Ethicists and economists have always highlighted the tension between the individual and social meanings of the pursuit of the “good” life.  Recently, entrepreneurship scholars too have acknowledged this as a key problem in value creation.  In this paper, we bring two ideas from the work of Simon (docility) and March (the technology of foolishness) to synthesize a theoretical framework that not only begins to resolve this tension but also underpins the actual practice of entrepreneurship.