The usage of total knowledge by entrepreneurs in business decision-making

Vicente Giner-Crespo; Alberto Azuara-Grande; Dulce Saldaña-Larrondo

doi:10.31637/epsir-2024-1008

Authors

Vicente Giner-Crespo International University of La Rioja https://orcid.org/0000-0003-1295-5720
Alberto Azuara-Grande Rey Juan Carlos University https://orcid.org/0000-0002-8432-0065
Dulce Saldaña-Larrondo International University of La Rioja https://orcid.org/0000-0002-2809-7452

DOI:

https://doi.org/10.31637/epsir-2024-1008

Keywords:

Artifical Intelligence, cognitive biases, knowledge management, Entrepreneurs, decision-making

Abstract

Introduction: This paper proposes the identification of those attributes of knowledge that entrepreneurs consider most important in the process of making their business decisions. Methodology: This main objective is finally described by obtaining a ranking, which, through the application of the analytic hierarchy process (AHP), will allow them to establish their priorities with respect to these attributes through a multi-criteria decision process. In order to obtain this priority ranking, a survey with a sample of 362 valid entrepreneurs’ responses in the Spanish metropolitan regions of Madrid and Barcelona was conducted. Furthermore, data validation was supervised by a panel of experts formed with 40 entrepreneurs. Results: The results of this research indicate that explicit and tacit knowledge form the same unit of knowledge necessary for decision making, instead of the weight that one dimension may have over the other one in the decisions of the entrepreneurs surveyed. Discussions: The ranking obtained will serve as a basis for the implementation of future specific proposals to this group. Conclusions: This research could be extrapolated to other geographical areas or types of entrepreneurs in different countries to obtain possible differences between entrepreneurial cultures. This also could identificate differences between professionals with different levels of training.

Downloads

Download data is not yet available.

Author Biographies

Vicente Giner-Crespo, International University of La Rioja

Doctor en Economía de empresa por la Universidad Rey Juan Carlos desde 2016. Máster Universitario en Gestión comercial por la Universidad Rey Juan Carlos. Maneja distintas líneas de investigación multidisciplinares vinculadas al ámbito de las ciencias sociales, relacionadas principalmente con la toma de decisiones, tanto en contexto empresarial general como de marketing. Cuenta con varios capítulos de libro publicados en editoriales nacionales e internacionales de prestigio, según el índice SPI tal como; Dykinson, Peter Lang, Esic y Aula Magna McGraw. Ha participado como ponente en congresos y conferencias de reconocido prestigio y ha sido director del máster universitario de dirección comercial y ventas de la Universidad Internacional de La Rioja.

Alberto Azuara-Grande, Rey Juan Carlos University

Doctor en Turismo por la Universidad Rey Juan Carlos desde 2018. Graduado en Turismo por la Universidad Autónoma de Madrid, y Máster en Dirección Internacional del Turismo por la Universidad Rey Juan Carlos. Maneja distintas líneas de investigación multidisciplinares vinculadas al ámbito turístico, relacionadas con la gestión de destinos culturales en espacios rurales, así como por la adopción y uso de nuevas tecnologías turísticas. Ha logrado distintas publicaciones en revistas indexadas en JCR y Scopus, así como en revistas de calidad ESCI, Latindex, FECYT. Asimismo, cuenta con varios capítulos de libro publicados en editoriales nacionales e internacionales de prestigio, según el índice SPI. Ha participado como ponente en congresos y conferencias de reconocido prestigio. Actualmente, es Vicecoordinador del Grado en Turismo de la URJC.

