Based on a comparative survey supplemented with focus group interviews, it was found that an action learning activity in an entrepreneurship programme produced both positive and negative results with regard to the entrepreneurial traits of students and their inclination towards entrepreneurship, depending on the influence of external and detrimental factors. The findings imply that further attention needs to be given both to the process and to the context of action learning activities in entrepreneurship education, taking into account economic factors in particular. (Contains 4 tables.)