What is Knowledge Based Organization

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.