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Formal/academic entrepreneurship education of successors—Cases of the two institutions

22 July, 2015 - 15:29

Case 1: Faculty of Economics and Business

The Faculty of Economics and Business (FEB) is one of 17 faculties of the University of Maribor, located in Maribor, which is the second largest city in Slovenia. FEB was established in 1959 as the School of Economics and Commerce; today FEB offers several accredited and, in its environment, well-accepted study programs at the undergraduate, master’s, and doctoral degree levels. These programs are prepared in accordance with the requirements of the Bologna Declaration (3+2+3 model). FEB has been implemented the first-cycle university education program “Economic and Business Sciences” and the professional higher education program “Business Administration” together with the second-cycle master’s program “Economic and Business Sciences” since 2006, while the third-cycle doctoral program “Economic and Business Sciences” has been running since 2008. Most study programs are implemented as both full-time and part-time studies 1. Whereas the first cycle lasts three years (180 ECTS), the master program (second cycle) lasts two years (120 ECTS). The third cycle (i.e., the research-oriented doctoral program) lasts three years (180 ECTS) and is open to graduates from the second cycle.

The university program “Economic and Business Sciences” offers eight fields of study: (1) accounting, auditing and taxation, (2) business management and organization, (3) e-business, (4) economics, (5) entrepreneurship, (6) finance and banking, (7) international business economics, and (8) marketing. The university program consists of totally 30 courses. Out of these 30 courses, 16 courses are common to all study fields and 6 courses are field of study courses. 8 courses are electives and are chosen by the student. In the “Business Administration” professional higher education program, students can specialize in eight fields of study: (1) accounting and business taxation, (2) business finance and banking, (3) entrepreneurship, (4) international management, (5) management, (6) marketing, (7) public sector economics and management, and (8) tourism. The program consists of 16 common courses, 6 study field courses, and 6 elective courses in addition to practical training in the second and third years of study. In both undergraduate study programs, students prepare a final diploma project. The “Economic and Business Sciences” master’s program offers nine fields of study: (1) accounting, auditing and taxation, (2) economics, (3) entrepreneurship and innovation, (4) finance and banking, (5) information systems and e-business management, (6) international business economics, (7) management, organization and human resources, (8) marketing management, and (9) strategic and project management. The program comprises 10 courses, of which one is common to all fields of study and two are electives; the others are all field of study courses. The master’s thesis is students’ final obligation.

As our main research concern is entrepreneurship education for the family businesses' successors, a more detailed exploration of the entrepreneurship field in both undergraduate study programs as well as the entrepreneurship and innovation master’s program will be conducted. The doctoral program is not explored in detail due to its research focus. In addition, we will explore the two undergraduate courses dealing with family business topics.

The main goal of the university’s entrepreneurship program is “to acquire knowledge in entrepreneurship that enables developmental and operative management of small and medium-sized enterprises, implementation of intrapreneurship, leading of independent business plans and programs in large enterprises, establishing of own enterprises or taking-over existing family businesses” 2. In order to realize this main goal, in addition to common and elective courses, the study program offers the specialized courses in marketing research, entrepreneurship, innovation management, dynamic entrepreneurship, managerial economics, and corporate entrepreneurship. These courses are offered in the second and third year of studies, while the first year covers common courses (i.e., basics of organization and management, mathematics for economists, introduction to economics and microeconomics, introduction to business information systems, business law, business economics, fundamentals of marketing, accounting, fundamentals of finance, macroeconomics); some common courses are in the second and third year as well (i.e., statistics, corporate finance, business policy, and strategic management). Foreign language as a year-long course is part of the program in all three years.

The entrepreneurship program in the professional higher education program includes common courses mainly in the first year (i.e., basics of organization and general management, foundations of business economics, business law, sociology, business mathematics, fundamentals of marketing, accounting, business information systems, finance for business, foreign language as a year-long course). In the second and third years, students attend field of study courses (i.e., entrepreneurship, business environment, European law, corporate entrepreneurship, business growth, operational management), common courses (i.e., economic policy, business statistics, basic cost and management accounting, e-business, business policy, and strategic management) and elective courses in addition to two practical trainings in selected firms.

At the master’s degree level, the entrepreneurship and innovation program provides students with knowledge that enables them to manage their own enterprise and invention-innovation processes as well as make decisions in developmental oriented organizations 3. The only common core course focuses on research methods. Students also obtain specialized knowledge in theories of the firm, invention and innovation management, technological and environmental innovations, development of a dynamic enterprise, entrepreneurship theories, international entrepreneurship, and law of intellectual property.

Family business-related topics are offered within two courses. The family business management course is an elective for second-year students of the university program. It covers family business characteristics, the role and importance of family enterprises for the economy and society, family in a family business (the role of family members, family relationships and conflicts, family values and interests), succession (family and individual lifecycle, lifecycle of a family business, succession as a process, succession planning), and management particularities. In more detail, the particularities of management are taught in the business policy and strategic management course, which is a common obligatory course in the university as well as in the professional higher educational program, although the course is more practically oriented for the latter program. Management particularities are discussed in the class from three different perspectives: management as a process (hierarchy of the process and management functions), management as institutions (e.g., structure of leading bodies, such as the board of directors, executives, their responsibilities), and management as a system of instruments (e.g., different planning tools and methods, leadership styles and techniques). In particular, the role and influence of a family in management are presented.

