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Earlier this month, 10 Elizabethtown College students traveled to the city of Prague, Czech Republic, as part of the FBE450: Entrepreneurship in Emerging Economies course. We spoke to a variety of local entrepreneurs to learn about their perspectives and stories. It includes a first-hand account of the transition from communism to capitalism and provides an insight into how the Czech economy has changed over the past 35 years. The country was under communist rule from 1948 until her 1989 Velvet Revolution, a nonviolent transition of power that ended more than 40 years of communist rule in her 10 days. Against this backdrop, local entrepreneurs built their businesses.
entrepreneurship
During our week in Prague, we met with four different entrepreneurs. The first person was Radek Spikar, who is also vice-president of the Federation of Industry and Trade. He does a great job of providing more background on the political and economic situation in the Czech Republic and tells us about his first experience investing in stocks using privatization vouchers during his university days. Ta. His perception of buying and selling stocks seems to be heavily influenced by the fundamental concept of always investing in companies that get business, and unsurprisingly, he invests in explosives companies and businesses that sell condoms. Did.
Next, we met Max Munson, a Chicago-born entrepreneur who founded Max’s Steakhouse in 1992. He recommended four of his books: “The Four-Hour Work Week,” “Rich Dad, Poor Dad,” “Wimhof’s Method,” and “Built to Move.”. He also talked about the challenges faced during the 2008 financial crisis and the COVID-19 pandemic, and said that in business, you always learn more when things aren’t going well.
Later that week, we met Matthias Schwender, a German-born entrepreneur who has lived in Prague since 1999 and is co-owner of Bohemia Hostels. We met him at one of his hostels, on a small curtained stage adjacent to the common dining room. It created a very welcoming atmosphere for our group. He was personable and passionate about his hostel business and creating social spaces where travelers could make new connections. Although Schwender had no intention of becoming an entrepreneur, he noticed the pitfalls and overall void in the hostel industry and was determined to fill it.
Finally, we met Mr. Antoin Koes, owner of ALBI, Kinoko and Antoin’s Bakery. He shares how he grew his business from a small stand selling postcards to tourists in the Old Town to a partnership with Hallmark that now carries over 14,000 products.
It was very interesting to hear from these entrepreneurs and have the opportunity to ask questions and discuss their experiences and challenges they faced.
architecture
Every street you walk through Prague is different, from the architectural style to the cobblestone pattern on the ground to the intricate nature of the paths. Every street is colorful and unique. The first castle we visited was the Romanesque and Gothic Prague Castle, one of the oldest castles in the world, built in the 9th century. We also visited Karlstejn Castle, built in the 14th century and where the crown jewels and treasures were kept safely.
food
The best food I had on this trip was definitely the deer goulash I ordered at a small restaurant called U Mani in Hrasná Trebány outside of Prague. It came with a bread dumpling that looked very similar to the filling and was incredible.
The friendships made, perspectives gained and experiences gained in Prague are unparalleled, and while it may be biased for those considering studying abroad, Prague is a great place to visit.
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