Info Lit Knowledge Factors in Success
Page 3 of 22
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 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