The Strategic Renewal Model of Organizations Under Environmental Uncertainty (Case Study: Startup Organizations in the Payment Industry)
Keywords:
Uncertainty, Strategic Renewal, Startup Organizations, Payment Industry, FinTech SectorAbstract
The concept of strategy is intertwined with environmental uncertainty. In fact, strategic management can be seen as a systematic approach to dealing with environmental turbulence and changes, ultimately ensuring business success and preventing the negative consequences of environmental changes in business. Therefore, many researchers and managers seek solutions to reduce the impact of uncertainty in order to make effective strategic decisions. Among the various methods that managers choose to manage environmental uncertainty, strategic renewal is considered one of the most effective approaches. Some businesses, such as payment startups, face greater environmental uncertainties due to the nascent nature of the industry on one hand and the nascent state of the organization on the other. The strategic management literature does not provide a comprehensive solution for the strategic renewal of nascent businesses. Hence, this study, using the case study research method and focusing on an active startup in the payment industry, aims to propose a model for the strategic renewal of payment startups operating in environments with high uncertainty. This research revealed that among environmental factors, certain factors lead to increased environmental uncertainty for startup businesses. Additionally, in this model, the components of the strategic renewal process, as well as the outcomes and consequences of implementing strategic renewal in these businesses, have been identified.
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