Antifragility in Small Industry Companies: An Exploration of Resilience and Adaption

Abstract

The purpose of the study was to develop a deeper understanding of how to manage companies in order to enhance their resilience and leverage crises for their benefit. The study demonstrates four organizations’ resilience during the COVID-19 pandemic. The organizations shared a similar mindset and approach to crisis management, utilizing a combination of unique capabilities and strategies to foster resilience. Adaptability emerged as a crucial capability,given the distinct nature of the pandemic compared to previous events. Additionally, the study highlights that company ownership by managers enhances the commitment to maintaining a healthy and well-functioning organization. Having a stake in the company aligns with longterm interests and contributes to organizational resilience and potential antifragility. Crises can also serve as catalysts for positive change, prompting organizations to explore new management approaches. Common sense, practices, employee well-being, financial health, and adaptability are key factors in fostering organizational resilience during crises.