This investigation aims to study the influence of psychological characteristics, entrepreneurial education, and students’ perceptions of institutional support provided by higher education institutions (HEIs) on entrepreneurial intention. For the development of this research, a questionnaire was applied to students in the areas of economic and business sciences, who were attending the final year of their Bachelor’s and Master’s degrees. The data was collected from three HEIs in the North of Portugal, and partial least squares structural equation modeling (PLS-SEM) was used to test the proposed model. By addressing the combined effects of perceived institutional support and entrepreneurial education on entrepreneurial self-efficacy and intentions, this research offers both theoretical and practical contributions. Theoretically, this study extends the application of the theory of planned behavior (TPB) by integrating the concepts of entrepreneurial self-efficacy and entrepreneurial mindset. The research highlights the positive impact of perceived HEI support and entrepreneurial education on students’ entrepreneurial self-efficacy, which, in turn, influences their adherence to planned behavior and the development of an entrepreneurial mindset. This nuanced understanding advances the discourse on how educational environments can shape entrepreneurial intentions. Practically, the findings provide actionable insights for HEIs, enabling them to evaluate and enhance their support mechanisms and educational programs to more effectively cultivate entrepreneurial intentions among students. This research is, therefore, original in its approach, addressing a critical gap in the literature by empirically examining the combined effects of psychological characteristics, entrepreneurial education, and perceived HEI support on entrepreneurial intention. Through this investigation, we contribute to a more comprehensive understanding of the factors that drive entrepreneurial intention, thus offering a foundation for universities to optimize their strategies in support of student entrepreneurship.