This study investigates the link between network activities and characteristics and entrepreneurial learning and performance. Though extant studies have highlighted that networks are a potential source of learning, the actual network activities and characteristics that translate into learning and their impact on entrepreneurial outcomes have been largely understudied. Using the qualitative research approach, based on face-to-face interviews of sixty-seven (67) entrepreneurs undergoing a three-month Entrepreneurship Development Programme (EDP) in Nigeria, the study finds that network-based entrepreneurial learning occurs through specific networking activities such as feedback, observation, searching, questioning and learning from failure of others in the network, or simply through conversing, active listening, as well as reading about network members. In addition, findings reveal that network characteristics of interconnectedness, size, density, collaboration, and mutual benefits constitute learning opportunities for entrepreneurs within their networks. Furthermore, the study reports evidence supporting the positive impact of network-based entrepreneurial learning on participants’ business growth, entrepreneurial innovation as well as on turnover and revenue. The study concludes that entrepreneurs learn from networks through certain networking activities rather than by just being a member of networks and recommends that entrepreneurial development programmes should incorporate skills to enhance entrepreneurs’ ability in performing these activities within their networks.