Exploring the Role of Management Accounting Education in Fostering Entrepreneurial Mindset Development in Zimbabwe

Abstract

The study explores the role of management accounting education in cultivating an entrepreneurial mindset among management accountants and entrepreneurs in Zimbabwe. This study was motivated by the lack of a deep understanding of how management accounting education can contribute to the development of the entrepreneurial mindset, despite the growing importance of entrepreneurship in driving innovation and economic development. This study seeks to bridge the gap by providing insights into the intersection of accounting education and the formation of an entrepreneurial mindset in Zimbabwe. The study utilised an inductive research approach, which aligned with the interpretivist research philosophy adopted. Data for the study were collected through in-depth interviews with 11 management accountants and entrepreneurs regarding management accounting education and its role in fostering an entrepreneurial mindset and analysed using thematic analysis. The findings elucidate how management accounting education fosters entrepreneurial thinking, emphasising strategic decision-making, risk evaluation, and innovation. Participants underscored the need for courses that integrate practical skills with academic knowledge to better equip students for entrepreneurial challenges. This research study contributed to the literature by providing context-specific insights from Zimbabwe, a developing country, and thereby extending the understanding of how management accounting education shapes entrepreneurial mindset development in resource-constrained and volatile environments. Furthermore, it provides an integrated viewpoint that connects entrepreneurial thinking, experiential learning, and accounting education in the context of the Global South. This study concluded that management accounting education is essential for shaping the entrepreneurial mindset in Zimbabwe. Suggestions for improving the relevance and efficacy of accounting education in promoting entrepreneurship include changes to the curriculum and teaching methods.

1. Introduction

Entrepreneurship is an essential driver for economic growth, innovation, and employment in both developed and developing countries (Treacy et al., 2024; Zarkua et al., 2025). As a strategy for responding to the changing global business environment, researchers are advocating that organisations and governments cultivate an entrepreneurial mindset culture, characterised by an innovative mindset, risk-taking and tolerance, strategic decision-making, and recognition of entrepreneurial mindset or ideas (Garg, 2025). Higher education institutions (HEIs) are therefore being called upon to design curricula that foster an entrepreneurial mindset among learners, rather than simply transmit technical knowledge (Bain, 2017; Kanyesigye, 2025).

Researchers have recently begun to recognise the importance of management accounting in shaping entrepreneurial thinking in the global village (Dian Andriani & Hermawan, 2024; Radianto, 2013; G. Zhang et al., 2025). The focus of management accounting has shifted from its traditional role, which was focused on cost control and reporting, to a strategic role that actively supports strategic decision-making and value creation within an enterprise (Mutambara & Kader, 2025). Evidence from research suggests that management accounting tools and techniques like performance measurement, budgeting, and strategic analysis are essential in enhancing the entrepreneurship capability of learners since it enables them to evaluate opportunities, manage risk, and allocate resources to needed activities, which aspect, if well managed, is important for the development of an economy (Alsaid & Mutiganda, 2024; G. Zhang et al., 2025). Despite the significance of entrepreneurship to the development of economies, it is surprising to note that much of the existing empirical research is concentrated in developed economies, with little research having been undertaken about the role of management accounting in shaping the entrepreneurial mindset in developing countries (Lubbe & Coetzee, 2018), which aspect motivated the undertaking of this study.

Entrepreneurship has become so essential that, in sub-Saharan Africa and Zimbabwe, it is a government policy priority to address persistent economic crises, reduce high unemployment, and manage constrained formal employment opportunities (Mutambara & Kader, 2025; Nyathi & Ndlovu, 2025). Some concerns have been raised about the modern management accounting curricula in universities, which are often criticised for failing to foster an entrepreneurial mindset among graduates, despite the global emphasis on entrepreneurship as a pathway to economic freedom and resilience (Dian Andriani & Hermawan, 2024; T. T. T. Nguyen, 2024; G. Zhang et al., 2025). Some researchers have criticised management accounting education in developing countries as overly theoretical, thereby lacking practical integration and context-specific entrepreneurial skills, which are core to the development of graduates’ entrepreneurial mindsets (Kalogiannidis et al., 2024; T. T. T. Nguyen, 2024; Radianto, 2013). This, therefore, raises serious questions about whether management accounting education is well structured to foster an entrepreneurial mindset among graduates and practitioners in developing economies (Dian Andriani & Hermawan, 2024; G. Zhang et al., 2025) and whether this could be the missing link to economic prosperity.

This study was motivated by the lack of empirical research and understanding of the relationship between management accounting and the development of an entrepreneurial mindset in developing countries (Lubbe & Coetzee, 2018). The specific role that management accounting education can play in shaping the entrepreneurial mindset remains underexplored from the perspectives of those directly engaged in management accounting practice and entrepreneurial activities, despite entrepreneurship education having received global attention (Dian Andriani & Hermawan, 2024).

Building on identified research gaps, this study explores how management accounting education fosters management accountants and entrepreneurs in developing an entrepreneurial mindset in Zimbabwe. The study focuses on how management accounting educational resources, pedagogical approaches, and experiential learning methods could impact entrepreneurial thinking, including risk assessment, innovation, and strategic thinking. The study provides context-specific insights from Zimbabwe, a developing country, on how management accounting education could be used to cultivate entrepreneurial skills. This study was conducted within an interpretivist research philosophy and adopted a qualitative research approach, collecting data through in-depth interviews with 11 participants, comprising management accountants and entrepreneurs from the Zimbabwean economy. The qualitative data were then analysed using thematic analysis to identify patterns that related to management accounting education and entrepreneurial development in Zimbabwe.

The article comprises the following sections: the research objectives are presented next, followed by the literature review and the materials and methods used in this study. The results and discussion are presented in the next section, followed by conclusions and recommendations for future study. The last items to be presented are the reference list and the interview guide used to collect data.

Research Objectives (ROJs)

RO1. 

To explore how management accounting education contributes to the development of an entrepreneurial mindset among management accountants and entrepreneurs in Zimbabwe.

RO2. 

To examine how pedagogical approaches and experiential learning mechanisms, including strategic decision-making, risk evaluation, and innovation.

2. Literature Review

This section of the study reviews the literature on the role of management accounting education in entrepreneurship development and its relationship to risk management, strategic decision-making, and innovation. The literature is organised around the above research objectives, drawing on empirical and theoretical research from around the world. The review begins with a discussion and examination of the role that management accounting education can play in enhancing the entrepreneurial mindset among management accounting practitioners and entrepreneurs. The second part explores curriculum and content issues, as well as learning methods that could be adopted to enhance the entrepreneurship mindset. The review provides the basis for the qualitative inquiry undertaken by synthesising existing knowledge and identifying the gap to be filled by this study.

