Departing from Michel Foucault’s concept of governmentality, the focus of this article is the introduction of entrepreneurial education in Swedish education policy at the turn of the millennium. We analyze the various meanings attached to the concepts of entrepreneur and entrepreneurship in education policy documents, as well as the main arguments for introducing entrepreneurial education. In policy documents, the entrepreneur is portrayed as being flexible, creative, enterprising and independent, as having the ability to take initiative, solve problems and make decisions. Here, there is an emphasis made on economical utility, and its priority over other values. In conclusion, entrepreneurial education may be seen as a particular kind of governmentality, connecting students and their subjectivity to the rationality of the market.