Integrated Approach to Entrepreneurship – Knowledge based Economy: A Conceptual Model

Abstract

Today entrepreneurship as one of the basic resources to produce wealth and as a kind of stimulus for development in the world, has led to productivity and economic growth. On the other hand, Knowledge-Based Economy(KBE) relied on manufacturing, distribution and application of knowledge and information and try to exploit the knowledge for economic development, organization policies and international agencies. So the necessity of combining these two concepts to increase the efficiency and utilization of human resources and extensive knowledge simultaneously, in order to advance the major organizations goals will be felt more than ever. In this paper while addressing the topics of entrepreneurship, knowledge-based economy is defined and its prerequisites and consequences have been enumerated. The success criteria and the key role of knowledge in this new economy have been gathered from various sources. Then a conceptual-compiling model, derived from various aspects in development and growth of knowledge-based economy and entrepreneurship has been presented. This new model is called the knowledge-based entrepreneurship emphasizing on the synergy of these two concepts in order to achieve competitive advantages such as high efficiency, optimal use of knowledge and human capital, and making fundamental changes in the entrepreneurial organization.