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The purpose of the paper is to theorize how to develop student entrepreneurs' ability to reflect by means of a learning activity called the entrepreneurial diary, which seeks to develop self-regulated learners capable of intelligent entrepreneurial action. The importance of self-regulation in entrepreneurship is linked to the individual's ability to make judgments under conditions of uncertainty, which requires reflective thinking.

The paper builds on a synthesized conceptualization of three main literature strands, reflective thinking, cognitive-load theory and experiential entrepreneurship education. In addition to the synthesized conceptualization, it builds on some empirical insights derived from a venture creation master programme in which the learning activity has been developed and refined for the last seven years.

The main finding from the paper is the theoretical justification for why reflective thinking deserves an important place in the educational process and how the entrepreneurial diary as a learning activity can create a bridge between theory and practice in venture creation programmes that take an experience-based pedagogical approach. Furthermore, the study also provides some empirical insights of how students create self-awareness of their learning through the method and the metareflection reports. Self-awareness is foundational for developing conditional knowledge on why and when to make entrepreneurial decisions to balance the often action-oriented processes seen in venture creation programmes.

The paper provides both a practical learning activity to be used in the entrepreneurial classroom and a theoretical contribution on how entrepreneurial experience is transformed into entrepreneurial knowledge to enhance students' judgmental abilities to make entrepreneurial decisions in future entrepreneurial endeavours.