Knowledge creation to speed the conversion of ideas into market ready enterprises.

Businesses of yesteryears used to be located near availability of raw materials or capital. Not any more. In today’s world they are flowing to the epicentres of knowledge. A company’s potential is assessed on their  knowledge creating capability. Capital is going to the areas where knowledge is available to create new business products and new services.

The ability to create new knowledge is often at the core of the organization's competitive advantage. Knowledge creation according to the Nonaka's SECI model is about continuous transfer, combination, and conversion of the different types of knowledge, as users practice, interact, and learn. As defined by Ikujiro Nonaka, knowledge creating process consists of socialization, externalization, combination, and internalization.

In today’s cutthroat business world, innovation is said to be the key factor that is driving an organization’s value and competition with rivals. Organizations requires input of knowledge to create new products/services, processes, technologies, and managerial systems. Knowledge management (KM) can play a huge role in producing the source of knowledge that is integral to support innovation. It is hence important that you adopt knowledge management strategies that support radical innovation giving you the added advantage.

Knowledge creation process need not limit itself to within the organization. New knowledge acquired from outside the organization about customers, their habits, needs and preferences can enable you to improve your products as well as marketing strategies. Conference and seminars help in bringing new learning to the organization and sharing the expertise with one another. It encourages partnership and collaboration with other organizations to develop new products and services. Academicians and technocrats can join hands to share knowledge to develop or improve existing or new process.

Explicit information and data can be easily understood and shared as it can be quantified and stored. There are tools and skills that manage these type of business information. However, it is not in this type of data that the advantage of an organisation lies in. An organization's true asset is in the knowledge which is found in individuals and their communities. Using the right KM strategy, practicing the relevant leadership behaviours and cultivating organizational learning culture can help you in effectively managing this intrinsic knowledge of the people.

Without a doubt, better management of knowledge within a business will lead to improved innovation and competitive advantage. Knowledge creation is today perceived as one of the major assets of an organization. New knowledge created, on its own or in combination with previously established knowledge can provide a strong foundation for continuous improvement of a your organizations’ processes, products and services.

Skills and behaviours of successful entrepreneurs.

Some have the technical brilliance, some others the vision. Some have the experience while for some others it might be their personality. What makes an entrepreneur successful? Is it just one stand out quality or a combination of skills and behaviours that they acquire during their entrepreneurial journey? What qualities create a Bill Gates or Steve Jobs or Warren Buffet? Are they born-entrepreneurs or are there specific techniques and habits that they consciously develop to better themselves?

Studies that have researched the success factors of enterprising business owners have found that though each may have their own strength, there are certain traits in common to the successful business leaders that push them to their success. Some level of talent is innate but there are many other traits that can be developed too. There are a number of skills and behaviours that many entrepreneurs have practiced and nurtured over the years to perfection to reach the pinnacle of success.

Often, successful entrepreneurs are driven by a complete vision of the future than just the immediate task at hand. A successful entrepreneur has a set of skills and talents that sets him apart from the herd. Some of the skills he/she displays are -

Personal: Drive, energy, self-confidence, creativity, passion, determination, integrity, risk-taking, engaging with criticism, willingness to listen.

Interpersonal: Leadership, communication, networking skills, delegation, respect, charisma, motivation.

Business: Business vision, venture specific knowledge, pragmatic problem solving, financial management skills, resource management, negotiating skills, optimal use of resources.

Some of the highly effective behavioural patterns of successful business owners are:

·  Finding opportunities – This ability to see unmet needs that others don’t, and finding an entrepreneurial opportunity in that need. They are always on the look out for new ideas and innovations to improve on the existing processes.

·  Clear focus – They have a clear vision about the future and the steps needed to take to reach there. They are not deterred by constraints or competitions.

·  Quick decision makers – They are ready to observe and act quickly taking the right decisions at the right time. They are ready for unexpected challenges and are ready to face them head-on.

·  Not afraid to make mistakes – The series of small errors of today  would teach them lessons that helps in avoiding catastrophic mistakes of tomorrow. Successful entrepreneurs are open to testing ideas in low-risk environments to determine whether a product or idea will take off.

·  Collaboration – They motivate a diverse group of employees to come together for the common goal. They lean on each other’s ideas and skills to overcome the challenges as well as for future innovations.

·  Building relationships – They are adept at building positive relationships with various stakeholders and understand the value of a strong peer network.

Every entrepreneur cannot have all these skills. Working on their inherent strength will compensate for the absence of others. The most successful entrepreneurs are not comfortable even in their greatest success but instead keep striving to attain new heights. They are constantly learning and improving themselves as well as their organization. It is the never ending quest for more success that makes them the most successful.