Entrepreneurship education has established itself as a broad research stream, covering such topics as entrepreneurial intentions, skills, competences, and activities. Paradoxically, research is scant concerning detailed descriptions of pedagogical interventions or models for how to support the development of entrepreneurial skills in higher education. We address this research gap by describing and analyzing an empirical case, in which two higher education institutions have formed a joint learning platform for enhancing entrepreneurship education. The learning platform aligns project-based learning, collaborative learning, and action learning, referred to as the action-based approach to entrepreneurship education. Based on data collected through participatory action research, three aspects emerge as essential factors for the learning platform to continue to embrace action-based learning, namely (i) awareness of strategic and pedagogical visions within its community, (ii) dimensions of power and control, and (iii) reflective practices. Reflection occurs as a result of collaborative and project-based learning in authentic contexts with real-time, client-sponsored challenges and tasks.