I have a low GPA even though I studied very hard for my exams. Could this possibly mean that I am not intellectually cut out for entrepreneurship since I can't even perform well in exams and academics?
You, and/or your cofounders need to
1) Have an idea that there is sufficient human desire for
2) Be able to create a prototype or fully functioning version of your idea.
To take any next steps you'll need passion, ingenuity, and perseverance. Investors will look for that, and you'll also need it if you go straight to market (that's why investors look for that).
If you have those things it will work, regardless of GPA.