We survived this! What managers could learn from SMEs who successfully navigated the Greek economic crisis.
Focused on the Greek economic crisis, one of the toughest and the most prolonged ones on a global scale, the present research centers on both anthropocentric and business-centric factors that helped SMEs survive, thus, providing a valuable survival manual. Grounded in quantitative research the paper includes two studies. 250 SMEs were included in the first study while 189 of them that survived, participated in the second study. Per findings, it is evidenced that an SME’s survival is affected by: (a) the entrepreneurs’ personality traits and skills that affect the market and entrepreneurial orientations of SMEs, (b) the adoption of such orientations that keep impacting the firms’ performance, and finally (c) the implementation of strategy relevant to reaching higher quality standards for products and services, combined with tactics relevant to downsizing, marketing actions, extroversion, and financial management.