The Indian community in the UK is exemplifying an ‘ethnic entrepreneurial transition’. Impressive educational credentials, an increasing presence in the professions and diversification into new and emerging sectors are gradually changing the profile of Indian entrepreneurship. This paper reports on the growing convergence of Indian self-employment with white-owned businesses, a trend first noted in 2003. We examine the factors behind this growing harmonisation and identify grounds for qualified optimism. A number of policy implications are also identified, particularly in respect to the quantitative preoccupation of government measures to promote self-employment.