Entrepreneurship is one of the key components of economic growth, innovation, and job creation, but the factors that shape entrepreneurial intentions can vary widely across different educational, economic, and social contexts. In order to encourage entrepreneurship and an entrepreneurial intention, it is very important to identify these factors. EU member countries benefit from more advanced support systems that encourage entrepreneurship, while EU candidate countries like Bosnia and Herzegovina (BIH) face distinct and unique challenges (in December 2022, BIH was granted candidate country status by the European Council, and in March 2024, the European Council decided to open accession negotiations with BIH.) This disparity presents an opportunity to explore and compare how entrepreneurial mindset dimensions and the availability of resources influence students’ intentions to pursue entrepreneurial activities in these different environments. This comparative analysis offers valuable insights into how tailored educational and policy interventions can enhance entrepreneurship education and support, ultimately contributing to sustainable economic development in both well-established and emerging European economies, as well as fostering more balanced and inclusive economic growth across Europe.

By analyzing the entrepreneurial mindset dimensions and their influence on entrepreneurial intention, guidelines for educational strategies and policies can be created to improve the entrepreneurial capacities of young people. Through education students should acquire the knowledge and skills they need to start their own businesses and it not only opens up new opportunities for young people, but also contributes to the creation of a more resilient and innovative society that is able to face the challenges of the future. There is a large amount of literature that deals with research on the importance of entrepreneurship, the impact of entrepreneurial education on entrepreneurial intention, and development and use of numerous tools for assessing entrepreneurial capacities that influence the improvement of those capacities, indicating the importance of this topic in higher education.

Entrepreneurship has been defined so far in different ways. Drucker (1985) defines entrepreneurship as an “innovative act, which includes endowing existing resources for new wealth-producing capacity” and in the same year, Gartner (1985) describes it as the creation of a new organization. Coming to nowadays many authors define entrepreneurship in their unique ways. Kop (2012) explains it as a comprehensive process of certain unique resources that create new values. Rieckhoff and Larsen (2012) view entrepreneurship as a drive that enables entrepreneurs to believe that the hard work they do will make their dreams come true by overcoming difficulties. Chowdhury et al. (2014) describe entrepreneurial passion as a powerful, active, and decisive emotion that drives individuals to invest time and energy in entrepreneurial activities, and it is deeply rooted in their self-identity. Hartmann and Herb (2015) focus out that one of the most important trademarks of entrepreneurship is motivation, passion, and success.

Following the previous definitions of entrepreneurship, one of the most important determinants of entrepreneurial success is entrepreneurial intention. Nowadays, entrepreneurial intention has become an important topic in the research activities related to entrepreneurship success (Bird, 2015; Liñán and Fayolle, 2015). Shapero and Sokol (1982) significantly advanced the study of entrepreneurship through their development of the Entrepreneurial Event Model (EEM). Their work proposes that the decision to start a business could be predicted by a person’s perceived desirability and feasibility of becoming an entrepreneur. Following this research, numerous scholars have built upon their Entrepreneurial Event Model (EEM), further enriching the academic discourse on entrepreneurial intention (Veciana et al., 2005; Lee et al., 2011; Liñán and Fayolle, 2015; Tognazzo et al., 2016). According to Escolar-Liamazares et al. (2019), entrepreneurship intention is determined by psychological and socio-educational factors, and additionally according to Baluku et al. (2019) and Cuberes et al. (2019) to relational factors. Entrepreneurial intention was shown as dependent on many cognitive and contextual factors that could influence it in many positive and negative ways, often by representing them in combinations or interrelations (Feder and Niţu-Antonie, 2017).