2.1. Theoretical Framework and Justification

This research study adopted the Experiential Learning Theory (ELT), which argues that information is developed through cycles of activity, reflection, conceptualisation, and application (Rao et al., 2023). ELT is relevant to management accounting education and entrepreneurship because it emphasises learning through practical engagement, problem-solving, and real-world application, which are essential for developing the entrepreneurial mindset (Øien & Cassi, 2024). In this regard, it implies that learners cultivate key entrepreneurship skills, such as the identification of opportunities, risk assessment, and invention through active engagement rather than passive knowledge absorption.

Although ELT provides the foundation for this study, other theories have also been employed to elucidate the development of an entrepreneurial mindset. A similar theory is the Social Learning Theory (SLT), which underscores the role of observation and interaction in learning and thereby highlights the influence of theories and social contexts in shaping the development of the entrepreneurial mindset (Øien & Cassi, 2024). Another theory is the Theory of Planned Behaviour (TPB), which emphasises intentionality by asserting that attitudes, subjective norms, and perceived behavioural control influence entrepreneurial intentions (Kenneth Chukwujioke & Chukwuemeka Christian, 2025). There is also the Human Capital Theory (HCT), which views education as an investment that augments individuals’ productive capabilities (Leoni, 2025), while the Resource-Based View (RBV) regards the knowledge and skills gained as strategic assets that can be used to gain a competitive advantage by an enterprise (Halawi et al., 2005).

Although these theories are essential for understanding the subject matter, ELT is more relevant to the study, as it encapsulates the processual and practice-oriented aspects of management accounting education. Unlike the TPB, which focuses on intention formation, and the HCT, which highlights educational results, the ELT offers a dynamic framework for understanding how learning experiences convert into entrepreneurial cognition and behaviour (Wang et al., 2025). What makes ELT more attractive is that it closely aligns with the study’s interpretivist and qualitative framework, thereby facilitating the examination of participants’ actual experiences and meaning-making processes. In this regard, it can be argued that ELT offers a more holistic lens for examining how management accounting education enhances the development of the entrepreneurial mindset in Zimbabwe.

This study’s contribution is the contextualisation of ELT within management accounting education and entrepreneurship development in a developing country, thereby expanding its application beyond the traditional developed countries and traditional educational paradigms and enhancing the current literature on experiential and practice-based learning in the Global South.

2.2. Management Accounting Education and the Entrepreneurial Mindset

An entrepreneurial mindset is a process of orienting a graduate’s mindset toward seeking opportunities, innovating, and proactively solving problems (Bain, 2017). Entrepreneurship is defined as the curiosity-driven behaviours of seeking solutions to problems that would be exhibited by the entrepreneurs, as well as the ability to connect lots of information while assessing and managing risks, whilst looking to create economic value through identifying opportunities and perseverance despite having failed before (Treacy et al., 2024; Zarkua et al., 2025). In this regard, it entails recognising new opportunities, being proactive, and seeking opportunities. Researchers now view entrepreneurs not solely as value creators but as those who can adapt to environmental change in any context (Ghafar, 2020; Ibrahim & Adeniyi, 2024; G. Zhang et al., 2025). To this end, Ghafar (2020) sees the educator as playing a key role in cultivating the entrepreneurial mindset, as structured learning experiences equip learners with the knowledge and skills to recognise and seize opportunities, thereby fostering it (Nzembayie et al., 2024). Therefore, it must be argued that entrepreneurship education has as its central objective the development of psychological and cognitive habits, such as confidence, creativity, resilience, and risk-taking, as well as the acquisition of start-up techniques.

Global accounting bodies and scholars have argued that analysts, such as management accountants, must exhibit an entrepreneurial mindset in data analysis to support internal decision-making (Anos et al., 2025). To drive SME growth, IFAC’s policy recommendations emphasise entrepreneurial development and talent attraction, implying that the role of accountants has shifted from traditional reporting to innovative, business advisory roles (Muscat et al., 2025). In the same vein, researchers advocate that all graduates adopt an entrepreneurial mindset, as it benefits not only innovation within existing firms but also the launch of their own ventures, thereby supporting economic development (Ibrahim & Adeniyi, 2024). In practice, entrepreneurs rely on management accounting techniques, such as budgeting and costing, to evaluate business ventures, making management accounting a crucial field of study for entrepreneurship development (Dian Andriani & Hermawan, 2024; T. T. T. Nguyen, 2024). A similar study, which explored results when management accountants applied management accounting tools like activity-based management and cost-volume-profit analysis to start-up ventures, found that 91% of the ventures in which the tools had been used had been launched, and these ventures were run well and their decision-making was easy, being aided by these techniques (Radianto, 2013). The findings show that management accounting education can foster an entrepreneurial mindset among learners.

The theory underpinning this study is the Experiential Learning Theory (ELT), which holds that knowledge is constructed through direct experience and reflection (Jonathan & Nang Laik, 2024). Accounting educators must design learning beyond traditional approaches by using problem cases, so that learners learn through doing (Butler et al., 2019). Researchers argue that experiential methods are widely used because they help connect theory to practice; thus, accounting educators would benefit from applying the learned tenets in their daily work (Ahmed, 2019; Jonathan & Nang Laik, 2024; Nzembayie et al., 2024). The use of experiential approaches to learning is beneficial because it allows learners to reflect on what would have been done (successes and failures) in a safe setting, making it appealing for entrepreneurial education. In a study undertaken by Nzembayie et al. (2024), it was shown that guided support (scaffolding) in experiential projects tends to ease students’ discomfort with uncertainty, which then fosters self-efficacy, the belief that one can perform tasks as they manage challenges they face. This position aligns with the constructivist philosophy, which holds that knowledge is constructed through active participation in projects, simulations, and teamwork, thereby helping learners develop higher-order skills and the mindset needed for entrepreneurial growth (Hsu & Wu, 2023). In this regard, constructivism fosters reflective and social learning, and collaborative case work builds technical skills, thereby encouraging communication and resilience.

Against this background, management accounting can serve as a vehicle for fostering an entrepreneurial mindset (Kalogiannidis et al., 2024). To stimulate creativity and opportunity spotting, researchers argue that management accounting educators must emphasise real-world decision-making, risk analysis, and innovation, which are essential for creating the entrepreneurial mindset (Weng et al., 2022). Kumari and Sudha (2026) show that when real business case problems and reflection on entrepreneurship are employed, they promote innovation, resilience, and risk-management perspectives. Gassol (2025) agrees with the above and argues that, if structured well through a curriculum that overlaps with core management subjects, entrepreneurial education must promote innovation, resilience, and risk management. The entrepreneurial mindset is built when management accounting assignments and curricula are designed to solve problems (Aljohani & Alharbi, 2025; Butler et al., 2019; Ibrahim & Adeniyi, 2024). This, therefore, means that management accounting must not be treated as a backwards-looking discipline; rather, it must be integrated with entrepreneurship pedagogy and serve as a framework to help students practice entrepreneurship tasks.

