Entrepreneurship education constitutes a top priority in policy agendas across the globe as a means to promote economic growth, fight unemployment and create social capital. An important premise of entrepreneurship education is that it can be learned and students can be taught to formulate entrepreneurial mentality, skills and competencies, something that can result in the formulation of startups and business initiatives. Given the importance of entrepreneurship, the necessity to formulate efficient entrepreneurship education frameworks and training programs arise. In this work, we present the design of an entrepreneurship educational environment that is based on learning in 3D virtual worlds. Innovative 3D virtual reality technologies were utilized to provide immersive and efficient learning activities. Various topics of entrepreneurship education courses were designed and formulated to offer students the opportunity to obtain theoretical knowledge of entrepreneurship. The 3D virtual reality educational environment utilizes pedagogical approaches that are based on gamification principles, allowing students to study in immersive ways as well as in game-based learning activities on real challenges that can be found in business environments. The game-based learning activities can help students gain necessary skills, helping them to tackle everyday obstacles on their entrepreneurial pathways. An experimental study was performed to explore the learning efficiency of the environment and the gamified learning activities as well as assess their learning impact on student’s motivation, attitude, and overall learning experience. The evaluation study revealed that the framework offers efficient gamified learning activities that increase students’ motivation and assist in the formulation of entrepreneurship mentality, skills and competencies.