Entrepreneurship

This blog describes the fourth step in the NOBO Virtuous Circle by exploring how the art and practice of the learning organisation in the knowledge economy can bring about social entrepreneurship.

In the last few decades, especially in the US, the dominant view of business has become that its only legitimate goal is to make money for its stockholders. However more and more people take into account their non-financial values in deciding how they want to work and invest their money hence this view is no longer sustainable. Social entrepreneurship is gaining credence.

“Social entrepreneurs differ from traditional entrepreneurs not only in terms of their motives with respect to profit and personal wealth but also with respect to their time-frames, being more concerned with long-term capacity building than with short-term outcomes. Equally they are different in terms of their ‘scavenger-like’ use of resources, recognizing that most communities have under-utilized resources that need to be harnessed for the good of society. Whatever, there is an increasing interest in this form of entrepreneurship…” says David Kirby, Professor of Entrepreneurship at the University of Surrey, England and author of “Entrepreneurship”.

Structural changes in the economy have also exacerbated knowledge-based acrivities. Globalisation has increased competitive pressure on manufacturing firms which has led to a shift in production capacity to low cost countries. These changes have led to opportunities for new entrepreneurial initiatives particularly in the area of knowledge work and associated services. However, the capacity to adapt to economic change is crucial for competitiveness. To become the most competitive and dynamic, knowledge workers in a learning organisation need to develop social entrepreneurial competencies and act on the following;

Exploit creativity and innovation – Social entrepreneurship is first and foremost a mindset. It takes creativity and innovation to enter and compete in an existing market, to change or even to create a new market.

Learn from the best - in many aspects of social entrepreneurship some knowledge workers may outperform others and might serve as inspiration. It is wise to learn from each other on the basis of 'winning by sharing'.

Develop ‘wisdom’ networks – Identify the people who share their expertise consistently and effectively. Build and maintain networks of people who share NOBO values.

Knowledge workers in organisations of the future need to foster social entreprenerial drive more effectively so the next blog will describe how knowledge workers can increase prosperity through value networks.