This research identifies and explores the factors that influence team learning in the context of an SME management team. It examines the difficulties the team members face in attempting to share and combine their experiences to co-construct knowledge and understanding of their environment and future opportunities. The paper reveals a connection between three core themes: the opportunity and nature of team participation; the forms of shared practice exercised; and the influence of situated power on team learning. The role of leadership is found to be critical in creating the right environment for learning. The implications of the findings for appropriate support initiatives, learning infrastructure and leadership development are discussed in the conclusions. (Contains 1 figure.)