Many individual entrepreneurs start their businesses without preparation and have scarce resources to attend training activities; however, there is a broad range of educational possibilities with the spread of mobile technologies that can support situated learning. This article addresses the following research question: to what extent is mobile learning (m-learning) effective as a means for developing the entrepreneurial competencies of individual entrepreneurs? The authors conducted an action research project that created and tested a mobile learning method to support the development of entrepreneurial competencies from a situated learning perspective. The research results show positive outcomes perceived by 61 individual entrepreneurs in Brazil that tested the method. They have succeeded in developing elements of their entrepreneurial competencies such as financial and operational management skills, feeling encouraged to improve and professionalize their businesses. Some limitations of m-learning for entrepreneurship education are also discussed in the paper.