Entrepreneurial Knowledge Of The Uk Rail Network

1872 WordsDec 15, 20148 Pages
Entrepreneurial Knowledge Entrepreneurs pursue business without fully knowing how the market will react and whether the new products or services will succeed, and persons who create new companies shoulder substantially more risk than those operating within established companies (Tyagi, 2000). Pfisterer UK is a hybrid of these elements, a new organisation developed as a regional hub of a larger global enterprise experienced in developing innovations for both existing and new applications and markets. Success has been evident, both globally and since the conception of Pfisterer UK in 2007, in the power industry selling established products into utilities, European rail networks and off-shore power systems; although the UK rail network has different requirements, specifications and processes than the brand has approached previously. Knowledge of the market is of paramount importance to enable any solution to the issue facing the organisation to be successful. There is very little existing knowledge of the UK rail industry within the Pfisterer UK set up, hence the appointment of myself to the team. However, my knowledge of the industry does not include a detailed knowledge of the Pfisterer product, which I have no previous experience of, and so knowledge management is an issue that must be resolved within the organisation to enable skill sets to be shared for any solution to be successful. According to Nonaka and Takeuchi (1995; 58) knowledge is “a dynamic human process of
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