Service learning (SL) presents apposite opportunities for students to share with and learn from businesses for mutually beneficial development and experience. This article focuses on a SL project conducted by undergraduate students in South Africa, to devise advertising and marketing strategies for community businesses. The reciprocity of benefits for participants, as well as ontological aspects of student learning were explored. Questionnaires administered to three student cohorts and feedback from business owners were subjected to content analysis. Theoretical underpinnings of SL as work-integrated learning (WIL) modality and the curriculum approach of knowing, doing and being, framed this study. The findings revealed that a well-structured SL project is a valuable learning experience with permeable boundaries between knowledge and practice. This article focuses on, firstly, the importance of relating classroom learning to real world experience; secondly, the emergent ontological perspectives of SL, and thirdly, empowering community businesses by sharing knowledge and skills to foster entrepreneurial ideals.