ADMS 1010 Chapter Notes - Chapter 10: Social Entrepreneurship, Social Venture, Explicit Knowledge

• School: York University
• Department: Administrative Studies
• Course: ADMS 1010
• Professor: Helen Pogrin

Document Summary

Creating new wealth-producing resources, or, endowing existing resources with enhanced potential for creating wealth. Innovation is at the heart of that activity. Innovation opp"s: within company or industry, unexpected outcomes, unexpected successes or failures (i. e. accidents) Incongruities in process; economic realities; expectations/results: process needs. Principles of innovation: analysis of the sources of new opportunities, go out, ask, listen, simple and focused, start small. Hard (quantifiable) data, codified procedures, universal principles. Tacit = understood or implied without being stated. Highly personal, difficult to formalize & communicate. Combine discrete pieces of explicit knowledge into new whole. New explicit knowledge shared, internalized by other employees. Becomes part of their own tacit knowledge. *japanese companies are examples of the latter two. Traditional organizational types: business/for-profit/private sector, government/public sector, non-profit/ngo/civil society. Of or relating to human society, the interaction of the individual and the group or the welfare of human beings. One who organizes, manages, and assumes the risks of a business or enterprise.