Purpose: The purpose of this paper is to investigate how using an entrepreneurial learning approach for assessment of internships could increase the reflected value of combining theory and practice articulated in students' learning outcomes. Furthermore, the purpose was to investigate whether the applied approach led to enhanced perception of professional identity and new understandings of employability for students in the internship course. Design/methodology/approach: A qualitative research design was the basis for investigation of the topics in focus. The data consisted of five focus groups, observation notes, and documentation from the exam situations. Two consecutive groups of students (2015 and 2016) participated in the study at a university of applied science in Denmark. Findings: Results from the study provided evidence that students in internships collectively develop a comprehensive understanding of how to apply theory to practical settings. By working with an entrepreneurial learning approach in the professional practice, students reported an enhanced reflective understanding of learning outcomes and the theory-practice gap, developed an ability for opportunity identification, and established a grounded feeling of professional identity and employability. Practical implications: The current pilot project serves as a full and context-rich case study that can inform educators about formative and summative assessment practices when designing internships courses. Furthermore, internship supervisors can get valuable insight into learning processes during an internship. Originality/value: The suggested model for an entrepreneurial learning approach to assessment of internships provides a basis for further research within entrepreneurial learning and the application to design of assessment practices in this context.