Based on the data of 425 valid national college students' questionnaires, this study explores the relationship between narcissism, innovation, and risk appetite among college students with three different personality traits and entrepreneurial intentions under the atmosphere of college innovation after the failure of entrepreneurial competitions. The empirical results show that the narcissism, innovation, and risk preference personality of college students are conducive to the formation of entrepreneurial intentions; the better the university's innovation atmosphere, the more conducive to the formation of entrepreneurial intentions of college students with innovative personality. Entrepreneurship education in the future should pay attention to the different personality traits of college students, enhance the entrepreneurial and innovative atmosphere of colleges and universities, and cultivate the individual ability and entrepreneurial spirit of college students.