This article presents an overarching review of the evidence regarding enterprise diversity. It discusses the context of ethnic minorities and women in enterprise and summarises research evidence relating to their relative access to finance, market selection and management skills. Policy within the field of diversity and enterprise is characterised by a number of tensions and unresolved questions including the presence of perceived or actual discrimination, the quantity and quality of ethnic minority and women-led businesses, potential market failure in the support provided to diverse enterprises and the substantive uniqueness of ethnic minority and women-led enterprises. Particular implications for policy and practice as well as directions for future research are discussed.