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The current business environment is characterized by high levels of uncertainty that affect the global economic system and have the greatest impact on small and medium-sized enterprises (SMEs). With an elevated degree of perceived uncertainty, Chief executive officers' (CEOs) of SMEs find themselves in a situation where the old approaches to decision-making are irrelevant and the time to create new ones is limited. The purpose of this study is to examine whether appealing to personal values helps CEOs cope with a high level of perceived uncertainty and make decisions about the further development of the firm by undertaking business model innovations (BMI).

This study follows a multiple case study research design drawing on data collected from 10 Russian SMEs.

The authors show that CEOs’ communion values lead to innovations in the revenue model and value architecture dimensions of the business model. CEOs who are inclined to agentic values introduce innovations in the revenue model and value offering dimensions. Those executives who balance between the two types of values tend to also balance between different types of innovations in the elements of the business model.

The results indicate that personal values of CEOs play an important role in managerial processes and the strategic choice of a BMI type. Moreover, personal temporal focus orientation serves as a translation mechanism in the relationship between CEO values and BMI in SME settings.