The decision to create a new and innovative business has a far-reaching impact for an individual. Long and hard working hours without payment and an unpredictable future are just two good examples of the challenges that entrepreneurs must face every day. Further, substantial barriers relate to the high risk that they normally must take because it is always possible for them to lose everything at once with a bad business decision.
It would seem clear that innovative entrepreneurs should have a very good educational background in order to develop a structured business plan to guide the decision making needed to operate a business and guarantee its lifetime in the market. Why is it then that we can find many successful entrepreneurs without the needful education? This exploratory study focuses on the relationship between entrepreneurship and education in Norway, Finland and Colombia and the influence of education on entrepreneurial mentality in these countries. Several distinct aspects are: attitudes, beliefs and behavior of the surveyed entrepreneurs in relation to their education. By launching a survey form with 40 questions and comparing the results to the previous research from late 1980 ́s to 2008, it can be stated that the demand for entrepreneurship education is high, but through a process of selection, only few students will become entrepreneurs. It seems that higher education reduces the risk taking ability and, on the other hand, does not provide the necessary support at the wake of starting the new business. This can also be related to the timing of the studies.
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