At the start of this month, 10 Elizabethtown College students traveled to the city of Prague in the Czech Republic as part of the course FBE450: Entrepreneurship in Emerging Economy. We spoke with a variety of local entrepreneurs, learning about their perspectives and stories. This included firsthand accounts of the transition from communism to capitalism, offering a look into how the Czech economy has changed in the past 35 years. The country was under communist rule from 1948 to 1989, until the Velvet Revolution, a non-violent transition of power that ended over 40 years of communist rule in ten days. Against this backdrop, these local entrepreneurs built up their businesses.

Entrepreneurship

During our week in Prague, we met with four different entrepreneurs. The first was Radek Spicar, who is also Vice President of the Confederation of Industry and Trade. He did an excellent job of providing more context about the political and economic climate of the Czech Republic and told us about his very first experience with investing in stocks using privatization vouchers in college. His perception of buying and selling stocks seemed  heavily influenced by the basic concept that you invest in companies that will always garner business, so naturally, he invested in an explosives company and a business that sells condoms.

Next, we met Max Munson, a Chicago-born entrepreneur who started Max’s Steakhouse in 1992. He recommended four books: “4-Hour Work Week,” “Rich Dad Poor Dad,” “Wim Hof Method” and “Built to Move”. He also discussed various challenges he faced during the 2008 financial crisis and the COVID-19 pandemic and relayed that you always learn more in business when you are not doing well.

Later in the week, we met Mathias Schwender, a German-born entrepreneur who has been in Prague since 1999 and is co-owner of Bohemia Hostels. We met him in one of his hostels on a small stage with the curtains drawn, adjacent to the communal dining room, which created a very welcoming atmosphere for our group. He was personable and passionate about the hostel business and creating social spaces where travelers can make new connections. Schwender had no intentions of becoming an entrepreneur, but when he noticed pitfalls and an overall void in the hostel industry, he decided he’d fill it.

Finally, we met with Antoin Koes, owner of ALBI, Kinoko and Antoin’s Bakery, who told us how he grew his business from a small stand selling postcards to tourists in Old Town to partnering with Hallmark and having over 14,000 products.

It was fascinating to hear these entrepreneurial stories and have the opportunity to ask questions and discuss with these entrepreneurs the challenges they faced and the experiences they’ve had.

Architecture

Every street you walk down in Prague is different, whether it’s the architectural style, the pattern of cobblestone on the ground, or the convoluted nature of the pathway. Each street is ornate and distinct. The first castle we visited was the Romanesque and Gothic style Prague Castle, one of the oldest castles in the world, which was constructed in the 9th century. We also visited Karlstejn Castle, built in the 14th century and used to securely store crown jewels and treasures.

Food

The best food I had on the trip hands down was the deer goulash I ordered at a small restaurant called U Máni in Hlásná Třebaň outside of Prague. It came with bread dumplings which were very similar to stuffing and it was incredible.

The friendships created, perspectives gained and experiences I had in Prague are unparalleled, and if you are considering a study abroad trip, I may be biased, but Prague is a great place to go.