A Micro Level Application of Knowledge Based Economy:Case of Sri Lankan Entrepreneurs

Abstract

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Entrepreneurship leads to better performance. All the entrepreneurs extend a considerablecontribution directly or indirectly to the economic development (Faculty of Management Studies and Commerce University of Sri Jayewardenepura, 2013). Entrepreneurship is thereforeconnected with the creation of new business ventures, the introduction of new innovative ideas and technologies, and the readiness to take the risks (Mazzarol, 2004).‘Knowledge Economy (KE) is an economy that based on knowledge and ideas, in which the key factor of prosperity and economic growth is the superior knowledge capitalization’(Tocan, 2012). Sustainable competitive advantage can be offered through the driving forces of economic growth, productivity growth and resources. There is no any universally accepted definition for knowledge economy. The World Bank (1996) introduced knowledge economy framework which includes four pillars and contributes to the economic growth and development. As a developing country Sri Lanka needs sustainable entrepreneurs who can boost the Sri Lankan economy. Even if one becomes entrepreneur either by education or by inheritance, it is important to know how to survive in a turbulent business environment. The main purpose of this study is to analyse awareness of entrepreneurs about KE when managing entrepreneurial ventures. This study has used a more differentiated approach than earlier studies which have mainly focused on the knowledge based economy assessment for a country. Therefore this study aims to understand the entrepreneurs’ perception towards KE to make their entrepreneurial ventures a …