ADMS 1010 Lecture Notes - Lecture 10: Knowledge Economy, Tacit Knowledge, Theory X And Theory Y

• School: York University
• Department: Administrative Studies
• Course: ADMS 1010
• Professor: Eytan Lasry

Document Summary

Entrepreneurship - creating new wealth-producing resources, or endowing existing resources with enhanced potential for creating wealth. Not age or size, but a certain type of activity -> innovation is at the heart of that activity. Within company or industry: unexpected outcomes, unexpected successes or failures (i. e. accidents) Incongruities in process; economic realities; expectations/results: process needs a. s a problem in process or system. Industry and market changes: structural changes or rapid shifts. Principles of innovation: analysis of the sources of new opportunities, go out, ask, listen, start small, stay simple and focused. Formal (explicit: hard (quantifiable) data, codified procedures, universal principles, written down, documented, explicit, mechanistic & systematic. Tacit: tacit = understood or implied without being stated, highly personal, difficult to formalize & communicate, comes from a person"s experience, beliefs, perspectives. The one sure source of lasting competitive is knowledge. The knowledge-creating" company, whose sole business is continuous innovation.