Building connections: Discovering the entrepreneurial mindset by creating a three statement financial model

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Authors
Lynch, Adam Carlton
Cupertino, Pedro Cordeiro Povoa
Chikwendu, Daniel Ikechukwu
Subramaniam, Sivaganeshwar
Alagiri, Siddharth
Advisors
Issue Date
2024-03
Type
Conference paper
Keywords
Entreprenurial mindset , Project-based learning , Financial decision-making , Engineering education , KEEN
Research Projects
Organizational Units
Journal Issue
Citation
Lynch, A.C., Cupertino P.C.P., Chikwendu, D.I., Subramaniam, S., Alagiri, S. (2024) 47-54 Building connections: Discovering the entrepreneurial mindset by creating a three statement financial model https://doi.org/10.62704/10057/28721
Abstract

This research evaluates the effectiveness of a project-based learning initiative involving the creation of a three-statement financial model within an undergraduate engineering course, aimed at enhancing financial decision making capabilities related to capital equipment, sales, and operational expenses. To determine how the integration of KEEN's entrepreneurial mindset within a project-based curriculum impacts students' understanding of financial principles and their ability to apply these concepts in engineering contexts. We implemented the development of a financial model into the project for a hypothetical startup manufacturing company. This project served as the core task for the course, requiring students to apply newly learned financial concepts to create income statements, balance sheets, and cash flow statements. Data were collected from formal presentations and reports, including reflective essays. The findings indicate significant improvements in students' financial literacy and their ability to identify and leverage interdisciplinary connections. Participants reported increased confidence in handling complex financial tasks and a greater appreciation for the role of financial acumen in engineering practice. The project-based approach, enriched with the entrepreneurial principles of KEEN, effectively bridged the gap between theoretical knowledge and practical application. This method fostered a proactive and exploratory learning environment, thereby enhancing students' readiness for the professional challenges of the engineering sector.

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Description
Published in SOAR: Shocker Open Access Repository by Wichita State University Libraries Technical Services, November 2024. 2024 IEMS Officers: Gamal Weheba (Conference Chair); Hesham Mahgoub (Program Chair); Dalia Mahgoub (Technical Director); Ed Sawan (Publications Editor); Wilfredo Moscoso (Proceedings Editor); Abdulaziz G. Abdulaziz (Associate Editor)
Publisher
Industry, Engineering & Conference Management Systems Conference
Journal
Book Title
Series
Proceedings of the 2024 IEMS Conference
v.30
PubMed ID
ISSN
2690-3210 (print)
2690-3229 (online)
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