Machine learning analysis of the impact of entrepreneurial mindset dimensions on entrepreneurial intentions of students in EU member countries and an EU candidate country: comparative study

Mirza Pasic ^1* Bojan Jovanovski ² Faris Ferizbegovic ¹ Mugdim Pasic ¹

• ¹ University of Sarajevo, Sarajevo, Bosnia and Herzegovina
• ² FH Joanneum, Graz, Styria, Austria

This study investigates and compare the students' entrepreneurial mindset dimensions and intentions from EU member countries Italy, Austria, Sweden, and Greece, and an EU candidate country Bosnia and Herzegovina, which are important for fostering start-ups, economic development, and job creation. By analyzing students' entrepreneurial mindset dimensions, demographic and academic characteristics, and availability of resources, the research aims to identify factors that impact students' entrepreneurial intentions. Findings provide valuable insights into how these factors vary across different educational, economic, and social contexts with guidance for enhancing education to better support students' entrepreneurial aspirations.Methods: Machine learning Random Forest was used to analyze the impact of entrepreneurial mindset dimensions, resources, and demographic and academic characteristics on students' entrepreneurial intentions of students from EU member countries and Bosnia and Herzegovina. SHapley Additive exPlanations (SHAP) values were utilized to analyze feature importances and contributions to the model's predictions. Statistical hypothesis tests were also conducted to compare differences of students' entrepreneurial mindset dimensions, intentions and availability of resources between the EU member countries and Bosnia and Herzegovina.Results: High values of entrepreneurial mindset dimensions have positive impact on entrepreneurial intentions in both EU member countries and Bosnia and Herzegovina. The availability of resources and orientation to innovations were the most impactful features for students in EU and Bosnia and Herzegovina respectively. Gender and academic characteristics showed minimal influence. There are no significant differences in all dimensions between EU member countries and Bosnia and Herzegovina, except for confidence dimension and entrepreneurial intentions, which are significantly greater in Bosnia and Herzegovina.Discussion: Findings suggest that tailored educational interventions focusing on key entrepreneurial mindset dimensions and resource access could significantly enhance entrepreneurial intentions among students. For policymakers and educators, this study provides a foundation for developing targeted strategies that align with the specific contexts of both EU member countries and Bosnia and Herzegovina. In this way higher education institutions can better support students' entrepreneurial aspirations, contributing to broader economic development and job creation. This research offers recommendations for improving entrepreneurship education across diverse educational, economic, and social contexts and more balanced and inclusive economic development in Europe.