Dulce Saldaña-Larrondo, International University of La Rioja

Doctora en Ciencias Empresariales por la Universidad Pontificia Comillas, Sobresaliente Cumlaude, con el Premio Extraordinario al Doctorado. Acreditación Contratado Doctor y profesor de Universidad Privada por ANECA. Vinculada al mundo académico en México y España por más de 25 años tanto en grados y posgrados siendo docente y habiendo ocupado diversos roles de gestión. Consultor en RSE en el entorno mexicano por más de 10 años. Consultor en emprendimientos educativos universitarios. Ha sido parte de comités, consejos, y grupos evaluadores de distintas iniciativas privadas y públicas. Sus principales líneas de investigación: Procesos de aculturación a través del consumo. Investigación cualitativa para el consumidor. Comunicación, reporting y evaluación de la responsabilidad social para las empresas.

References

Ahmad, M., Shah, S. Z. A., & Abbass, Y. (2021). The role of heuristic-driven biases in entrepreneurial strategic decision-making: evidence from an emerging economy. Management Decision, 59(3), 669-691. https://doi.org/10.1108/MD-09-2019-1231 DOI: https://doi.org/10.1108/MD-09-2019-1231

Azimzadeh, A., Sanaeepour, H., Ashrafi, M., & Shojaei, S. (2021). Designing a model for the development of international entrepreneurship in knowledge-based businesses. Journal of Studies in Entrepreneurship and Sustainable Agricultural Development, 7(4), 67-84. https://doi.org/10.22069/jead.2021.19091.1479

Bharati, P. & Chaudhury, A. (2006). Studying the current status of technology adoption. Communications of the ACM, 49(10), 88-93. DOI: https://doi.org/10.1145/1164394.1164400

Barney, J. B. (1995). Looking inside for competitive advantage. Academy of Management Perspectives, 9(4), 49-61. https://doi.org/10.5465/ame.1995.9512032192 DOI: https://doi.org/10.5465/ame.1995.9512032192

Bennis, W. G., & Nanus, B. (2008). Líderes. Estrategias para un liderazgo eficaz. Ediciones Paidós Ibérica.

Bigelow, L. S., & Barney, J. B. (2020). What can Strategy Learn from the Business Model Approach? Journal of Management Studies, 58(2), 528-539. https://doi.org/10.1111/joms.12579 DOI: https://doi.org/10.1111/joms.12579

Boyatzis, R., & Mc Kee, A. (2005). Liderazgo Emocional. Harvard Business School Press.

Bratianu, C., Nestian, A. S., Tita, S. M., Vodģ, A. I., & Guta, A. L. (2020). The Impact of Knowledge Risk on Sustainability of Firms. Amfiteatru Economic, 22(55), 639. https://doi.org/10.24818/ea/2020/55/63 DOI: https://doi.org/10.24818/EA/2020/55/639

Brînzea, N. (2022). Emotional intelligence, the ability to access or generate feelings. Technium Social Sciences Journal, 36(1), 570-575. https://doi.org/10.47577/tssj.v36i1.7466 DOI: https://doi.org/10.47577/tssj.v36i1.7466

Butt, M.A., Nawaz, F., Hussain, S., Sousa, M. J., Wang, M., Sumbal, M. S., & Shujahat, M. (2019). Individual knowledge management engagement, knowledge-worker productivity, and innovation performance in knowledge-based organizations: the implications for knowledge processes and knowledge-based systems. Computational and Mathematical Organization Theory, 25(3), 336-356. https://doi.org/10.1007/s10588-018-9270-z DOI: https://doi.org/10.1007/s10588-018-9270-z

Calabrese, A., Costa, R., Levialdi, N., & Menichini, T. (2019). Integrating sustainability into strategic decision-making: A fuzzy AHP method for the selection of relevant sustainability issues. Technological Forecasting & Social Change, 139, 155-168. https://doi.org/10.1016/j.techfore.2018.11.005 DOI: https://doi.org/10.1016/j.techfore.2018.11.005

Castellani, P., Rossato, C., Giaretta, E., & Davide, R. (2021). Tacit knowledge sharing in knowledge-intensive firms: the perceptions of team members and team leaders. Review of Managerial Science, 15, 125-155. https://doi.org/10.1007/s11846-019-00368-x DOI: https://doi.org/10.1007/s11846-019-00368-x

