ABSTRACT. The issue of business environment for small and medium-sized enterprises is a very actual area of scientific research. Currently, the great importance is given to research people's personal and knowledge preconditions for conducting business. The aim of this article was to examine the relationship between education of entrepreneurs and several aspects of entrepreneurship in the SME segment.Our own research was conducted in the selected regions of the Czech Republic and Slovakia through a questionnaire survey. A total of 449 owners of small and medium-sized companies have been reached. The sample of respondents was divided into two groups: entrepreneurs with and without a university degree. To reach an above mentioned aim, Pearson statistics for a data count, series of 5000 Monte Carlo replication as well as tools of descriptive statistics have been used.Our results have showed that there are significant differences in the attitudes of these two categories of entrepreneurs in their motives for starting business and the knowledge of the lending criteria of commercial banks. On the other hand, the differences in other fields, such as the evaluation of the commercial banks approach, the change of their companiesprofitability, the ability to manage financial risks and the assessment of the academic knowledge usefulness were not confirmed by our research.JEL Classification : L26, O16, G21Keywords: Small and Medium Enterprises, entrepreneurs' education, motivation for doing business, financial risk, credit risk.IntroductionThe relationship between education and entrepreneurship is now being taken as a serious issue in the field of enterprise research due to increased competition in the market from both locally and internationally, availability of new technology, and consumer demand for new products and so on. To be aware of all those affects to the firm one needs to acknowledge the changes in consumer demand, the use of new technologies and analysis of the market competition from different approaches. Thus, education can enhance one's ability to know more in-depth about all those issues and this can create a competitive advantage for the business. Nevertheless, entrepreneurial success and selection of entrepreneurship as an employment can be influenced by various factors, including easy availability of finance sources (Carter et al., 2003; Orser et al., 2006), gender equality (Chowdhury and Audretsch, 2014), entrepreneur education level (Rauch and Rijsdijk, 2013; Naude et al., 2008), social mobility and structure (Lim and Envick, 2011), government support (Elam and Terjesen, 2010), Self-skills and confidence (Minniti and Nardone, 2007; Wilson et al., 2007). However, among the above variables, one factor can easily be identified as an entrepreneurial idiosyncratic quality, which can affect the choice between self-employment (being an entrepreneur) and other employment opportunities, is education.Researchers, while dealing with the importance of human capital in doing business found out that, entrepreneurs' education can have a positive impact on the entrepreneurship selection and performance (Lafuente and Vaillant, 2013; Naude et al., 2008; Bonte et al., 2007). It is also noticeable that, the formal education can increase the managerial ability of an individual and that can lead a person to become an entrepreneur. However, as argued by Velez (2009) and Mengistae (2006) education is not free of cost and for which it may then lead an individual to become a safe waged earner; since, the return from the enterprise is not guaranteed as like as the employed worker. Mamman (2014) and Oosterbeck et al. (2010) further argue that, the education system is not so well developed in many developing countries which can increase the self-confidence of an individual to start an own business. Hence, previous empirical researches in this area are not providing any conclusive answer about the relationship between education and entrepreneurship in the segment of the SME. …
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