The purpose of this study is to investigate the impact of specific components of university-based incubation programs, namely, mentorship, access to funding, networking opportunities, and infrastructure support, on the business success of student entrepreneurs in South Africa. Furthermore, it aims to investigate whether entrepreneurial self-efficacy moderates the relationship between these incubation elements and entrepreneurial outcomes. A quantitative, cross-sectional research design was employed. Data were collected via a structured questionnaire from a sample of 250 entrepreneurs. The proposed hypotheses were tested using Partial Least Squares Structural Equation Modeling (PLS-SEM) with SmartPLS software, which is suitable for predictive analysis and modeling complex relationships with latent variables. The results provide strong support for the integrated model. All direct effects were significant: Entrepreneurial Self-Efficacy (β = 0.763), Mentorship (β = 0.614), Funding Access (β = 0.594), Infrastructure Support (β = 0.629), and Network Opportunity (β = 0.423) all had a positive and substantial influence on Business Success. Regarding moderation, a significant synergistic interaction was found only between ESE and Infrastructure Support (β = 0.075), indicating that higher self-efficacy enhances an entrepreneur's ability to leverage institutional resources. ESE did not significantly moderate the effects of Mentorship, Funding, or Networks, suggesting these resources provide broad, universal benefits. For practitioners and ecosystem builders, the findings underscore the need for dual-focused strategies: 1) Actively design programs to build entrepreneurs’ psychological capital (self-efficacy), and 2) ensure reliable access to mentorship, funding, networks, and, critically, user-friendly institutional infrastructure. Policymakers should create support systems that are both resource-rich and confidence-building. This study presents a nuanced, empirically validated framework that elucidates how internal agency, and external resources jointly contribute to success. It uniquely identifies Infrastructure Support as the key resource whose effectiveness depends on the entrepreneur's self-efficacy, offering a refined perspective for theory and a targeted guide for practice.