Empirical evidence provides that management accounting education is beneficial for entrepreneurship development (Dian Andriani & Hermawan, 2024; Radianto, 2013). Research shows that exposing learners to practical entrepreneurial challenges increases their knowledge, motivation to engage in entrepreneurial activities, and perceived self-efficacy for entrepreneurship (Elbaz et al., 2025). The authors also found that learners’ confidence tended to increase when they were exposed to practical and experimental assignments; thus, entrepreneurship education must model a sequence with intentions at its end. It can therefore be argued that management accounting curricula that include entrepreneurship content and a focus play a key role in developing entrepreneurs needed for the development and renewal of an economy.

Given the importance of entrepreneurship to economic renewal and development, the International Accounting Boards are increasingly recognising its role and requiring it of accountants (Venter et al., 2018). In addition to evaluating the root causes of performance issues, the IFAC competence guideline for management accounting now includes the creation, analysis, and operational planning, budgeting, and forecasting (Satjawisate et al., 2025), which support the development of the entrepreneurial mindset. Similarly, the ACCA and IMA frameworks have emphasised domains that align with entrepreneurship competencies, such as leadership, analytics, and strategic thinking (Mukherjee et al., 2025). Based on the above, it can be forecast that future skills for management accountants to remain relevant and meet demand will include curiosity, data analytics, and problem-solving (Mukherjee et al., 2025; Venter et al., 2018). Research evidence and the major theory underpinning the study indicate that management accounting education plays an essential role in fostering the development of an entrepreneurial mindset through experiential and student-participation programs.

2.3. Curriculum and Pedagogy for Entrepreneurial Decision-Making, Risk Evaluation, and Innovation

The second objective of the study has as its concerns on what should be taught in the management accounting curriculum to foster an entrepreneurial mindset, which is discussed below:

The traditional management accounting curriculum covered topics such as budgeting, costing, variance analysis, forecasting, and performance measurement, which aspects can be organised around practical managerial tools to support an entrepreneurial mindset. A good example is research that integrated the Balanced Scorecard, Activity-based management, and Cost-volume-profit analysis into an entrepreneurship project and found that these tools tended to enable students to run the business well when they were allowed to make decisions (Kumar et al., 2024; Satjawisate et al., 2025). These techniques are essential because they are risk-oriented; for example, the CVP examines breakeven and volume sensitivity, thereby helping identify where value is created and lost.

Management accounting programs must be designed to incorporate entrepreneurship content, such as lean accounting, small and medium-sized enterprises (SMEs), and innovative finance (Anos et al., 2025; Kalogiannidis et al., 2024). As a strategy to promote entrepreneurial education, some universities are now offering short courses in Entrepreneurship Management Accounting that examine how accounting information supports venture creation (Schönfeldt et al., 2026). Across the globe, multidisciplinary programs, such as the Master of Innovation and Entrepreneurship, have been designed to examine how finance can foster an entrepreneurial mindset (Hamouda & Ledwith, 2016).

To achieve results, management accounting education must adopt pedagogical approaches that encourage active learning, such as Project-based Learning (PBL) (Ahmed, 2019; Lubbe & Coetzee, 2018; Radianto, 2013). A good example of a PBL is the one conducted by Kumar et al. (2024), which enhanced students’ learning. Other examples of PBL include team-based learning (TL), which requires students to work in teams and apply management accounting knowledge to decision-making, and the case study approach, in which students learn from the successes or failures of prior cases (Krzic et al., 2020). This, therefore, implies that management accountants must be given real company cases to work on if their entrepreneurial skills are to improve.

Evidence indicates that most management accounting educators frame their pedagogy within experiential or constructionist cycles. Some follow an action design learning framework (Nzembayie et al., 2024), which integrates action and design learning to support entrepreneurship development. They argue that structured learning can foster metacognitive abilities and other core entrepreneurial attributes, such as confidence, by providing learners with exposure. This, therefore, implies that effective pedagogical design, well-selected activities, and assessments are essential for entrepreneurial development. In addition, scaffolding learners through challenging activities helps them build confidence in dealing with uncertainty (Ghafar, 2020). When we consider constructive ideology, which requires alignment between learning tasks, feedback, and student agency means learners gradually take more control, which research finds directly enhances self-efficacy and persistence, which is the hallmark of an entrepreneurial mindset development (Mukherjee et al., 2025).

Simulation and gamification, which researchers view as an innovative approach to developing an entrepreneurial mindset, involve computer game modelling of business scenarios that can immerse and engage learners in entrepreneurial decision-making (Hsu & Wu, 2023). It is argued that serious, well-designed games, grounded in experiential learning and behavioural theory, have the potential to develop the best entrepreneurial mindset in learners (Carvalho & Neto, 2023). Simulations such as the Capsim series, in which students run virtual companies in teams, often require integration and have been shown to provide better learning platforms (Hsu & Wu, 2023; Mutambara & Kader, 2025). Hence, simulations, when properly structured to include relevant modules such as accounting and marketing and to incorporate risk and uncertainty, provide students with effective platforms for practising entrepreneurial ventures (Alkaabi, 2023).

There is no better learning platform than real-world exposure. Management accounting education can be delivered both within and beyond the classroom (Ahmed, 2019). The author notes that internships, field visits, and placements are examples of outside-classroom learning platforms, which, in the context of entrepreneurial mentorships, implies that students may secure an internship at a start-up venture and receive mentorship from well-established businesses. When students have these opportunities, they connect with real-world business development and management, and this has been shown to bridge management accounting theory and practice, a prerequisite for entrepreneurial development (Rep Romić et al., 2025). To link theory to practice, educators in Africa are encouraging integrated assessments that expose students to real-world problems, a widely regarded best practice in management accounting education for fostering entrepreneurial development (Lubbe & Coetzee, 2018).

Accrediting and professional bodies, such as IFAC, now require management accounting graduates to demonstrate competence, complementing evidence from research, and to demonstrate that entrepreneurship is essential (Venkatesh et al., 2023). Learning outcomes such as critical thinking, innovation, and engagement with real projects are now regarded as outcomes of a well-structured academic program (Attipoe, 2024). Professional bodies are mapping their competency frameworks into teaching, aiming to produce visionary leaders, better analysts, and better communicators (Badie & Rostomyan, 2025). Therefore, it can be argued that if the thrust is toward experiential, integrative, and future-oriented skills, it is a move towards an entrepreneurial development mindset.

