The aim of the current study is to measure to what extent do entrepreneurs in Germany rely on past experience when taking decision about their business ventures, and to what extent do they utilise new information about their economic performance to learn about their true (but unknown) abilities and trading environment. The answers of the above-stated questions imply an answer to the underlying composite issue: ‘How important is learning for the entrepreneurial success?’ that we seek to examine both theoretically and empirically in this paper.