Purpose -The importance of entrepreneurship education and the lack of studies at the vocational level, have created a need to develop a model of entrepreneurship learning. The purpose of this paper is to determine what vocational college students learn about entrepreneurship from working in a small enterprise, how they learn it and what role the teacher has in the learning process. Design/methodology/approach -The data used are drawn from discussions between eight students (aged 16-18), where they assessed and developed their business activities conducted over the course of a year. Using qualitative data collection and analysis methods, content connected with entrepreneurship was examined to provide information about activities they undertook and how the learning process occurred. Findings -The findings indicate that learning in a small enterprise is a continuous process, where content, activities and process are intertwined. The core of learning is reflection-in-action, to develop entrepreneurial skills and behaviour. Practical implications -This paper may offer a means of applying a small business learning model to entrepreneurship learning. The results can benefit teachers planning entrepreneurship learning. Originality/value -This paper contributes to the understanding of student learning in small enterprises by empirically examining what learning takes place and how.