Privatization is a global phenomenon encountered in both developed western countries as well as developing countries. Privatization is not a spontaneous phenomenon, which can be achieved by a simple decree or law. This is a complex process that requires time and especially an adequate strategy in which to analyse the situation of each public enterprise and to decide its future in relation to the objectives of the economic policy correlated with the requirements of the market and the economic-social realities of the country. In the case of former communist countries, privatization represented a decisive element of the economic-social reforms in order to create an economy based on market demands. This research analyses the role of entrepreneurs and innovation in the privatization process by performing an in-depth literature review based on the articles, books and reports that tackle the concepts proposed and presenting Romania as a valid case study to illustrate the struggles encountered by a nation in the privatization process of the national companies. The main contributions of this paper are the presentation of entrepreneurship concept in Romania in the first years after the fall of communism and the proposal of a diagram that incorporates suggested actions that constitutes the basis of a privatization strategy for any public enterprise.