The growing tempo of changes in world’s economics emphasizes the ability of enterprise to adapt to changes in business environment as an important competitive advantage. Adaptive intelligent enterprises, which use knowledge models for adaptation, form basis of cognitive economics. Currently those intelligent enterprises are utilizing ontological modeling for knowledge representation. In this article, a method for building ontology based on analysis of context of business operations is proposed. The application of this method is described in detail using recruitment area business process as example. The developed method of ontology construction allows for continuous ontology modification and update and accentuates the analysis of implicit context information.