To understand entrepreneurial intentions one of the most used approaches in research is the Theory of Planned Behavior (Ajzen, 1991) where attitudes toward behavior, subjective norms, and perceived behavioral control can predict intentions to perform different kinds of behaviors. Research (Díaz-García and Jiménez-Moreno, 2010) takes into account individual variables like social norms, self-efficacy, attitude toward entrepreneurship, gender, entrepreneurship education, having a role model of business-owner in the family, and locus of control. The results of the research of Rauch and Hulsink (2015) indicate that entrepreneurship education is beneficial. Notably, students involved in such educational programs experience enhanced attitudes and perceived behavioral control. Additionally, by the conclusion of the program, these students exhibit stronger entrepreneurial intentions. Research by Rajh et al. (2018) incorporates variables from the Theory of Planned Behavior along with personality traits and contextual factors, aiming to clarify the entrepreneurial intentions among students studying economics and business in four South-East European countries: Bosnia and Herzegovina, Croatia, Macedonia, and Serbia. The correlation between the behavioral intent as predictor variable and targeted behavior as response variable in these cases shows an average correlation of 0.73 (Engle et al., 2010). Many other studies show that Theory of Planned Behavior can be used to predict entrepreneurial intention on an international level (Krueger Jr et al., 2000; Autio et al., 2001).

One of the most significant influencing factors on entrepreneurial intention is confidence. Ho and Koh (1992) state that self-confidence is a required entrepreneurship characteristic and it is strongly related to psychological characteristics. Ferreira et al. (2012) mention that empirical study in the entrepreneurial literature shows that entrepreneurs have higher confidence levels than people who are not entrepreneurial. Dahalan et al. (2015) examine the relationship between attitude and entrepreneurial intention among the research community. The attitude is focused on attitude toward money and attitude toward start-up. The research shows that both attitudes toward money and attitudes toward start-ups influence entrepreneurial intention. Erken et al. (2018) research points that there is the absence of evidence for a long-term relationship between entrepreneurship and economic growth. The results of this study indicate that entrepreneurship consistently drives productivity, having a stable and significant effect on both the development of productivity levels and productivity growth. According to Shariff and Saud (2009) the attitude of individuals to get involved in entrepreneurship is driven by push and pull factors. It is noticed that the push factors incorporate frustration resulting from limited opportunities, economic downturn, and dissatisfaction. This can also be confirmed with the work of Iakovleva et al. (2011) who presented key findings that developing countries have stronger entrepreneurial intentions than those from developed countries. The study includes students from 13 different countries, 8 developed countries (Australia, Canada, Czech Republic, France, Germany, Norway, Spain, and Netherlands) and 5 developing countries (Brazil, Mexico, Romania, Russia, and Ukraine).

Recent advancements in ML and AI can predict entrepreneurial intentions by identifying complex patterns in data. Djordjevic et al. (2021) used various statistical methods, including ARIMA regression and QUEST classification trees, to analyze predictors such as demographics and social environment among Serbian students. The study concluded that these methods effectively predict entrepreneurial intentions and align with findings from similar research. In Sowmya et al. (2010) a survey is conducted among first-year business students in different countries, including Australia, Portugal, Finland, Germany, Slovenia, Poland, the United Kingdom, and the United Arab Emirates. The results show that the majority of students are interested in entrepreneurship, but that they also need additional education in this regard, indicating the potential role of universities in encouraging their interest in entrepreneurship. Krueger Jr et al. (2000) examine the ability of individuals to recognize entrepreneurial opportunities, and through the analysis it was emphasized how education can increase the self-confidence of individuals in their ability to undertake entrepreneurial initiatives. Jones et al. (2011) investigate the attitude and motivation of Polish students toward entrepreneurial activities, focusing on the effects of entrepreneurial education. This research contributes to the understanding of how entrepreneurship education can influence students’ perception and aspiration, and highlights the importance of adapting educational programs to the specifics of the local economic and cultural context.

