The success of my idea will also depend on using the information knowledge

The success of my idea will also depend on using the

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The success of my idea will also depend on using the information –knowledge sharing pyramid information and time are very importantelements that deserve special focus, to find out the effect of information andthe increasing importance and impact of knowledge on the success of anyinnovative idea.Information – knowledge pyramid consists of the following elementswisdom- from the part of the innovative idea owner, which means havingthe insight, judgment and understanding the surrounding environmentknowledge – information and experience with the business environment andunderstanding this environment.Information – Data used and shared for a certain purpose Data – is raw factsabout events and observations (Entrepreneurial program team, 2007, p:84).The important factor to achieve innovation success is to have the ability touse the shared knowledge between the individuals in an effective an efficientway, because it is directly linked to the development of human capital.Knowledge is considered by many researchers as very crucial to the businesssuccess, while knowledge can be seen as information that has meaning andexists in the environment.Knowledge can be acquired through formal study, experience and practiceand it can be directly absorbed, and it differ from tacit knowledge.While wisdom is the ability to use knowledge to increase understanding toform the judgments and reflections with universal perspective.
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Knowledge is need for a new and innovative ideas to initiate a businessproject, to know about the functional and technical areas of the business,knowledge is related to people’s skills.Also, knowledge is needed for achieving organizational, personal andstrategic knowledge required to attain the competitive advantage.Because of the importance of information and knowledge they can presentpower in the market in making transactions.My idea is that I should be able to use knowledge available to me in aneffective and efficient way, in addition to share this knowledge in order toachieve more understanding and insights about the market movements andthe customers trends to help me making the sound decisions.Knowledge and information are two concepts used interchangeably in theliterature, while information defined as organized data, and interpreted data.While knowledge define d as a mix of fluid experiences, values contextualinformation and institutions that provides a structure to evaluate andincorporate raw experiences and information.These definitions mean that knowledge is information that has been workedon to become more valuable (Marfo, M, 2013).But the discussion of the concepts of information and knowledge may not becompete without Data-Information – Knowledge- Wisdom hierarchy or theknowledge pyramid.The knowledge hierarchical consist of :Data - Information – Knowledge- Wisdom this pyramid is part of theinformation science and management, while the whole pyramid is built onthe foundation of data which when processed become information, thismeans that we make information from data..
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From knowledge pyramid, information is seen as a product of data that havebeen augmented or refined. (Marfo, M., 2012).
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References :-Entrepreneurial Program Team (2007). DevelopingEntrepreneurial ideas, workbook, 1, open university, p:48.
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