Given that entrepreneurial risk is vital to entrepreneurship education and entrepreneurship, this study used a quasi-experimental method to examine the impact of feedback using an electronic laboratory notebook (ELN) on students’ learning performance in an entrepreneurial risk awareness course. One hundred and three undergraduate students participated. The results showed that students with ELN feedback performed better in learner entrepreneurial characteristics and entrepreneurial alertness outcomes. Concerning risk awareness measures, students in the ELN group had slightly higher risk perceptions than those in the control group. Meanwhile, learners under the two learning mechanisms did not significantly differ in their cognitive biases of the illusion of control and overconfidence. This study added evidence concerning the positive effects of integrating risk concepts and ELN feedback on students' entrepreneurial learning achievement. This research can also contribute to the design of risk-oriented entrepreneurship education and extend feedback into management education.