This paper reports on an investigation into the value of the contribution of the higher education institution (HEI) context in developing graduates' enterprise skills. The study was an exploration of where graduates develop enterprise skills, examining the impact of the higher education and employment contexts on the development of these skills. The paper draws on a qualitative study in which interviews were conducted with pharmacy academics and employers. The results show that an ability to demonstrate skills in one context does not necessarily indicate an ability to demonstrate them in another, because the development and demonstration of enterprise skills are influenced by the contexts in which they are developed and demonstrated. The study adds value by highlighting the significant role of both the HE and employment contexts in developing enterprise skills, while emphasizing that these skills become more transferable through exposure to more contexts.