The FEB offers a comprehensive and quality entrepreneurship education in both undergraduate and master’s level fields of study. Potential family business successors can upgrade their knowledge with family business specifics. In particular, the two courses that address the particularities of family business functioning and management are useful providers of knowledge for all those who are going to work in or with family businesses.

Case 2: GEA College–Faculty of Entrepreneurship

GEA College–Faculty of Entrepreneurship (GEA–FE) is the leading private business school in Slovenia, with more than 20 years of experience in the provision of courses focused on entrepreneurship. Eighteen generations of students have been enrolled, culminating in more than 1400 undergraduate- and 150 master’s-level graduates. Entrepreneurship is and will remain the main study discipline of GEA–EF for those who want to learn not only about entrepreneurship, but also for entrepreneurship. The institution provides high-quality, practically oriented undergraduate (3 years, full-time study program) and postgraduate courses (master’s level, 2 years, part-time study program), but it does not offer doctoral studies. The final qualification of the first cycle of the higher professional study program is the bachelor’s degree in economics, and the second cycle of the higher professional study program’s final qualification is the master’s degree in business administration. The programs are accredited by the Ministry of Education of the Republic of Slovenia. For this reason they are recognized worldwide. The study programs are consistent with the Bologna Declaration (3+2) and the European Credit Transfer System (ETCS) thereby enabling full mobility of GEA–FE students. The first cycle is accredited with 180 ECTS, and the second with 120 ECTS. The institution is also a full member of various leading international associations of business and managements schools.

In the GEA–FE vision expresses the intent to become one of the leading schools in training and education of entrepreneurs in Central and Eastern Europe. Its evolvement into the centre for creating and implementing excellent projects in entrepreneurial education that are based on innovative entrepreneurship programs is stressed as well. Especially, innovations and entrepreneurial pragmatism are defined as the key values. The mission of the GEA–FE is to support entrepreneurs in acquiring new knowledge and skills in order to become competitive and successful in the market economy. Therefore, it searches, creates and transfers new knowledge, educates and trains young people.

The main objectives of the GEA–FE programs are to enhance business thinking among individuals and encourage business activities among young people. The main intention of the study programs is to encourage young people to think about and develop new business opportunities and eventually establish their own enterprises. It is estimated that more than 40% of the students are coming from families running family firms. Students develop both general and specific skills; general skills especially in the field of entrepreneurship, economics, and management, and specific skills for entrepreneurship (i.e., international cooperation, management, innovation, creativity, business growth, project management, marketing, and finance).

Case studies, project work, team problem solving, classroom visits and business evenings by successful entrepreneurs, and student exchanges with foreign universities are undertaken during the study process in order to combine theoretical knowledge with practical experiences. These methods proved to be excellent processes of educating students to become successful entrepreneurs. The programs are tailor-made education and training for successful entrepreneurs. GEA–FE applies the modern teaching methods that are recognized by many acknowledged universities and higher education institutions in Europe and the USA. The study process is done in small groups of students in order to promote both individuality and interactivity. Internship as the practical application of the knowledge gained is an obligatory part of students’ training within the framework of study at the GEA–FE. The cooperation with small, middle, and larger companies is recognized as an important part of the study process. Students have the opportunity to actively participate in projects and research that are done for and in selected companies. This enables students to share knowledge and experiences on growth, capitalization, strategy, vision, and market research with owners and/or managers.

Family business-related topics are offered within the family entrepreneurship course, which is an elective course offered to the students of the second or third years of the first level of the higher professional study program. It covers the purpose and specifics of family firms (significance for national economies, in the EU and worldwide, main roles in family firms, the role of founders in family firms, strengths and weaknesses of family firms), conflicts in family firms (in the same generation, between generations, ways to solve conflicts, strategic and development directions of family firms and family firms’ vision), growth and development of a family firm (satisfaction/dissatisfaction with economic and non-economic parameters of business operations, succession, long-term family firm orientation), legal aspects of family firms (the role of the family in human development, family as a working group, definition of healthy family relationships, basis of family therapy), and support environment for family firms (consulting and training for family firms). The course is accredited with 6 ECTS 4.

The second level of the higher professional program consists of two courses: strategic aspects in entrepreneurship and management in entrepreneurship. Each course offers 3 fundamental, 1 obligatory, and 3 elective courses (to be chosen out of 5). The fundamental courses are entrepreneurship and organizational growth management, managerial economics, and quantitative research methods. Business forecasting and growth strategies or development of HR capabilities and influence of the EU are among obligatory courses. Elective courses are standards of business ethics and culture in the EU, franchising and trademark enforcement, global marketing, private law, venture capital or operations management, strategic management, project management, business view of communication in entrepreneurship, and entrepreneurial challenges of the global economy. In the first year of study, students have to select two fundamental courses and one obligatory course as well two or three elective courses depending on their study course. Students can choose the third elective course from the courses offered by the GEA College or any other higher educational institution in Slovenia or abroad. In the second year, the course quantitative research method is obligatory for students. The fourth semester ends with a master's thesis 5.