Strategic Leadership in Top Performing Startup Businesses in Sri Lanka

Abstract

The organizations which are unprepared for the constraints that arise with a crisis may experience intricacy. The organization`s policies for acquiring and integrating resources are set by the chief executive officer and the top management. Hence reducing uncertainty, increasing stability, increasing resources, reducing competition are a few of goals of the top management. In Volatile, Uncertain, Complex and Ambiguous (VUCA) environment, complexities arise from interconnected factors and rapid changes. Strategic leaders have the ability to analyze those complex situations, break them down into manageable parts, and develop strategies that address multiple dimensions simultaneously. They prioritize initiatives and resources to tackle the most critical challenges. Therefore, strategic leadership is particularly important in VUCA situations because it provides the necessary framework and capabilities to navigate through such challenging environments effectively. This study used a qualitative research approach to explore strategic leadership in top performing startups in Sri Lanka that operate in VUCA conditions. A purposive sampling technique used to find top performing startups in Sri Lanka recognized in the startup ranking website. Recurring themes and patterns in the interview data are found using thematic analysis with the support of NVIVO software. The findings show that successful leaders create a culture of collaboration and continuous learning enabling their startup organizations to adapt for the changing market conditions. Hence the study emphasizes how effective strategic leadership contributed to overcome short term obstacles while securing long term success. Accordingly, this study offers insightful information about successful leadership practices in a VUCA setting for entrepreneurs and organizational leaders in Sri Lanka.