Our study investigates the case of a French initial-training degree program in entrepreneurship based on learning by doing, in line with the constructivist approach. Focusing on students’ experience, our research question concerns the key moment of evaluation. It is perceived as an open space of expression in terms of form and content. The appropriation of the constructivist logic represents a real challenge, in particular because of the great freedom of interpretation of evaluation criteria. Peer assessment is a source of tension related to the different roles to be arbitrated by learners. The perceived sense of justice then represents a relevant indicator of the acceptance of the result of the evaluation. Thus, the practice of an open and authentic dialogue throughout the evaluation process becomes essential. The competency framework is then only a starting point for engaging in an evaluative dialogue. Its use is only perceived as relevant when it is connected to the meaning of entrepreneurial action.