Most studies on the role of management accounting education in promoting entrepreneurial development come from developed economies. According to Lubbe and Coetzee (2018), little attention has been paid to Africa in this area, and most research is dominated by research from developed countries in the West. This aligns with Kumari and Sudha (2026), who note a notable gap in empirical research from developing countries such as Zimbabwe, as much of the nexus between management accounting and entrepreneurship research focuses on Anglophone and European countries. Limited research on the subject is available in South Africa (Lubbe & Coetzee, 2018), and calls have been made in Zimbabwe that the education system must do more and move beyond producing job seekers, given the high prevalence of unemployment (Mafumbate & Mutekwe, 2014; Maulani & Agwanda, 2020).

Global entrepreneurship has been described as a vehicle for poverty reduction and youth employment, yet it is unclear how Zimbabwean management accounting courses are structured to prepare learners for it. Given this background, this study focuses on Zimbabwean management accounting education to assess its relevance, determine whether these practices are being realised, and identify the constraints.

Of late, developments in entrepreneurship education have focused on competence-based frameworks to cultivate an entrepreneurial mindset within institutions of higher learning. A structured competence framework that emphasises essential entrepreneurial aspects, such as recognising opportunities, strategic thinking, risk management, and innovation, has been proposed as a solution to entrepreneurial development (Teodoro, 2025). Similarly, Teodoro and Bernadó (2024) emphasised that a higher education ecosystem could help build an entrepreneurial mindset through integrated learning, collaboration, and institutional support. This underscores the point that management accounting and entrepreneurship education should go beyond theoretical teaching to a practical, environment-aligned approach if the objective of developing an entrepreneurial mindset is to be achieved. In the context of management accounting education, this implies that the curriculum should be structured to teach not only theoretical knowledge but also entrepreneurial qualities such as decision-making, innovation, and flexibility.

2.4. Integrative Insights and Future Directions

Findings from the literature indicate that management accounting education is essential and can foster an entrepreneurial mindset among learners when the curriculum is well-structured to achieve its intended goals (J. Zhang & Price, 2020). Structured frameworks such as experiential theory and constructivism point to learner-centred participatory methods as a vehicle for cultivating entrepreneurial qualities, including creativity, risk-taking, and resilience, among learners (Du Toit, 2023). Research has shown that students who use management accounting tools perceive them as helpful in entrepreneurial ventures, as they are valuable for decision-making (Nzembayie et al., 2024; Radianto, 2013). Global management accounting educators are demanding competencies as a key indicator of graduation.

Notably, significant gaps remain, as many management accounting programs in developing countries continue to emphasise passive learning and technical proficiency, with no focus on innovation and critical thinking (Sonjaya et al., 2024). There are also limited studies on which educational methods most effectively foster an entrepreneurial mindset in resource-constrained economies such as Zimbabwe (Gervase Iwu & Opute, 2019; Lubbe & Coetzee, 2018). Curricular gaps have been noted to hinder the development of entrepreneurship, as most courses fail to integrate entrepreneurship education despite its importance to economic development (Al Balushi et al., 2023). The literature review confirms the need for empirical research in developing countries such as Zimbabwe to understand the current situation and to suggest strategies for adoption.

In this regard, the literature review provides the foundation for this qualitative study, which explores the role of management accounting in promoting entrepreneurial development in Zimbabwe. By situating our study within the discussion, we aim to contribute to the entrepreneurial literature and close the identified research gap.

3. Materials and Methods

3.1. Research Philosophy and Approach

The study’s research methodology was developed following the Research Onion framework (Dorji et al., 2023; Saunders et al., 2019) to ensure coherence and transparency. The study adopted an interpretivist research philosophy, which assumes that reality is socially constructed through individuals’ accounts of their experiences. The nexus between management accounting and entrepreneurship is socially implanted and context-specific, which can be understood qualitatively, making the philosophy appropriate. Based on this philosophical standpoint, an in-depth understanding of management accounting’s role in supporting entrepreneurial ventures was developed in the Zimbabwean context.

An inductive research approach, which allows insights and theoretical understanding to emerge from the data, was adopted for the study, as it aligns with the interpretivist research philosophy. Given the limited empirical studies on the role of management accounting in fostering the development of an entrepreneurial mindset, an exploratory, inductive research approach was appropriate.

3.2. Research Design and Strategy

To capture contextualised accounts of participants’ experiences, a qualitative research design was employed. Qualitative choice is appropriate for examining how management accounting education influences the entrepreneurial mindset, while remaining flexible during data collection (Latif et al., 2023). The qualitative research design aligns with the study’s primary objective of exploring how management accounting education relates to entrepreneurial development in Zimbabwe. A cross-sectional time horizon, which involves collecting data at a single point in time (Maier et al., 2023), was appropriate for capturing participants’ perceptions of how management accounting education shapes the entrepreneurial mindset in Zimbabwe.

3.3. Selection of Participants

This study employed a case study design and selected the towns of Gweru, Kwekwe, and Kadoma as its population. The purposive sampling technique was employed to select management accountants and entrepreneurs with relevant knowledge and experience in management accounting and entrepreneurial experience from the selected towns of Kadoma, Kwekwe, and Gweru (Thomas, 2022). To be included in the study, participants in management accounting and entrepreneurship were required to possess practical experience in management accounting and/or entrepreneurship, to be actively involved in decision-making processes, and to be operating in key sectors of the Zimbabwean economy, including mining, construction, and manufacturing.

A total of 11 participants in management accounting and entrepreneurship were selected for the study from Gweru, Kwekwe, and Kadoma. Sampling continued until thematic data saturation was achieved, defined as the point at which no new themes or information emerged from the data (N = 11) (Braun & Clarke, 2021). Data saturation was achieved at the ninth interview, with two additional interviews conducted to confirm redundancy.

3.4. Data Collection Procedures

In-depth interviews, which are suitable for interpretivist and inductive inquiry, were used to collect data (Azungah, 2018). Open-ended questions, which allowed the researcher to probe, were used in this study, enabling the interviewees to express themselves freely (DeJonckheere & Vaughn, 2019). Participant consent was obtained before conducting the interviews, which lasted 45–60 min and were audio-recorded. To ensure clarity, relevance, and alignment with the research objectives, a pilot interview was conducted with one participant, which helped refine the interview questions for this study (Shaffee, 2026). The pilot interview led to minor adjustments to the previous in-depth interview guide, improving the flow and comparability of the questions.

