<p>This study examines how game-based learning can support entrepreneurship education by fostering students’ ability to frame and diagnose complex problems. Through a board game simulation, we investigated how undergraduate students interpret entrepreneurial success and failure, with particular attention to how they attribute outcomes to luck or strategic skill. Data were collected via audio and video recordings, written reflections, and follow-up interviews, and analyzed using a hybrid deductive–inductive coding approach. Findings indicate that students often misattribute success to chance, overlooking behaviors consistent with effectual reasoning and strategic adaptability. While well-designed games promote iterative decision-making and reflective learning, our analysis underscores the importance of structured debriefing to confront interpretive biases. We propose the divergent–convergent debriefing model as a pedagogical scaffold that enables students to reframe gameplay outcomes, fostering deeper metacognitive awareness and more accurate conceptualizations of entrepreneurial practice.</p>