Chamorro-Premuzic, T., & Ahktar, R. (2023). 3 Human super talents AI will not replace. Harvard Business Review. https://hbr.org/2023/05/3-human-super-talents-ai-will-not-replace

Darko, A., Chan, A. P. C., Ameyaw, E. E., Owusu, E. K., Pärn, E., & Edwards, D. J. (2018). Review of application of analytic hierarchy process (AHP) in construction. International Journal of Construction Management, 19(5), 436-452. https://doi.org/10.1080/15623599.2018.1452098 DOI: https://doi.org/10.1080/15623599.2018.1452098

De la Cuesta, M., Gázquez, J. D. P., Holgado-Tello, F. P., & Barbero-García, M. I. (2014). Métodos de Escalamiento en la Obtención de Evidencias de Validación de Contenido: La Construcción de una Escala para Evaluar Responsabilidad Social Corporativa. Acción Psicológica, 10(2), 27-40. https://doi.org/10.5944/ap.10.2.11822 DOI: https://doi.org/10.5944/ap.10.2.11822

De la Puente, M. (2010). Gestión del conocimiento y Minería de datos. http://hdl.handle.net/10760/14884

Drucker, P. F. (2009). The Essential Drucker: The Best of Sixty Years of Peter Drucker's Essential Writings on Management. Collins Business Essentials.

Expansión-Diario Económico. (2019). PIB-Producto Interior Bruto Comunidades Autónomas. https://datosmacro.expansion.com/pib/espana-comunidades-autonomas

Fonseca-Feris, R., & Fleitas-Alvarez, V. C. (2020). Small and medium-size companies in Paraguay. Limitations for its internationalization. Revista Internacional de Investigación En Ciencias Sociales, 16(2), 294-311. https:// doi.org/10.18004/riics.2020.diciembre.294 DOI: https://doi.org/10.18004/riics.2020.diciembre.294

Frishammar, J. (2003). Information use in strategic decision making. Management Decision, 41(4), 318-326. https://doi.org/10.1108/00251740310468090 DOI: https://doi.org/10.1108/00251740310468090

Gamble, J. R. (2020). Tacit vs explicit knowledge as antecedents for organizational change. Journal of Organizational Change Management, 33(6), 1123-1141. https://doi.org/10.1108/jocm-04-2020-0121 DOI: https://doi.org/10.1108/JOCM-04-2020-0121

Ganguly, A., Talukdar, A., & Chatterjee, D. (2019). Evaluating the role of social capital, tacit knowledge sharing, knowledge quality and reciprocity in determining innovation capability of an organization. Journal of Knowledge Management, 23(6), 1105-1135. https://doi.org/10.1108/jkm-03-2018-0190 DOI: https://doi.org/10.1108/JKM-03-2018-0190

Giner, V. (2015). Factores emocionales del conocimiento que influyen sobre la objetividad del diagnóstico de la situación en el proceso de planificación estratégica [Tesis de Doctorado,] Universidad Rey Juan Carlos. http://hdl.handle.net/10115/13726

Goleman, D. (2003). Leadership that gets results. In A. Hooper (Ed.), Leadership Perspectives (pp. 85-96). Routledge. https://doi.org/10.4324/9781315250601 DOI: https://doi.org/10.4324/9781315250601-9

Goleman, D., & Boyatzis, R. (2017). Emotional intelligence has 12 elements. Which do you need to work on. Harvard Business Review, 84(2), 1-5.

Grant, R.M. (2012). Contemporary Strategy Analysis (8th ed.). John Wiley & Sons Inc.