Anjum et al. (2023) examine the role of universities in the development of students’ entrepreneurial competences. The results indicate that entrepreneurial education and desire for entrepreneurship have a direct impact on entrepreneurial intentions. Neneh (2012) investigates the level of entrepreneurial mindset within the South African SME sector with particular reference to factors that are lacking and need to be improved in order to foster entrepreneurial success. Arranz et al. (2019) analyze the factors that influence the entrepreneurial intentions of students. In addition to the high level of entrepreneurial intentions among students, there is a significant obstacle in turning these intentions into real entrepreneurial initiatives, with the lack of practical knowledge and skills being the main obstacle. In analyzing the impact of entrepreneurship education and choice of academic major on social entrepreneurial intentions, the theory of planned behavior reveals how education can improve understanding and readiness for entrepreneurship, especially among students of social sciences and humanities (Chang et al., 2022). The paper emphasizes the need for the integration of entrepreneurial education into broader academic programs.

In works Bolton and Lane (2012), Davis et al. (2016), Li et al. (2016), Shaver et al. (2019), Athayde (2009), various instruments were developed for measuring entrepreneurial competences and entrepreneurial mindset among individuals, including students and the general population. The instrument for measuring individual entrepreneurial orientation tested on university students aims to define entrepreneurial inclination through five dimensions (Bolton and Lane, 2012). On the other hand, the entrepreneurial mindset profile measures traits, motivations, attitudes and behaviors relevant to entrepreneurial success (Davis et al., 2016). The instrument developed in the context of the Kern Entrepreneurial Engineering Network focuses on engineering students, measuring the entrepreneurial mindset through 27 items grouped into 10 factors and provides insight into the development of an entrepreneurial mindset among engineering students, and supports the role of entrepreneurial education in the education of engineers (Li et al., 2016). The MindCette Entrepreneurial Test covers a wide range of characteristics of an entrepreneurial mindset, identifying 11 dimensions (Shaver et al., 2019). In research done by Athayde (2009) the need for effective measurement of the impact of entrepreneurship and education programs in schools is investigated. The survey instrument is designed to measure entrepreneurial potential in young people through attitudes toward characteristics associated with entrepreneurship. The results of the study show that participation in an entrepreneurship program can encourage positive attitudes toward self-employment, with participants showing greater entrepreneurial potential than non-participants. These instruments represent important tools for understanding and improving the entrepreneurial way of thinking, useful for both academic and practical application in the field of education and entrepreneurship.

Papers Arranz et al. (2019), Athreye et al. (2023), Fearon et al. (2021), Lindholm Dahlstrand (2007), and Franco et al. (2010) indicate a significant influence of the region on entrepreneurial competences of people and students. The analysis of students’ entrepreneurial intentions highlights the obstacles in turning those intentions into reality, emphasizing the role of universities in providing the necessary support and resources for entrepreneurial development (Arranz et al., 2019). In Nigeria (Athreye et al., 2023) research shows that academic staff motivation and entrepreneurial intentions exist despite limited institutional support, suggesting that increased support could encourage greater entrepreneurial activity. The Young Entrepreneurs program in Netherlands (Fearon et al., 2021) illustrates how educational initiatives can develop entrepreneurial skills, pointing to the importance of regional educational policies in the promotion of entrepreneurship. A study on new technology-based firms in Sweden shows the importance of large local enterprises in the development of entrepreneurial competences (Lindholm Dahlstrand, 2007). These works show how the region plays an important role in shaping the entrepreneurial environment, through education, institutional support, and the development of local infrastructure. Franco et al. (2010) investigate the entrepreneurial intentions of students in different European regions in eastern and western Germany and central Portugal. It was concluded that the motivation for entrepreneurship differs between regions and that regional specificities should be taken into account to encourage entrepreneurial intentions.

Papers (Bird, 1988; Cassar, 2009) point out the importance of understanding entrepreneurial intentions and expectations for the progress of research in the field of entrepreneurship. These papers explore how entrepreneurial intentions and expectations form the foundation for future business initiatives, strategic management and ultimate organizational outcomes. This contributes to a better understanding of the entrepreneurial mindset, which is crucial for the assessment of management teams, the viability of financing new ventures, and the advancement of entrepreneurship research.