3.5. Data Analysis

Data were analysed using thematic analysis, following the qualitative procedures that were outlined by Braun and Clarke (2006). The researcher repeatedly reviewed transcripts to become familiar with the data (Rowlands, 2021). This was followed by generating the study’s initial codes, which involved identifying meaningful segments of the data relevant to the study objectives (Stuckey, 2015). The next stage involved systematically categorising codes into prospective themes, reflecting patterns throughout the collection (Braun & Clarke, 2006). The next stage involved reviewing and refining themes to ensure internal coherence and distinctiveness (Rowlands, 2021). Finally, the themes were interpreted, leading to the writing of the final report, which was supported by verbatim quotations from participants (Baxter & Eyles, 1997). To enhance the analytical rigour of the study, an audit trail of coding decisions was maintained at every stage; everything done was recorded and maintained throughout the research process (Stuckey, 2015).

3.6. Ethical Considerations and Bias Control

To mitigate potential biases, the study employed a variety of measures, including an in-depth interview guide, thereby ensuring uniformity across interviews. Social desirability bias was mitigated by ensuring participant anonymity and encouraging candid responses (Nishii & Bruyère, 2016). In addition, selection bias was mitigated by establishing explicit inclusion criteria that were consistent with the objectives of this study (Gibson, 2016). To mitigate the researchers’ confirmation bias, coding and interpretation were anchored in participants’ narratives (De Munck, 2009), as evidenced by the inclusion of verbatim quotations. Reflexivity was upheld throughout the research process to ensure that interpretations in this study closely considered participants’ perceptions of the subject matter (Darawsheh, 2014).

The establishment of qualitative order enhanced the study’s trustworthiness. The use of verbatim quotations and close engagement with data ensured credibility, while dependability was enhanced through the keeping of an audit trail of methodological and analytical decisions (Michelle & Kiyimba, 2015). To address confirmability, the researcher had to align interpretations closely with participants’ interpretations, rather than relying on assumptions (CohenMiller et al., 2022). Before undertaking this study, the researcher obtained ethical approval from the university’s research ethics committee. Participation in the study was voluntary, and participants were informed about the study’s purpose and that they could withdraw at any time. Participants were also assured of confidentiality, and all data were secured and accessed only by the researcher. The next section presents the results and discusses the research findings.

4. Results

This section presents the results of semi-structured interviews conducted with management accountants and entrepreneurs in Gweru, Kwekwe, and Kadoma on the nexus between management accounting and entrepreneurship. These participants were drawn from the mining, construction, and manufacturing sectors of the economy. The profiles of the participants are presented in

Table 1. Participant profile (anonymised).

Participants	Role	Sector	Experience/Context
P1	Management Accountant	Mining	6+ Costing and Budgeting
P2	Cost Accountant	Mining	5+ Cost accounting
P3	Management Accountant	Construction	8+ Budgeting and variance analysis
P4	Entrepreneur	Construction	3 capital budgeting
P5	Entrepreneur	Manufacturing	7+ Running own venture
P6	Cost Accountant	Mining	+4 Managing projects
P7	Entrepreneur	Construction	12+ Constructing buildings
P8	Management Accountant	Mining	8+ preparing management reports
P9	Entrepreneur	Manufacturing	5+ manufacturing
P10	Management Accountant	Mining	13+ Analyst
P11	Entrepreneur	Construction	11+ Building

below:

Table 1 summarises the characteristics of participants drawn from the construction, mining, and manufacturing towns of Gweru, Kwekwe, and Kadoma. The study includes both management accountants and entrepreneurs, thereby capturing the perspectives and experiences of practitioners of management accounting and venture creators. The participants in this study had varied levels of experience, ranging from early-career professionals to senior professionals, which enhanced the analytical breadth of the findings.

The study’s interpretive depth was enhanced by including technical management accountants and entrepreneurs, yielding cross-perspective insights into how management accounting is experienced across sectors. The sectoral representation reflects industries central to Zimbabwe’s economic structure, where cost control, liquidity management, and strategic planning are critical. Collectively, the participant profile supports the credibility and contextual relevance of the study’s conclusions.

4.1. Overview of Themes

Participants in this study positioned management accounting education as capable of driving an entrepreneurial mindset, providing the tools necessary for decision-making, and serving as a drip line that can be accelerated when a structured pedagogy is used. Five themes aligned to the study objectives emerge from interviews undertaken and these are discussed below: (1) decision-oriented accounting capabilities as entrepreneurial cognition; (2) experiential learning as a mindset catalyst; (3) contextual misfit between classroom stability assumptions and Zimbabwe’s volatility; (4) broadening the information base beyond historical financials; and (5) ecosystem bridging mechanisms that translate education into enterprise action.

4.2. Decision-Oriented Management Accounting Capabilities as Entrepreneurial Cognition

Most participants (P1, P2, P5, P6, P7, P8, P9, P11) indicated that management accounting education is essential because it encourages individuals to pursue entrepreneurship, which involves taking calculated risks. They described entrepreneurship as a disciplined approach to seizing opportunities by effectively using information from management accounting. Management accounting was therefore described as futuristic compared with financial accounting, as it employed techniques such as investment appraisal and cost optimisation to accurately forecast a venture’s sustainability. P1 defined an entrepreneur as follows:

“An entrepreneur is a proactive thinker with an entrepreneurial mindset, who is always looking for opportunities, a calculated risk taker… not satisfied with the status quo but always seeking ways to improve ways of doing things and results.”

While P6 had to say:

“What distinguishes entrepreneurship from other fields is that it puts emphasis on financial management by focusing on strategic thinking and liquidity.”

Several participants (P1, P3, P4, P6, P7, P8, P9) described management accounting as an enabler and key to successful business ventures because it is grounded in techniques such as cost and profitability analysis, which help translate uncertainty into comparable options, such as continue vs discontinue and make vs buy. Participants described budgeting and forecasting techniques as control mechanisms that support entrepreneurial work by protecting liquidity, particularly during periods of constrained financing, such as in venture start-ups. To emphasise the importance of management accounting to entrepreneurship development, P5 had to say:

“I can describe variance analysis and break-even as the most powerful techniques that entrepreneurs should use if they are to succeed.”

The majority of the participants (P1, P,2 P3, P4, P5, P7, P9, P10, P11) described job training and workshops as the most effective way of training and used examples like the public sector and parastatals to demonstrate how business must be managed when you look at debt management and resource mobilisation initiatives undertaken during their attachment.

