IT companies make a lot of efforts for sharing and utilizing of experiences of their members and transforming them into the organizational knowledge as a competitive core. But they face a dilemma that they have to spend time and financial resource to perform activities around knowledge management for the long-term gains, while carrying field-works for making short-term profits. As an initial attempt to tackle this managerial problem, this paper try to investigate the mechanism of knowledge management in a small IT company in Korea with a synthetic view-point using system dynamics simulation model. It depicts the dynamic behaviors of knowledge management and presents some findings of political leverage. Although it has to be replenished further, the scheme for the dynamism of knowledge management and the findings presented in the paper could be useful for the decision makers particularly of knowledge-intensive organizations