Postgraduate studies "Entrepreneurial Economics" were established on February 9, 1993 when the Science Committee adopted the Project submitted by professor Veselin Vukotic. Postgraduate studies at the School of Economics had earlier been organised for fifteen years (with a completely different concept) under the guidance of professor Bosko Gluscevic almost during the whole period.

The idea of postgraduate studies "Entrepreneurial Economics" was born during the war in the Balkans and during the hyperinflation in Yugoslavia. It was really brave to make any forecast and to believe that in the future new knowledge will be demanded. Every person was burdened with his own problems and had his personal interests. But I believed we should try.

I tested the idea with several teachers from our school, with the School Management and several colleagues from Belgrade and Ljubljana. Some of them kindly advised me to wait for better times. Maybe the idea was too radical? Would it be interesting for our students? Shall we have enough money to realise it because we had plans to invite several lecturers from abroad? I started to look for scholarships for our first students. Soon, I provided several scholarships and solved the financial problem. My friend, Misko Lalic, General manager of the Agency for Restructuring and Foreign Investment at the time, gave us ten scholarships. Bank for Small Business Development gave us two scholarships, too. On the other hand, we had ten students interested to attend the studies. Several teachers also agreed to give lectures. We provided all the preconditions for the implementation of the idea, we put it in the project form and submitted it to the Committee for postgraduate studies and the Science Committee of the School of Economics. They accepted it on February 9, 1993. The first generation of students started their preparatory lectures on March 5 and regular lectures on March 19, 1993.

Postgraduate studies "Entrepreneurial Economics" started exactly with that enthusiastic and responsible generation. I want to say again that students have really contributed to the realisation of this idea, especially students from the first generation. Students from other generations have also contributed, of course.

Our students are characterised by their devotion to the Studies and communication network.

Why do postgraduate studies "Entrepreneurial Economics" have the motto ‘Even God encourages entrepreneurs? There are two main reasons:

1. The inducement of entrepreneurship, creativity and innovativeness of our students

2. The development of an individualistic approach to organisation of the society.

It was our way to return to the future. Fortunately a successful one!

Our theoretical basis are the ideas of Smith, Mizes, Hayek, Fridman, Couse, and Bjukanen. Montenegrin economic school, as a special economic thought, has been formed on the theoretical basis of the studies and devotion to the ideas of liberal economy.

It was a logical consequence of the main goal of the postgraduate studies: a change in the way of thinking. Schooling, seminars, literature, and the organisation of exams were directed towards that goal.

All the effort of lecturers, students, management and staff have not been made in vain and this can be proved by the fact that all our students either work in high positions in market institutions in Montenegro, Government administration, have their own successful businesses, or work for foreign companies. After only eight years of our existence, the demand for our students is higher than the supply. The demand for enrolment in the Studies is also twice as big as the supply. All market indicators show we are taking the right way. But if we want to survive in the market, we have to improve our product.

The postgraduate studies have influenced the whole life at the School of Economics, especially in the undergraduate programme. Many innovations from postgraduate studies have been implemented in the undergraduate programme. Some students also enrol in our undergraduate programme because they are motivated to enrol in our postgraduate studies. As an example I shall mention 4 undergraduate students in the generation 1999/2000 who already have special preparatory programme for postgraduate studies.

Experience from all university units shows that a postgraduate program is necessary for any school in order to improve its quality.

Several people and institutions have supported us. I don’t want to thank them especially because the high quality of our students is the best way we express our gratitude.

However, we have to express our gratitude to professor Steve Pejovich, the respected American economist, President of the Council of postgraduate studies "Entrepreneurial Economics" who has contributed to our international image and better international contacts. We also have to mention professor Enrico Colombatto, vice-president of the Council of postgraduate studies "Entrepreneurial Economics" who is our great friend and supporter of the Studies. It would be unfair not to mention professor Ljubomir Madzar, who has encouraged us in the most difficult moments.

The project of postgraduate studies "Entrepreneurial Economics" really proves that "Even God encourages entrepreneurs".