The goal of this paper is to analyze different approaches to acquir-ing new knowledge. We analyze what means of knowledge acquisi-tion are used by entrepreneurs, such as formal education process, one andmore day professional development workshops, professional coun-selors, professional literature and information on the world wide web. When making a decision on what means to use in order to increase one’s knowledge, entrepreneurs employ different assessment criteria: time and money investment as well as pedagogical techniques used. Time shortage is the most frequently cited reason that entrepreneurs do not invest more personal resources into knowledge acquisition pro-cesses. The main hypothesis we test, postulates that entrepreneurs who invest more time and money into knowledge acquisition processes are more successful. Success is measured with an average annual degree of growth of sale, profits and number of employees in the last four years and with entrepreneur’s opinion concerning success of the company’s business. Finally, we develop the implication for public policy and ed-ucational institutions on the means that need to be employed so that entrepreneurs would invest more resources in knowledge acquisition processes.