Taking a point of departure in a poststructuralist understanding of femininity we search for newways to answer the question: “Who is the woman entrepreneur?” A text within the policy programaimed at supporting women’s entrepreneurship in Sweden is analyzed. The analysis reveals thatprevious understandings of how the female entrepreneur is constructed are incomplete and one-dimensional. Rather than viewing the female entrepreneur as the opposite to her male counterpart,and as a subordinated being, she is constructed in policy as a “third sex”, a person that movesin between discourses of femininity and masculinity, and thus also outside the passive andsubordinated position depicted in contemporary perceptions of femininity.