In research conducted by Pasic et al. (2022), the development of service-oriented entrepreneurial competencies in the context of higher education in the countries of Southeast Europe was investigated. Through the analysis of educational programs and practices in higher education, the paper emphasizes the need for the integration of formal and informal learning. The authors suggest strengthening cooperation between higher education institutions and the service sector, and improving methodologies for assessment and validation of competencies in order to improve the competitiveness of graduates on the labor market. Analysis of the development of entrepreneurial competencies of students of the University of Sarajevo - Faculty of Mechanical Engineering in Pasic et al. (2023) shows that both formal and informal education contribute to the development of entrepreneurial competencies, although the formal curriculum was not created with the aim of developing these competencies. The research emphasizes the importance of interaction with entrepreneurs and the need to include entrepreneurial competencies in curricula. This research points to potential reforms in the education of engineers with the aim of better preparation for entrepreneurial challenges.

The level of economic development influences both demand and supply side of entrepreneurship. Demand side of entrepreneurship for example reflects through perceived environmental opportunities to start a business. Supply side of entrepreneurship reflects for example through the availability of financial and other resources for business start-ups, and the level unemployment (Wennekers et al., 2002). In research of unemployment and entrepreneurship (Audretsch and Thurik, 2001) authors assumed a two-way causation between changes in unemployment and entrepreneurship: “Schumpeter” effect of entrepreneurship reducing unemployment and a “refugee” or “shopkeeper” effect of unemployment enhancing entrepreneurship.

This research focuses on the analysis of 9 dimensions of the entrepreneurial mindset and entrepreneurial intentions of students from EU member countries and Bosnia and Herzegovina (BIH) which are crucial for the creation of start-ups, economic development, and the creation of new jobs. The analysis also includes demographic and academic characteristics of students and the availability of resources to support the development of new entrepreneurial initiatives. The entrepreneurial mindset dimensions analyzed in this research are: Idiosyncrasy/Peculiarity (PEC), Innopreneurship (INPR), Confidence (CON), Orientation to Innovations (INNO), Experience (EXP), Risk Acceptance (RISK), Orientation to Action (ACT), Need to Achieve (ACH), and Persistence (PERS). Resources (RES) are defined as support for the development of new entrepreneurial initiatives in terms of the existence of regulations and infrastructure (such as IT, connectivity, transportation, communication, etc.) at national/regional levels, access to financial resources and the presence of investors, regional/local presence of incubators and technological parks, as well as university support. Demographic and academic characteristics are represented by age, gender, and level of study cycle in which students are enrolled (Master’s, Bachelor’s, or PhD).

The importance of this analysis is that it represents direct support and contributes to the more successful entrepreneurial activities of students and graduates and points into related strengths and weaknesses in education process. Since the creation of start-ups encourages innovation and the development of new technologies the findings of this research will help to make necessary interventions in education of university students in order to boost development of new entrepreneurial initiatives and will help in the development of recommendations for educational strategies and policies with the aim of encouraging and strengthening the entrepreneurial and innovative way of thinking and entrepreneurial intentions of students.

The aims of this research are to determine whether there are significant differences in the entrepreneurial mindset dimensions and intentions between students from EU member countries and those from Bosnia and Herzegovina; to assess whether there is a significant difference in resources to support the development of new entrepreneurial initiatives between EU member countries and Bosnia and Herzegovina; and to evaluate the impact of specific entrepreneurial mindset dimensions, resources, and academic and demographic characteristics on the entrepreneurial intentions of these students, with the goal of identifying key factors that should be targeted in higher education to enhance the entrepreneurial intentions of students.

