Theorizing about entrepreneurial learning is examined in this article to determine key learning processes within this body of research. It explores how these processes might be simulated in a student-learning environment and highlights the role of emotional exposure, situated learning, action-orientation and discontinuity. An argument is made for experiential, work-based learning when seeking to simulate contexts similar to those in which entrepreneurs learn. A conceptual framework is introduced that highlights a course design based on the factors identified. In the analysis, formal course assessments are reviewed and narrative coding based on student reflections is evaluated. The article illustrates that it is possible to simulate aspects of entrepreneurial learning, such as emotional exposure and situated learning, but not others. It also demonstrates a range of learning benefits linked to experiential learning. In conclusion, the article explains why entrepreneurship education can play an important role in encouraging management learning.