Purpose: While the number of entrepreneurship education programmes offered around the world is on the rise, research into the assessment of entrepreneurship education programmes is still lacking. The purpose of this paper is to take the stance that entrepreneurship education has to focus on a set of transversal competences aimed at teaching individuals to become more enterprising, and develop a framework and practical proposal for the teaching and assessment of entrepreneurial competences. Design/methodology/approach: The authors followed a three-pronged research design. First, the authors reviewed the literature and practices on the definition of entrepreneurial competences and measures for their assessment and identified a rubric of competences and a set of assessment tools. Second, the authors tested the identified tools to assess entrepreneurial competences through the development of an intensive extra-curricular initiative on entrepreneurship based on a business model challenge. Third, the authors evaluated the outcomes of this experience based on 72 student pre-test and post-test survey responses. Findings: The authors assessed the impact of participation in a business model challenge with regard to five competence areas: positive attitude and initiative; communication and interaction; team-work and collaboration; critical and analytical thinking or problem solving, including risk assessment; creativity and innovation. The authors found no relevant changes across these dimensions, concluding that the mere exposure to the business challenge was not a sufficient condition for stimulating the development of entrepreneurial competences in our sample. Originality/value: This work provides a relevant contribution to researchers, educators and policymakers by taking an interdisciplinary approach to reviewing previous literature and proposing ways of assessing transversal competences in the context of entrepreneurship education.