Case Study

1. Identify the different types of knowledge needed throughout the growth of the new venture.

There are multiple types of knowledge that you need to have throughout the growth of a new venture. You need this to be able to cover every aspect of your venture. There are times when you might be unable to identify exactly what it is you might need, but with good planning you should have a better clue. To start you will need formal knowledge, this knowledge is obtained by an individual’s personal experience with something. Having this form of knowledge makes it easier to get a more hands on real life understanding. There should be explicit knowledge which may be more specific to the industry. This type of knowledge is generally another form of information articulated in different manners such as numbers or codes. Your core knowledge is something that has to be defined with anything you do. This is the basic knowledge of your industry, product or service. The next type of knowledge, in my opinion is one of the important ones and that is detailed knowledge. I say this because understanding the details of your venture can not only save you time but it can save you a lot of money. If you keep going without completely understanding “the law” so to speak, of your venture then it is very easy to get caught up in ways that become very costly. Specific knowledge is pretty self-explanatory; however having a broad and detailed understanding of your venture may very well include specific knowledge. Internal knowledge is developed within the venture. This can develop fast or slow depending on your staff knowledge and external source of knowledge you seek. This is the same team that will specialize in the development of the product knowledge and help train others.