This paper examines university students' perceptions of and experiences with using ChatGPT, a generative artificial intelligence (GenAI) tool, to enhance their experiential learning. In this exploratory study, we designed a ChatGPT learning activity flow corresponding to the four experiential learning steps. Analysis of survey data collected from 70 students in a business college at a public university in the United States revealed that, under the guidance of the instructors, students learned to interact with ChatGPT through two prompts. Quantitative analysis suggested that the knowledge type and the associated cognitive process of student-created prompts depended on those of the prompt provided by their instructor, controlled by students' prior ChatGPT experience. In addition, qualitative data analysis revealed that students considered the GenAI tool helpful with their learning tasks and were satisfied with the content generated by ChatGPT. However, some students raised concerns about ChatGPT output involving metacognitive knowledge. Three themes emerged regardless of students' prior ChatGPT experience, but some subtle differences were observed. Our findings extend the literature on experiential learning and Bloom's taxonomy in the context of adopting GenAI in higher education. The study also contributes to Information Systems education by revealing challenges, offering suggestions, and proposing principles for GenAI-assisted learning. The paper concludes with suggestions for future research and policy making.