BMR framework?

Internal antecedentsDynamic capabilities
  • Which different types of dynamic capabilities enable successful BMTs for small businesses?

  • How do dynamic capabilities affect firm performance of small businesses?

Entrepreneurial orientation
  • How can incremental modifications of entrepreneurial orientation facilitate BMT?

  • How and to what extent do entrepreneurial orientation and dynamic capabilities influence the firm performance of small businesses?

Resilience
  • How does resilience support entrepreneurs and small businesses in different sectors?

  • How does resilience of small businesses differ in evolving and rapidly changing business environments?

Strategy
  • How can small businesses adapt their strategy effectively in evolving and rapidly changing business environments (e.g. exogenous shocks)?

External antecedentsSustainability
  • How can entrepreneurs of small businesses adapt BMs in an evolving sustainable business environment to implement SBMs?

  • How do small businesses reconfigure their BMs under environmental uncertainty?

Internationalization
  • How does internationalization affect BMTs of small businesses in differing geographical contexts and sectors?

  • How do family firms differ in the transition to international BMs?

Digitalization
  • How can digital BMs be adapted among small businesses in different regions and lifecycle stages (e.g. established small businesses)?

  • How can small businesses incorporate the evolution of digital transformation with dynamic capabilities to achieve successful BMT?

Entrepreneurial ecosystem
  • How do small businesses engage in entrepreneurial ecosystems to change their BMs incrementally?

  • How do small businesses effectively manage their relationships with external stakeholders for positive impacts on firm performance?

Source(s): Authors’ own creation

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