This article analyses the modeling approach used by one student in a business problem. It is argued that if we use previous frameworks we are not able to classify the students' approach to modeling as purely theoretical or empirical. Instead the student used a theoretical approach when constructing a real model, but abandoned it when she had to create a mathematical model. Reasons for this shift seem to be: greater familiarity with real-world concepts than with mathematical concepts; lack of appreciation of how mathematics could help understand or solve the problem; and discredit in the usefulness of mathematics for solving real problems.