4.3. Experiential and Hands-On Learning as a Catalyst for Entrepreneurial Thinking

Several participants (P1, P4, P5, P7, P8, P9, P10, P11) noted that simulation games that mimic real-world situations tended to accelerate the development of entrepreneurship. Participants argued that hands-on learning was beneficial because it bridged theory learned and entrepreneurial competence, as it required students to apply theory in practice. To emphasise the point under discussion, P1 said:

“Hands-on learning is the real learning that tends to remove stress on students regarding how they are going to do things in the real world. The beauty of hands-on is the shift in mindset from history that was learned in class to a strategic architect of future growth.”

Several participants called on the Ministry of Women Affairs, Community, Small and Medium Enterprises Development, to facilitate hands-on workshops and to establish business ventures that entrepreneurs could use as training grounds to learn and gain real-world exposure. In addition, they argued that the government must allocate funds specifically to support start-up businesses. To emphasise this, P9 had this to say:

“It’s not that we don’t want to venture into business … we have many ideas, but we lack financial resources and exposure on how to run a venture.”

In backing this aspect of the discussion, P2 and P4 had this to say:

“Real-world simulation games do boost learners’ confidence through engagement and the decision that must be made, and in a way, groom business leaders.”

(P2)

“Exposure to real-world situations is health…. You don’t start as the CEO of an organisation, but you must be guided and exposed to experimental projects before being given a real company to run.”

(P4)

This finding indicates that hands-on exposure is the ideal framework for translating students’ theoretical learning at university into practice. This aspect aligns with the literature (Butler et al., 2019; Nzembayie et al., 2024; Anos et al., 2025) indicating that experiential learning through game simulations, internships, and real-world case problems is the most effective means of cultivating the entrepreneurial mindset.

4.4. Contextual Misfit: Classroom Stability Assumptions Versus Zimbabwe’s Volatile and Informal Realities

Participants indicated a mismatch between what was being taught and what was needed for change. Most of the participants (P1, P2, P4, P6, P7, P8, P10, P11) indicated that, upon independence, Zimbabwe inherited an education system that placed little emphasis on entrepreneurship and focused on training royal employees who were content to be good employees. Though there has been a change of late, with most curricula now including entrepreneurship, respondents indicated that the challenge was the unstable economic environment, characterised by high inflation, currency instability, and political instability, which made it difficult for people to develop an interest in entrepreneurship. To emphasise this point, P3 said:

“Though the issues under discussion are good for the development of our country, l personal feel they are not a reflection of Zimbabwe when you consider our unstable economic environment with no currency of our own.”

Several participants indicated that an unstable economic environment characterised by high inflation rates made it difficult to rely on management accounting techniques, such as budgeting, as they quickly became obsolete. They suggested that, given the unstable economic environment, management accounting education, though good, would not make sense, as its techniques are typically framed in terms of planning cycles, flexible budgeting, and replacement-cost thinking.

Due to the unstable economic environment, participants noted that the informal sector has grown, as people are more concerned with survival than with starting new ventures. Ultimately, survival cash management strategies are insufficiently addressed, even though they are central to entrepreneurial development.

“The gap between the textbook discussion and reality is essentially caused by the Zimbabwean volatile market … characterised by multi-currency fluctuations, policy shifts and an informal economy.”

(P1)

This study shows that management accounting education serves not only as a technical training domain but also as a change agent, fostering an entrepreneurial mindset. Most participants indicated that developing an entrepreneurial mindset was associated with the use of decision-oriented management accounting techniques, such as break-even analysis, budgeting, variance analysis, and capital appraisal. This therefore implies that management accounting techniques serve as mechanisms for evaluating projects, assessing risks and opportunities, and making decisions. This aligns with findings in the literature that position management accounting as a strategic vehicle for mindset change and value creation, rather than as a reporting function (Badie & Rostomyan, 2025; T. H. Nguyen et al., 2023; Venkatesh et al., 2023). This finding therefore supports the argument that management accounting education can foster an entrepreneurial mindset and contribute to economic development and poverty reduction.

4.5. Broadening the Information Base: Technology, Non-Financial Indicators, and Sustainability Considerations

Most participants (P2, P3, P5, P6, P7, P8, P9, P10, P11) indicated that entrepreneurial development is a process that draws on other courses. They pointed out that entrepreneurial development extends beyond traditional financial statement analysis, requiring the integration of financial and non-financial performance indicators, as well as real-time operational indicators. While agreeing that management accounting techniques such as break-even analysis, budgeting, capital appraisal, and cost analysis provide structured financial insights relevant to decision-making, they argue that these techniques yield the best results when combined with qualitative and operational data, such as supplier reliability and customer purchasing patterns.

The combination of financial and non-financial performance measures is essential given Zimbabwe’s economic challenges. Most participants indicated that, under economic challenges that would result in liquidity problems, reliance on a single metric would not be ideal, as managers would require rapid information cycles and dynamic monitoring models to track cash inflows and outflows and respond promptly.

The aspect of this study, therefore, shows that in Zimbabwe, the development of entrepreneurship is not influenced solely by mastery of management accounting, but also by the ability to use and synthesise information from various streams. This aligns with management accounting literature, which advocates an integrated performance measurement approach that combines financial and non-financial measures to support strategic decisions amid volatility (Sutjahyani, 2025). In this regard, this study contributes to the literature by demonstrating that in volatile developing countries, integration is a survival strategy.

Participants (P1, P2, P4, P6, P8) indicated that in the digital era, technology was an operational enabler for operations and education. They pointed out that those who resist technology do so at their own expense, as software such as spreadsheets and mobile payment platforms enhance accuracy and speed, which are essential for entrepreneurial development and decision-making. Technological tools are used to remotely monitor and track objects, thereby enabling prompt decision-making. When we consider depressed economies such as Zimbabwe, participants argued that technology is necessary for managers to generate rapid financial summaries and to update budgets and forecasts. We can therefore argue that technology is a strategic capability necessary for the development of entrepreneurship. This is what selected participants had to say about technology:

“Technology has made my work easy. I can monitor events as they occur and respond to tasks, even when I am away from my workstation. Being able to respond promptly is a key attribute of an entrepreneur.”

(P2)

“The integration of technology (accounting software like Pastel and QuickBooks) into the curriculum and business has provided us with hands-on experience.”

(P8)

However, many of the participants (P1, P2, P4, P6, P7, P8, P9, P10, P11) identified a curricular deficit as a hindrance to the development of an entrepreneurial mindset and core competencies. They argued that students in developing countries such as Zimbabwe often lacked structured exposure to technology and data environments in which real decisions are made, owing to resource constraints. This gap, therefore, extends beyond software proficiency, as it affects analytical thinking in digital environments. Participants indicated that sustainability and environmental accounting were not adequately covered in undergraduate curricula despite the stakeholder pressure. Participants indicated that sustainability and environmental management accounting have become integral to business survival and must be incorporated into the curriculum. Therefore, future-oriented management accounting education must incorporate and cover in-depth knowledge of sustainability issues. To emphasise the issue, P3 had this to say:

“During my undergraduate studies, sustainability issues were not covered, and when I reflect l don’t know if it was the lecturers who lacked knowledge or if it was ignorance on their part, but climate change is now affecting us.”

