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Lecture

WEEK 1.docx

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Department
Management
Course
MGMT 1000
Professor
Jean Adams
Semester
Summer

Description
WEEK 1: IMPOTANCE OF A KNOWLEDGE ECONOMY Knowledge capital is taking factors of production such as land, labour, and capital because the need for knowledge is expanding exponentially. Knowledge is creating new modes of perception, communication, and relationship. One discovery gives rise to another. Continuous innovation: knowledge is the best competitive advantage. Aspects in business change all the time and things become obsolete almost over night. Therefore, it’s important to have knowledge and be able to implement it throughout the business. Collaborative learning: encouraging employees to think and nurture new and expansive ways to thinking as a group Competitive advantage: no longer goes to those with the most resources, but to those who have the most intellectual capital. They will prosper in the long run. RATIONALE FOR DEVELOPING LEARNING ORGANIZATIONS: Leaning organizations: companies that are based off their intellectual capital (Microsoft) and are what create the “knowledge economy” Old methods that stifle creativity have to give way to new methods that allow creativity and freethinking. Reasons to be a learning organization: 1) Generate renewable resources – when people learn, they find ways to do things without orders. Learning, once underway, keeps growing. 2) Create new knowledge and values – the end result is more profitable than the raw material (lemon to lemonade – but you must know how to make lemonade) 3) Foster adaptability and change – make changes when they are necessary 4) Create new niches – find a sector in the market that no one else is occupying and fill it (take a chance) 5) Foster human growth and development – allow people to work to their
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