The heart and soul of managing a business enterprise are the tasks of creating and executing the business plans. It deals with combination of competitive moves and business approaches which should focus at customer needs while achieving the organizational objectives.

Today, the nature of competition is shifting from volume-based differentiation to quality and knowledge based differentiation. As such INTELLECTUAL ASSSET- BASED MANAGEMENT becomes the key for differentiation for sustainability and growth. The knowledge-based assets are intangible assets, which are not normally shown on conventional balance sheets or financial statements. It is advantageous to know more about your competitors than they know about you. Any differentiating element that works well tend to draw imitators. Using knowledge capital, as strategy is partly visible and partly hidden to outside view as such imitation is not very easy. In view of this, this approach is a key success factor to withstand today’s intense competition. All enterprises irrespective of their size should strive at achieving the skill and knowledge related resources as the basic strength and tapping into unique strategies. These are intangible resources for generating wealth and they create value through connection with other intangible assets i.e., their suitable utilization and management, and this expertise will be highly valued by customers. Though their scope is vast a typical example would be business or trade secrets, which should not be leaked out.

In today’s business environment where competitive advantages arise out of intellectually created assets goes to those enterprises most able to mobilize information and create systems to use knowledge efficiently. One of the biggest strategy implanting challenges is to employ motivational techniques and support systems that build wholehearted commitment and winning attitudes among employees towards innovation. Today’s managers and entrepreneurs should pay more attention to innovation and responsiveness as the business environment is fast changing.