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Knowledge and Information Literacy in Business

Knowledge and Information Literacy in Business

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Published by edsadowski
Entrepreneurial lack of knowledge is a major contributor to preventable business failure. Knowledge is in great part dependent on research and information literacy skills, as well as knowing when information is needed. Understanding how to acquire knowledge and access information includes awareness of various assistance and information resources and the ability to use the resources, such as Small Business Development Centers, libraries, and the Internet. The lack of business knowledge and information literacy is in part a failure of the educational system to specifically teach business information literacy skills.
Entrepreneurial lack of knowledge is a major contributor to preventable business failure. Knowledge is in great part dependent on research and information literacy skills, as well as knowing when information is needed. Understanding how to acquire knowledge and access information includes awareness of various assistance and information resources and the ability to use the resources, such as Small Business Development Centers, libraries, and the Internet. The lack of business knowledge and information literacy is in part a failure of the educational system to specifically teach business information literacy skills.

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Published by: edsadowski on Sep 07, 2009
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02/26/2012

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Information Literacy and Knowledgeas Factors in Entrepreneurial Failure and Success
 
Info Lit Knowledge Factors in Success
Page 2 of 22
Information Literacy and Knowledgeas Factors in Entrepreneurial Failure and Success
by Edward B. Sadowski and Malcolm H. Brantz 
Abstract
Entrepreneurial lack of knowledge is a major contributor to preventable business failure.Knowledge is in great part dependent on research and information literacy skills, as well as knowing when information is needed. Understanding how to acquire knowledge and access information includes awareness of various assistance and information resourcesand the ability to use the resources, such as Small Business Development Centers,libraries, and the Internet. The lack of business knowledge and information literacy is in part a failure of the educational system to specifically teach business information literacy skills.
Edward B. Sadowski, MLSReference/Info Literacy LibrarianWeber Center for Learning Resources, Arapahoe Community CollegeCampus Box 16, 5900 S. Santa Fe Drive, P.O. Box 9002Littleton, CO 80160-9002ed.sadowski@arapahoe.edu303-797-5729Malcolm H. Brantz, MLS, MBADirector Weber Center for Learning Resources, Arapahoe Community CollegeCampus Box 16, 5900 S. Santa Fe Drive, P.O. Box 9002Littleton, CO 80160-9002malcolm.brantz@arapahoe.edu303-797-5739Keywords:assistance, bankruptcy, business failures, information literacy, knowledge, small business
 
Info Lit Knowledge Factors in Success
Page 3 of 22
Introduction
The high rate of failure for small businesses is unnecessary and preventable
(
Thomson-South-Western, 2007; Jordan, 2006
).
The causes of business failure aremultifactorial, internally- and externally-based. Internal causes can include“entrepreneurial personality,” lack of knowledge, and management/strategic decisions(Korgaonkar, 2006; Jordan, 2006; Carter and Van Auken,
 
2006; Teske, 1990; SmallBusiness Development Center, n.d.). External causes consist of macroeconomic factorsand conditions and the entrepreneurial environment, in part a product of public policiesand economic development planning (Everett, 2004; Bernier, n.d.). Unlike externalcauses, internal contributors to business failure are largely within the control of theentrepreneur.There is undoubtedly a dynamic interplay between the internal factors of entrepreneurial personality, knowledge, and managerial performance. The literature isfraught with identification of the components of business knowledge, such as skills inplanning, market research, accounting, cash flow, and pricing strategy. This paper doesnot delve into these factors per se, but instead the authors choose to focus on theinformation literacy aspect of knowledge as an important contributor to failure or successfor small business. Simply put, information literacy begets knowledge, which begetssuccess.
Information Literacy
Information literacy is about the process and tools of obtaining information andknowledge. Paul Zurkowski, president of the Information Industry Association, is creditedwith first using the term information literacy in 1974 (Warnken, 2004). Zurkowski definedinformation literates as people “trained in the application of information resources to

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