Purpose Although the importance of teamwork competencies and effective conflict management in entrepreneurship education is recognised, we have limited knowledge of how these factors interact to influence performance in entrepreneurial teams. This research explores teamwork competencies as a predictor of entrepreneurial team performance and the moderating effect of emerging cognitive and interpersonal team conflict as levers in entrepreneurship learning. Design/methodology/approach A time-lagged survey method was used to collect data from 49 teams (156 individuals) of undergraduate students in an experiential new venture creation course. A predictive model of entrepreneurial team performance through hierarchical regression analyses and moderated-moderation analyses was tested. Findings Results reveal that teamwork competencies have a significant and direct influence on entrepreneurial team performance and that intragroup conflict strengthens that relationship when high levels of cognitive conflict and low levels of interpersonal conflict emerge. Practical implications The findings have implications for the design of entrepreneurial training programs, which will benefit from interventions aimed at teamwork competency development that incorporate strategies promoting constructive cognitive conflict while preventing the emergence of interpersonal conflict. Originality/value This study is a step forward in entrepreneurship education research from the perspective of social and interpersonal processes by identifying the patterns of intra-team conflict that lead to more effective entrepreneurial teams and more productive use of teamwork competencies in a learning-by-doing entrepreneurial context.