This study extended the research on the association between cognitive flexibility and entrepreneurial intention by developing a moderated mediation model. This research examined whether entrepreneurial alertness mediates this association. This study also investigated whether entrepreneurial self-efficacy moderates this mediation model by conducting a moderated mediation model. The sample of this study comprised 486 medical university students of Pakistan. Data gathered using a self-report administered questionnaire and hypotheses were tested with SEM structural equation modeling technique through AMOS user-defined estimates and developed a syntax based on Hayes model 15 of process macro. The results revealed that cognitive flexibility is positively related to entrepreneurial alertness and entrepreneurial intentions. Furthermore, findings showed that the indirect relationship of entrepreneurial alertness via entrepreneurial self-efficacy on cognitive flexibility and the entrepreneurial intention was also significant. This study contributes to the emerging research on psychology and entrepreneurship as well as concludes that individuals with a high level of cognitive flexibility, entrepreneurial alertness, and entrepreneurial self-efficacy are more inclined to pursue a career in entrepreneurship.