Purpose: The paper aims to explore the changing influences and relevance of passive and experiential methods of learning within what can be described as a new era of entrepreneurial education. What still largely remains unaddressed in the literature is how are entrepreneur's best educated and developed in a manner which can have a direct impact on their personal and business development. Design/methodology/approach: The paper suggests that learning is action oriented, and that entrepreneurs are not merely "doers"; they are "practitioners". An integral part of being a "practitioner" is the use of practice to help move the firm beyond the "adaptive" learning which takes place in naturally occurring non-contrived learning occasions. The paper is theoretical in its intent and adopts a social constructionist view of knowledge and learning. The research approach is informed by practitioner-based practice and research, education and participation as a process of social learning. Findings: The development of experiential knowledge in entrepreneurs is an incremental process that evolves throughout the course of their working lives. This means that attempts to stimulate "real life" experience through formal modes of passive education and training are unlikely to have a strong influence or impact on the development of the entrepreneur as a practitioner. Practical implications: The paper sets out to develop an argument against the traditional "passive" means of business education, by suggesting that entrepreneurs who are exposed to passive learning are spectators rather than active participators. Originality/value: The paper contributes to our current understanding of entrepreneurial learning by recognising that entrepreneurial learning in the context of higher education takes place beyond the domain of the classroom learning experiences, through experiential and discovery-based learning which questions traditional orthodox pedagogies. The paper illustrates how knowledge is constructed through a situated practice of knowing, and demonstrates how a practice-based perspective might be useful for the study of entrepreneurial education. (Contains 2 notes and 1 figure.)