This study centers on an exploration of the similarities and differences between social enterprises, commercial enterprises and public sector teams that operate within the same market. The study seeks to contribute to the establishment of social entrepreneurship theory by furthering knowledge of the boundaries of social entrepreneurship. The contextual influence on the development of social entrepreneurship theory is becoming increasingly well understood. As such, different theoretical streams are accounted for and systematically structured into a model containing four contextually anchored approaches, two American and two European, which compares their structures according to eight characteristics. It is on the basis of this model that three cases, one social enterprise, one commercial enterprise and one public sector team all operating towards work integration activities and placements for the long term unemployed are presented and analyzed from two perspectives: one focusing on how they compare to the characteristics and the other on how they compare to the approaches in their entirety. It shows how there are many similarities between the three cases that are lost when compared to each approach. Furthermore, the analysis discovered a limitation within existing social entrepreneurship models, as none of the models turned out to be fully applicable in a Swedish context. Therefore, this study proposes a tentative model for a Nordic approach, rooted in the specific socioeconomic and institutional context of the Nordic states.