4.6. Ecosystem Bridging Mechanisms That Translate Education into Entrepreneurial Action

Several participants (P1, P2, P5, P6, P8, P9, P11) indicated that management accounting education must be structured to the broader environment rather than remain confined to the classroom if it is to contribute to entrepreneurship development. They suggested that learning would be enhanced if the curriculum were structured to facilitate engagement with industry through guest lectures, mentorship programs, and internships. Most participants noted that they have observed that Zimbabwean lecturers give a lot of theory but no hands-on experience to students, which, in the end, impedes students’ entrepreneurship development. To address this, participants argued that universities in Zimbabwe should partner with SMEs and the public sector to provide students with real-world exposure to budgeting and liquidity management, thereby enabling them to address issues that cannot be simulated in classroom textbooks. Students are therefore positioned to encounter real challenges that will foster an entrepreneurial mindset as they seek solutions to prevailing problems. This is what some participants said during the discussion:

“The curriculum must be designed in a way that allows lecturers to invite guest speakers who must come and talk about entrepreneurship regularly. Learning becomes enjoyable when we hear practitioners’ voices.”

(P3)

“There is a need for the universities in Zimbabwe to get into a partnership agreement with the industry, which they can use in sending students for industry exposure.”

(P6)

Many participants noted that traditional management accounting education tends to channel learners into compliance roles, such as accurate reporting and regulatory compliance. Participants viewed mentorship as a powerful means of cultivating confidence and indicated that, when learners are given industry exposure to SMEs and the public sector, they will reconceptualise themselves as strategic advisors, problem solvers, and opportunity evaluators. Industry exposure was viewed by participants as creating the pathway to networking (social capital), which is key in entrepreneurship development.

The study shows that industry engagement is key to fostering entrepreneurship. This underscores the literature that technical acquisition of management accounting knowledge is insufficient for entrepreneurship if the curriculum is not structured to align with the broader economic environment. Participants suggested that industry engagement through guest lectures, mentorship, partnerships, and internships was needed if management accounting were to play an effective role in fostering entrepreneurship in Zimbabwe. The findings, therefore, demonstrate the necessity of integrating management accounting into the economic system to achieve real transformation.

4.7. Synthesis and Implications for Curriculum Redesign

A synthesis of the findings indicates that management accounting plays an essential role in fostering entrepreneurship in several interrelated ways. To begin, management accounting provides techniques such as budgeting, investment appraisal, and variance analysis that are essential for decision-making. In addition, if the curriculum is well-structured and engages industry through practice-based, simulation-based, and real-world problem-based learning, it would transform classroom theory into applied knowledge. Such a curriculum would compel students to pursue entrepreneurship once they have gained confidence through practice. When management accounting is linked to industry, it will ensure that learners acquire the necessary competencies for industry survival and economic renewal. Since entrepreneurship is socially constructed, the study argues that if the management accounting curriculum is well structured to engage industry, it can foster an entrepreneurial mindset. In view of the findings, the curriculum should be designed towards contextual responsiveness and applied competence. Non-financial performance indicators must also be integrated to provide learners with the information required for holistic decision-making. Technology must also be incorporated into curriculum design, using spreadsheets and management accounting software to enhance real-time decision-making. Finally, there is a need to incorporate sustainability issues into the curriculum to ensure that opportunity identification and management align with the expectations of emerging regulatory frameworks.

5. Discussions

5.1. Decision-Oriented Accounting and Entrepreneurial Cognition

The findings from this study demonstrate that management accounting education is essential in influencing entrepreneurial cognition by enhancing decision-making skills, including cost analysis, budgeting, and investment assessment. From an ELT perspective, this study’s findings indicate that learners cultivate entrepreneurial thinking through active engagement with decision-making tools, thereby converting abstract accounting ideas and knowledge into practical problem-solving skills. This position aligns with the literature, which argues that management accounting techniques are key because they enhance the identification, evaluation, and risk assessment of opportunities within the entrepreneurial context (Russo et al., 2025; J. Zhang & Price, 2020). The findings of this study enhance the current literature by demonstrating that management accounting techniques function not only as analytical instruments but also as adaptive mechanisms that facilitate survival-oriented entrepreneurship in a volatile, developing economic context such as Zimbabwe. Therefore, this study contributes to the theory by illustrating that experiential engagement with management accounting practices enhances entrepreneurial cognition under volatile conditions.

5.2. Experiential Learning as a Catalyst

The findings from this study position experiential learning as a key mechanism for enhancing the development of the entrepreneurial mindset in management accounting education. Participants regularly underscored the importance of experiential methodologies in cultivating entrepreneurial development and pointed to simulation, internship and real-world problems as essential to entrepreneurship development. From the perspective of ELT, the findings of this study position learning through participation, reflection, and interactive problem-solving as key to developing an entrepreneurial mindset. It can thus be argued that these experiential methodologies facilitate learners’ internalisation of management accounting information and thereby enable its application in volatile entrepreneurial environments. This aspect aligns with the literature, which identifies experiential pedagogies as essential for developing entrepreneurial competencies such as creativity, resilience, and opportunity identification (Ahmed, 2019; Nzembayie et al., 2024). The contribution of this study is to advance the current literature by demonstrating that, in developing and resource-constrained countries like Zimbabwe, experiential learning is a critical prerequisite for entrepreneurship development, not just a pedagogical addition. This therefore demonstrates that passive, theory-based methods of accounting education are lacking in developing entrepreneurial skills in unstable, resource-constrained economic environments.

5.3. Contextual Misalignment in Zimbabwe

These findings indicate a substantial disparity between conventional management accounting education and the realities of Zimbabwe’s volatile economic environment. Participants emphasised that traditional management accounting education methods, rooted in developed economies, are not applicable in developing countries characterised by high inflation, currency volatility, and policy unpredictability. From an ELT standpoint, this misalignment indicates a significant gap between practical learning situations and real-world application, making it harder to transfer knowledge. While previous research has recognised the importance of contextual relevance in entrepreneurship education (Gassol, 2025; Lubbe & Coetzee, 2018), this study offers a deeper understanding of how environmental uncertainty undermines the effectiveness of management accounting techniques such as budgeting and forecasting. The aspect of this study’s findings contributes to the body of knowledge by demonstrating that management education is essential when adapted to different situations. In this regard, it implies that management accounting education needs include flexible, adaptable, and context-sensitive methods that reflect the realities of developing economies.

