Entrepreneurship is increasingly viewed as a plural rather than singular endeavour. This paper develops a conceptual framework of team-based entrepreneurial learning, challenging the myth of the entrepreneurial "Lone Ranger" and revealing the significance of power structures in the SME management team in mediating what is and is not learnt. Entrepreneurial learning in this context is complex and often messy, involving co-participation in the development of opportunities, which, however, is frequently fractured and dysfunctional, with team members struggling to challenge existing practices and strongly affected by issues such as legitimacy of engagement, changing identity, emotional commitment, leadership, trust and conflict. (Contains 3 figures.)