Entrepreneurs are constant learners (Smilor 1997). Entrepreneurial learning processes allow vital information to be acquired, interpreted, processed and used for business decision making and opportunity discovery and acquisition related tasks. Until now, the bulk of scholarship on entrepreneurial learning theory has explored the importance of experiential learning (Wang & Chugh 2010). Adopters of this individualistic view advocate that entrepreneurial learning is developed through acting and then reflecting on their actions (Cope & Watts 2000; Rae & Carswell 2001; Cope 2003; Corbett 2005). However, this view fails to capture and integrate other important forms of entrepreneurial learning such as observational learning. Our approach is based on the use of an established observational learning theory – social learning theory by Albert Bandura (1977) – as a starting point for our empirical efforts.