Hancock, J. T., Naaman, M., & Levy, K. (2020). AI-mediated communication: Definition, research agenda, and ethical considerations. Journal of Computer-Mediated Communication, 25(1), 89-100. https://doi.org/10.1093/jcmc/zmz022 DOI: https://doi.org/10.1093/jcmc/zmz022

Hermann, E. (2022). Artificial intelligence and mass personalization of communication content—An ethical and literacy perspective. New Media & Society, 24(5), 1258-1277. https://doi.org/10.1177/14614448211022702 DOI: https://doi.org/10.1177/14614448211022702

Hills, T. T. (2019). The Dark Side of Information Proliferation. Perspectives on Psychological Science, 14(3), 323-330. https://doi.org/10.1177/1745691618803647 DOI: https://doi.org/10.1177/1745691618803647

Jiang, C., Wang, Z., Wang, R., & Ding, Y. (2017). Loan default prediction by combining soft information extracted from descriptive text in online peer-to-peer lending. Annals of Operations Research, 266(1-2), 511-529. https://doi.org/10.1007/s10479-017-2668-z DOI: https://doi.org/10.1007/s10479-017-2668-z

Kahneman, D. (2011). Thinking, Fast and Slow. Farrar, Straus and Giroux.

Kour, J., El-Den, J., & Sriratanaviriyakul, N. (2019). The Role of Positive Psychology in Improving Employees’ Performance and Organizational Productivity: An Experimental Study. Procedia Computer Science, 161, 226-232. https://doi.org/10.1016/j.procs.2019.11.118 DOI: https://doi.org/10.1016/j.procs.2019.11.118

Lazazzara, A., & Za, S. (2020). The effect of subjective age on knowledge sharing in the public sector. Personnel Review, 49(1), 303-323. https://doi.org/10.1108/PR-07-2018-0248 DOI: https://doi.org/10.1108/PR-07-2018-0248

Liberti, J. M., & Petersen, M. A. (2018). Information: Hard and Soft. The Review of Corporate Finance Studies, 8(1), 1-41. https://doi.org/10.1093/rcfs/cfy009 DOI: https://doi.org/10.1093/rcfs/cfy009

Manley, N. A. L. (2022). The Importance of Tacit Knowledge in Geoscience Brought to the Surface through Artistic Methods. Art Research International: A Transdisciplinary Journal, 7(1), 123-155. https://doi.org/10.18432/ari29571 DOI: https://doi.org/10.18432/ari29571

Manoochehri, M. (2021). Up to the magical number seven: An evolutionary perspective on the capacity of short term memory. Heliyon, 7(5). https://doi.org/10.1016/j.heliyon.2021.e06955 DOI: https://doi.org/10.1016/j.heliyon.2021.e06955

Miller, G. A. (1956). The magical number seven, plus or minus two: Some limits on our capacity for processing information. Psychological Review, 63(2), 81-97. https://doi.org/10.1037/h0043158 DOI: https://doi.org/10.1037/h0043158

Minsky, L., & Aron, D. (2021). Are You Doing the SWOT Analysis Backwards? Harvard Business Review. https://hbr.org/2021/02/are-you-doing-the-swot-analysis-backwards

Mitchell, V. W., Harvey, W. S., & Wood, G. (2021). Where does all the ‘know how’ go? The role of tacit knowledge in research impact. Higher Education Research & Development, 41(5), 1664-1678. https://doi.org/10.1080/07294360.2021.1937066 DOI: https://doi.org/10.1080/07294360.2021.1937066

Moreno, J. M. (2002). El proceso analítico jerárquico (AHP), fundamentos, metodología y aplicaciones. Rect@: Revista Electrónica de Comunicaciones y Trabajos de ASEPUMA, 1(Extra 1), 1-25.

