Why is Institutional Knowledge Important for Entrepreneurs?
For entrepreneurs, institutional knowledge is crucial for several reasons:
Efficiency: Having established processes and best practices can save time and resources, allowing entrepreneurs to focus on growth and innovation. Decision-making: Institutional knowledge provides a historical perspective that can inform better decision-making and strategy formulation. Training and Onboarding: New employees can get up to speed more quickly if institutional knowledge is well-documented and accessible. Risk Management: Understanding past challenges and how they were addressed can help in mitigating future risks.