Abstract
Excellence in the economy of the firm has, at all times, aroused curiosity and has been a most hunted area of dialogue for entrepreneurs. The diligent fostering of a candid habit of mind even in trifles is a matter of high moment both to character and opinions. This realism speaks of human behaviour that is only accountable for the betterment of the entrepreneurship. Therefore every entrepreneur looks for the available and favourable choices which do not generate adverse effects. Excellence in economy of the enterprise is only attainable in the course of good knowledge management practices. The purpose of this chapter is to understand how the economy of the enterprise could be fruitfully improved through entrepreneurship approach and establish its implementation. The chapter reports that right tools to information gathering, right interpretation to knowledge and appropriate entrepreneurship action are the essential dimensions for building economy of the enterprise.
TopBackground
Industrial and business firms, in this era of globalization, face challenges (Gatignon et al, n.d.) owing to changes in technology and management in the arena of the manufacturing, marketing, finance and administration and particularly for managing the resources which poses hardships to develop economy of the enterprise. The entrepreneurship approach to knowledge economy is the suggested solution, on account of its ability and strength, to bring in sustainability and economic development of the enterprise.
In view of the aforesaid recommended approach, although four key terms are evolved (entrepreneurship, policy, knowledge, economy), two major questions in this work out need affirmation. The entrepreneurship approach (Cardon et al., 2009) is one which has the capability (Buttner, et al. 1993) to resolve challenges (Novogratz, 2008) of economy development and the other issue is that of knowledge economy which relies on gaining right knowledge, relating to economy development. The chapter, for that reason, makes propositions on the dimensional aspects evolved in these two major issues to bring out policy.
Key Terms in this Chapter
Policy Aspects: A feature, step or characteristic that is considered mandatory to formulate a course of action based on challenges to be addressed.
Policy: It is a plan or course of action, of an enterprise, which is intended to influence and determine decisions, actions, and other matters to achieve certain goal / solution.
Entrepreneurship Approach: It is a multi-dimensional course of action based on imagination, initiative, innovating and motivating attitude as principal dimensions that is designed to address challenges evolved in the external environment after studying its overall & segmental viability and undertaken to reach the desired goal in particular domain.
Knowledge Based Organization: A knowledge based organization is one which gathers information through various sources and converts it into knowledge by the use of mind and interpretation and can therefore drive better economy for the enterprise. It is one in which the generation and exploitation of knowledge plays as the major ingredient in the creation of wealth.