Thus, this study aims to answer the following research questions:

This research makes several contributions to the understanding of entrepreneurial intentions and mindsets among students in Europe and between different educational, economic and social contexts in Europe. First, it introduces new knowledge regarding the influence of entrepreneurial mindset dimensions on students’ intentions to pursue entrepreneurship, highlighting how these factors vary between EU member countries and Bosnia and Herzegovina, an EU candidate country. Second, the research also contributes in understanding the role of resource availability, demographic factors like age and gender, and academic characteristics such as study cycle, how they impact entrepreneurial students’ intentions. Third, by applying advanced scientific methods, including machine learning Random Forest and SHAP values, and statistical hypothesis testing, the research uncovers critical differences between students in well-established EU economies and those in Bosnia and Herzegovina, offering a new knowledge and better understanding of the challenges and opportunities in these distinct educational, economic and social contexts. Forth, the research findings offer practical recommendations for educators and policymakers to enhance entrepreneurship education and support, suggesting targeted strategies to foster a stronger entrepreneurial mindset and increase entrepreneurial intentions among students, thereby contributing to economic development and job creation across Europe.

The structure of this paper includes an introduction with motivation, literature review, research questions, and contributions; methodology section covers questionnaire, data collection, and methods applied for data analysis, results from machine learning random forest and SHAP value analysis and statistical hypothesis testing, and discussion of findings and implications section; and a conclusion section summarizing the contributions and practical recommendations for educators and policymakers.

The methodology is discussed in terms of the questionnaire, data collection, and data analysis methods.

This section focuses on two analyses:

This study has provided a comprehensive analysis of the entrepreneurial mindset dimensions and entrepreneurial intentions of students from EU member countries and Bosnia and Herzegovina, an EU candidate country. By analyzing 9 specific dimensions of the entrepreneurial mindset and their impact on entrepreneurial intentions of students, along with the availability of resources and the demographic and academic characteristics of students, this research offers valuable insights into the factors that drive entrepreneurial intentions among university students from different educational, economic and social backgrounds.

The findings reveal that while high values of entrepreneurial mindset dimensions have positive impact on entrepreneurial intentions in both EU member countries and Bosnia and Herzegovina, the relative importance of these dimensions differs between the EU member countries and Bosnia and Herzegovina. For students from EU member states, the focus should be on the development of INNO, INPR. PEC, CON, RISK, and PERS, since these entrepreneurial mindset dimensions are the most important for EI, while for BIH students the most important entrepreneurial mindset dimensions for EI are INNO, RISK, CON, PEC, ACT, INPR, RES, ACH. Despite these differences, the overall trend indicates that high values across all entrepreneurial mindset dimensions are associated with higher entrepreneurial intentions, while lower values have the opposite effect.

The analysis also underscores the important role of resources in shaping entrepreneurial intentions, particularly among EU students, where the availability of resources was found to be the most impactful feature. Conversely, demographic and academic characteristics such as gender and level of study cycle were shown to have minimal influence on entrepreneurial intentions in both EU member states and Bosnia and Herzegovina. However, age was identified as a differentiating factor: younger students in EU member countries tend to have higher entrepreneurial intentions, whereas in Bosnia and Herzegovina, younger students show lower entrepreneurial intentions.

In terms of practical implications, these findings suggest that educational interventions aimed at enhancing specific entrepreneurial mindset dimensions and improving access to resources could significantly boost entrepreneurial intentions among students. For policymakers and educators, these insights offer a basis for developing targeted strategies to foster entrepreneurship, tailored to the unique contexts of both EU member countries and Bosnia and Herzegovina. By addressing the identified gaps and leveraging the strengths highlighted in this study, higher education institutions can better support the entrepreneurial aspirations of their students, ultimately contributing to economic development and job creation and balanced economic growth across Europe.

This research not only advances understanding of the factors influencing entrepreneurial intentions of students in different educational, economic and social backgrounds, but also provides actionable recommendations for enhancing entrepreneurship education across both EU member countries and Bosnia and Herzegovina, an EU candidate country. The limitation of this research is that the impact of potential confounders like prior business exposure and family background is not addressed. Further research should include potential confounders and explore the longitudinal impact of these factors on actual entrepreneurial outcomes, as well as investigate additional factors that may play a role in shaping entrepreneurial behaviors in diverse educational contexts.