5.4. Integrated Information and Technology

The findings of this study demonstrate that entrepreneurs in Zimbabwe rely on both financial and non-financial performance measures when making decisions. The participants in this study emphasised the importance of integrating qualitative information, real-time data, and digital technology to support holistic business decision-making. This aligns with ELT, which holds that learning is multidimensional and that knowledge is built by integrating different sources of information and experiences. The findings of the study are consistent with previous research supporting integrated learning and performance measurement systems that merge financial and non-financial performance measures to improve strategic decision-making (Sutjahyani, 2025). This study’s findings contribute to the current literature by demonstrating that, in developing and resource-constrained economies, integrating financial and non-financial performance measures is not only advantageous but also essential for survival. In addition, the study’s findings highlight the growing role of digital tools in enabling entrepreneurial agility, suggesting that management accounting education must incorporate technological competencies to remain relevant in the digital era.

5.5. Ecosystem Engagement and Industry Linkages

The findings of this study demonstrate the importance of engaging with the ecosystem through collaborations with businesses, mentorship, and real-world experiences to enhance managerial accounting education and develop an entrepreneurial mindset. Participants indicated that classroom-based learning without engaging industry to align theory and practice was insufficient to change the mindset to accept entrepreneurial education as a means of eradicating poverty. From an ELT standpoint, this shows the significance of contextual learning, in which management accounting education pedagogies are developed and aligned with the environment through engagement with industry practitioners. The findings from the study align with the literature, which emphasises that the development of an entrepreneurial mindset requires integration with industry and experiential exposure (Ahmed, 2019; Rep Romić et al., 2025). The findings of this study contribute to the body of knowledge by demonstrating that ecosystem integration is critical in developing countries, where support mechanisms are often lacking. Therefore, integrating management accounting education into the broader economic ecosystem has the potential to enhance learners’ ability to cultivate entrepreneurial skills, access networks, and apply information in practical contexts.

The findings of this study can also be analysed within the context of competence-based entrepreneurial education frameworks, which prioritise the cultivation of practical skills over theoretical knowledge and understanding. In line with Teodoro (2025), entrepreneurial competence involves integrating cognitive, behavioural, and strategic capabilities that enable individuals to identify opportunities and respond to an uncertain environment. Additionally, higher education is seen as essential for cultivating entrepreneurial capital (Teodoro & Bernadó, 2024), which is crucial in the Zimbabwean context, where institutional support and ecosystem involvement are key to converting education into entrepreneurial development. This study, therefore, underscores the need to reorient management accounting education toward competence development by integrating experiential learning, industry engagement, and context-sensitive pedagogies.

In summary, the study’s overall contribution is to add to the body of knowledge by integrating management accounting education with the cultivation of an entrepreneurial attitude through practical learning. This study provided a real-world example from a developing economy that demonstrates how a volatile economy underscores the essence of management accounting education in helping people become entrepreneurs. Based on the findings of this study, it can therefore be noted that the study extends ELT into the domains of management accounting education and entrepreneurship development in the Global South.

6. Conclusions

This study explores the role of management accounting education in fostering the development of an entrepreneurial mindset among management accountants and entrepreneurs in Zimbabwe. The findings of this study show that management accounting education goes beyond technical training to serve as a catalyst and enabler of the development of an entrepreneurial mindset in emerging economies such as Zimbabwe. Decision-oriented management accounting techniques, such as budgeting, cost analysis, and investment appraisal, were found in this study to support opportunity evaluation, risk assessment, and resource allocation. In addition, experiential learning methodologies, including simulation, internships, and real-world exposure, emerged as essential mechanisms for transforming theoretical knowledge into practical entrepreneurial capabilities. The study demonstrated that traditional management accounting education, designed for developed economies, does not fit well with the context of developing, resource-constrained economies like Zimbabwe, underscoring the need to develop learning models that align with the country’s environment.

This study begins by extending ELT, positioning its applicability within the domains of management accounting education and entrepreneurial mindset development in developing economies. Even though ELT has traditionally been applied in general education, this study’s findings demonstrate how experiential learning methodologies enhance the development of entrepreneurial mindsets through management accounting practices. In addition, it contributes to the body of knowledge on management accounting education by demonstrating that management accounting can extend beyond technical knowledge, as it is a dynamic, practice-oriented field that enhances creativity and strategic thinking, which are essential competencies for the development of an entrepreneurial mindset. Furthermore, this study’s findings add to the Global South literature by providing evidence from Zimbabwe’s developing, resource-constrained economy, underscoring the importance of context in shaping the operation of management accounting and entrepreneurial processes. Collectively, the findings of this study contribute to a more integrated understanding of the relationship between management accounting education, experiential learning, and entrepreneurship.

The findings of this study have essential implications for policymakers, educators, and practitioners. This study underscores the importance of higher education institutions revamping management accounting courses to integrate experiential learning methodologies, such as simulations, internships, project-based learning, and industry engagement, thereby increasing learners’ confidence to venture into entrepreneurship. In this regard, the implication is that educators should move away from traditional lecture-based methodologies and adopt pedagogical approaches that foster critical thinking, problem-solving, and innovation, thereby developing learners’ entrepreneurial mindset. In developing economies, policymakers need to develop policies that support entrepreneurship development education, in addition to providing funding, infrastructure, and facilitating partnerships between educational institutions and industry. The collaboration between educational institutions and industry has the potential to provide learners with practical exposure and facilitate the transition from theoretical education to practical enterprise development. The findings of this study underscore the importance of integrating financial and non-financial information and the relevance of technological tools, which are key to supporting strategic decision-making in volatile, unpredictable business environments.

Despite the positive contributions of this study, there are limitations, including the use of a small sample drawn from selected sectors of the Zimbabwean economy, which may limit the generalizability of the findings. In addition, the cross-sectional design captures the participants’ experiences and views at a single point in time, thereby failing to account for changes over time. Although measures were taken to enhance the study’s trustworthiness and rigour, reliance on a qualitative study can introduce subjective interpretations.

Future research should adopt a longitudinal time horizon to investigate how management accounting education can enhance the development of the entrepreneurial mindset over time in developing economies. In addition, a comparative study of countries in Sub-Saharan Africa would provide a deeper understanding of the subject by delving into diverse economic contexts and enhancing the generalisability of the study’s findings. Additionally, future research could employ mixed methods to integrate qualitative and quantitative approaches to assess the impact of experiential learning on entrepreneurial outcomes. Additional research is also needed to explore the integration of sustainability and digital competencies into management accounting education in developing countries.