Morley, J., Kinsey, L., Elhalal, A., Garcia, F., Ziosi, M., & Floridi, L. (2021). Operationalising AI ethics: barriers, enablers and next steps. AI & Society, 38(1), 411-423. https://doi.org/10.1007/s00146-021-01308-8 DOI: https://doi.org/10.1007/s00146-021-01308-8

Nonaka, I., & Takeuchi, H. (1995). The Knowledge-creating company. Oxford University Press. DOI: https://doi.org/10.1093/oso/9780195092691.001.0001

Novicevic, M. M., Harvey, M., Autry, C. W., & Bond, E. U. (2004). Dual‐perspective SWOT: a synthesis of marketing intelligence and planning. Marketing Intelligence & Planning, 22(1), 84-94. https://doi.org/10.1108/02634500410516931 DOI: https://doi.org/10.1108/02634500410516931

Polanyi, M. (1966). The Tacit Dimension. Routledge & Kegan Paul.

Ramge, T., & Mayer-Schönberger, V. (2023). Using ChatGPT to Make Better Decisions. Harvard Business Review. https://hbr.org/2023/08/using-chatgpt-to-make-better-decisions

Rantapuska, T., & Ihanainen, O. (2008). Knowledge use in ICT investment decision making of SMEs. Journal of Enterprise Information Management, 21(6), 585-596. https://doi.org/10.1108/17410390810911195 DOI: https://doi.org/10.1108/17410390810911195

Rodríguez-Castellanos, A., & San-Martin-Albizuri, N. (2020). Covid-19, globalización, complejidad e incertidumbre: algunas reflexiones sobre gestión empresarial en tiempos de crisis y más allá. Revista GEON (Gestión, Organizaciones Y Negocios), 7(2), 1-17. https://doi.org/10.22579/23463910.219 DOI: https://doi.org/10.22579/23463910.219

Saaty, T. L. (1977). A scaling method for priorities in hierarchical structures. Journal of Mathematical Psychology, 15(3), 234-281. https://doi.org/10.1016/0022-2496(77)90033-5 DOI: https://doi.org/10.1016/0022-2496(77)90033-5

Shih, H. (2022). Subjective Geometry for Problem Modeling in the Analytic Hierarchy/Network Processes. International Journal of The Analytic Hierarchy Process, 14(2). https://doi.org/10.13033/ijahp.v14i2.1012 DOI: https://doi.org/10.13033/ijahp.v14i2.1012

Sikombe, S., Phiri, M. A., & Wright, L. T. (2019). Exploring tacit knowledge transfer and innovation capabilities within the buyer–supplier collaboration: a literature review. Cogent Business & Management, 6(1). https://doi.org/10.1080/23311975.2019.1683130 DOI: https://doi.org/10.1080/23311975.2019.1683130

Soyer, E., & Robin, H. (2020). The Myth of Experience: Why We Learn the Wrong Lessons, and Ways to Correct Them. Public Affairs.

Stokes, M. (1992). Socrates’ mission. In B. Gower & M. Stokes (Eds.), Socratic Questions, New Essays on the Philosophy of Socrates and its Significance (pp. 26-81). Routledge. DOI: https://doi.org/10.4324/9780429450136-2

Thomas, A., & Gupta, V. (2021). Social Capital Theory, Social Exchange Theory, Social Cognitive Theory, Financial Literacy, and the Role of Knowledge Sharing as a Moderator in Enhancing Financial Well-Being: From Bibliometric Analysis to a Conceptual Framework Model. Frontiers in Psychology, 12. https://doi.org/10.3389/fpsyg.2021.664638 DOI: https://doi.org/10.3389/fpsyg.2021.664638

Thorpe, R., Holt, R., Macpherson, A., & Pittaway, L. (2005). Using knowledge within small and medium‐sized firms: A systematic review of the evidence. International Journal Of Management Reviews, 7(4), 257-281. https://doi.org/10.1111/j.1468-2370.2005.00116.x DOI: https://doi.org/10.1111/j.1468-2370.2005.00116.x

Viguri, J. (2011). La intuición en la toma de decisiones. Decisiones en situaciones de riesgo. Análisis de la función de utilidad [Tesis de doctorado]. Universidad Antonio de Nebrija.

Whetten, D., & Cameron, K. (2005). Desarrollo de Habilidades Directivas. Pearson Education.