ENTREPRENEURSHIP IN KNOWLEDGE ECONOMY

Entrepreneurship in knowledge economy



On entrepreneurship in knowledge economy

Introduction

If the industrial economy ran on coal and iron ore, the fuel of today's economy is knowledge. Technologies have always been underpinned by knowledge, but an economy run on knowledge is characterized by a critical role for information and communication technology (ICT), a high proportion of knowledge-intensive activity and intangible capital that amounts to more than tangible capital in the economy's capital stock. The emergence of the knowledge economy is not confined to high-technology and ICT services; it has spread across all sectors of market economies since the 1970s. Wealth creation increasingly depends on the generation and exploitation of knowledge involving not only science and technology but also knowledge of practice required to create economic value. ( Harris 2001 p.21) That knowledge plays an important role in the economy is not a new idea or finding. Every economy is based on knowledge of farming, mining, and construction. Knowledge, embodied in people and technology has always been central to economic development. But only over recent decades has its importance received so much emphasis. The OECD economies are more than ever dependent on the production, distribution and use of knowledge.

Attributed and fuction of enterpreneur

Entrepreneurs have a truly unbelievable proficiency to believe laterally and are adept to find their way round a problem. This can occasionally be misinterpreted as creativity, when it is detail easily the proficiency to make leaps in their mind. This clear considering is what endows Entrepreneurs to slash to the follow and effortlessly glimpse what is significant and what is not. Most Entrepreneurs are rather direct and and certain of themselves because they are adept to visualise so clearly.

Entrepreneurs are the persons who start a new concept and start a new project founded on their strategic and innovative vision. The three major functions/attributes of Entrepreneurs are, entrepreneurs are innovators. Their innovate the concepts and have the proficiency to change their enterprise with their innovative thinking, they are risk takers. They take higher dangers and have the proficiency to present bold steps which endows their enterprises to come to to the exceptional success, they are unaligned and generally have good informative background. Their independence permits them to believe distinctly other than conventionally which assists them to increase their business.

Personal entrepreneurial qualities

Entrepreneurs are habitually looking for the cash rotating agreements and the benefits that an entrepreneur possesses are rather distinct from the other people. An entrepreneur is a individual who has determined to take command of his future and become self-employed if by conceiving his own outstanding enterprise or employed as a constituent of a "team," as in multi-level marketing. Entrepreneurs are vigilant about money. They habitually understand how much cash they have. Entrepreneurs are cutthroat by nature. Entrepreneurs are risk-takers who believe their hunches and proceed on them. They are furthermore cooperative to the society.

Focus

While scholars in the 1950s and 1960s pointed to the economic importance of large firms, more recently a shift from the managed economy to the ...