In the City of Malmö, social entrepreneurship initiatives are being proposed to reduce health inequalities among citizens. How do these initiatives acquire legitimacy? Taking a narrative turn, I suggest that social entrepreneurship in theory and practice is shaped by the narrative styles of Homer and the Old Testament, and that building the legitimacy of social entrepreneurship apparently entails not only aligning biased interests with neoliberal and managerial discourses but also narrating the reality of social entrepreneurship by means of enchanting digressions and tacit truth claims. However, such acquired legitimacy comes at a cost, giving rise to specific consequences for social entrepreneurship in general and for the City of Malmö specifically.