2018 年 7 巻 2 号 p. 305-311
In this paper, dynamic capabilities are defined as the abilities to steer through stormy waters. This simplified and metaphorical definition can remove some of the ambiguity in the dynamic capability construct. Dynamic capabilities are better named dynamic 'steering' capabilities. Business executives are sea captains and steer boats (small businesses) or ships (big businesses). In high-velocity environments like stormy seas, executives are required to exercise special steering skills in order to avoid sinking or failure. These skills are the dynamic (steering) capabilities and different from those needed in ordinary times. Paradoxically, speculation using the steering metaphor suggests that dynamic capabilities are characterized by stillness and caution rather than by motion and boldness. Several other implications from such a metaphorical approach are also discussed.