The Impact of COVID-19: A Need for SMEs to Understand Business Model Innovation

Abstract

This paper reveals the meanings of business model innovation process that helps entrepreneurs with the new paradigm so a new business model that can cope with changing environment can be created. Therefore, the findings on SMEs that relates to business model is revealed as a guideline. It is essential for SMEs to understand the business model innovation to generate more money. This study employs qualitative research method from three cases of a tuition centre and data collected were transcribed and coded to develop themes of the study. Findings reveal that SMEs with positive attitude and strategic actions culture helps to generate income. The themes that emerge are ‘The interaction strategy’, ‘The golden opportunities’, and ‘The killer teacher’. Future research should focus on the interactionism of SMEs within other industries with difference geography and strategy. This study expects to contribute to the business growth for the short and long term.