Позитивные изменения. Том 2, № 3 (2022). Positive changes. Volume 2, Issue 3 (2022)

• Strategies to improve efficiency (improving existing products; improving the professional competencies of the team; maintaining and protecting the positions achieved before the pandemic; optimizing business processes; optimizing the cost structure; improving the way goods/services are delivered);

• Growth strategies (creating brand new products; reaching new beneficiary segments; developing a new formal development strategy for the organization; entering new product customer segments; creating customer services; locating additional revenue sources; creating new ways to deliver products; expanding into new cities and regions; launching online sales; launching new digital products; acquiring new assets; launching digital versions of existing products);

• Development of interaction with stakeholders (attracting new partners; expanding the team; attracting non-profit funding; association with other social entrepreneurs; attracting new suppliers; interaction with public authorities; attracting investment).

According to the study, the most popular and successful strategies of social entrepreneurs in the pandemic were aimed at improving efficiency, namely: improving existing products, improving the professional competencies of the team; optimizing business processes. Growth strategies and interaction with stakeholders were also in demand, albeit to a lesser degree. The most popular directions among the growth strategies, however, were: creating brand new products; reaching new beneficiary segments; developing a new formal development strategy for the organization; and reaching new product customer segments. Among the strategies aimed at building interaction with stakeholders, particularly demanded ones included: attracting new partners; expanding the team; and teaming up with other social entrepreneurs (See Figure 2).

Thus, we can conclude that despite the high level of uncertainty, variability and unpredictable environment caused by the COVID-19 pandemic, social entrepreneurs have been able to adapt, to turn challenges into opportunities — not only to get together to optimize business processes and costs in difficult times, but also to develop new products, delivery methods, build new partnerships. Of course, the sector representatives still have room to develop the application of the most effective strategies discussed above, but we can already say with certainty that, despite the specifics of such organizations, primarily related to the need to balance the creation of social and economic value, they can successfully survive and develop in the challenging VUCA world. This phenomenon can likely be explained not only by their strong entrepreneurial spirit but also by their responsibility to their beneficiaries.

* Of the total number of respondents.

Figure 2. Social Entrepreneurs’ Strategies during the Pandemic

P. S. While you were reading this article, the VUCA world has moved even closer to the state of BANI: B (Brittle), A (Anxious), N (Nonlinear), I (Incomprehensible). This means that the organizational management tools once again need to be rethought to match the new realities[46].

REFERENCES

1. Aray, Y., Burmistrova, T. (2014) Specifics of business models in social entrepreneurship. Russian Journal of Management, Vol. 12, No. 4, p. 55–78. St. Petersburg: St. Petersburg State University Press. (In Russian).

2. McGrath, R. (2011) When Your Business Model Is in Trouble. Harvard Business Review. Retrieved from: https://hbr.org/2011/01/when-your-business-model-is-in-trouble (accessed: 15.09.2022).

3. Billman, E., Whalen, J., Nidumolu, R., Ellison, J. (2014) The Collaboration Imperative. Harvard Business Review. Retrieved from: https://hbr.org/2014/04/the-collaboration-imperative-2 (accessed: 15.09.2022).

4. Jordan, J. (2018) Lessons in Agility from a Dancer Turned Professor. Harvard Business Review. Retrieved from: https://hbr.org/2020/04/lessons-in-agility-from-a-dancer-turned-professor (accessed: 15.09.2022).