One of the currently topical innovations in higher education is students’ involvement in active creation of knowledge. The aim of the article is to present a case where action research approach was used in an e-study course. The article includes an overview of the possibilities of using action research theory from the perspective of specific needs of e-studies and focuses on the practical opportunities for creating appropriate methodology and environment for e-studies. The article presents the results of implementating the e-study course “Business planning for open markets” in a bachelor’s programme in the department of computer science. Acquisition of new personal knowledge in this study course is suggested through project work – elaboration of the balance sheet of student’s business idea – his own enterprise. Living Theory approach is used for course acquisition with an aim of creating a personal knowledge, which affects the development of student’s interest and sustains it through the following stages of study course acquisition. The article analyses the methodology of the assessment and interpretation of the results to access the efficiency of the method.