Introduction

Several theories and approaches were used to explain the entrepreneurial phenomenon. These theories and approaches are related to personal characteristics, attitudes, environmental and economic factors and also relate to the degree of entrepreneurial culture that a society promotes as well as to the personal cognitive state during the decision-making process. Certainly most of the supported theories converge to the opinion that an entrepreneur should demonstrate several qualifications, which according to European Qualification Framework should be described in terms of three types of learning outcomes such as a) knowledge, b) skills and c) wider competencies.

Knowledge is the facts, feelings or experiences known by a person and means the outcome of the assimilation of information through learning and is the body of facts, principles, theories and practices that is related to a field of study or work such as entrepreneurship. Concerning skills in the European Qualification Framework working document that are defined as the knowledge and experience needed to perform a specific task or job and the personal ability to apply knowledge, to use know-how to complete tasks and solve problems. Additionally, it is supported that the definition of skills is used for a specific level of performance, while Proctor and Dutta define skills as the targeted and well-organised behaviour and the required knowledge and experience for the execution of a specific task or project.