This paper uses a macro, meso- and micro-level analysis of employability best practice in higher education institutions (HEIs) to question how employability is being conceived within higher education settings alongside academic goals. Thematic analysis is applied to: a range of academic articles and papers containing HEI employability best practice case studies (macro-level); papers from the 2016 Swansea University College of Arts and Humanities' Employability Conference (meso-level); and Swansea University Department of Media and Communication employability activities from 2013 to 2018 (micro-level). The results are visualised as an ontology of higher education employability, which has the notion of 'entrepreneurial spirit' at the centre. The paper finds that embedding an entrepreneurial approach can help drive innovation in subject-level teaching in a way which can enhance, rather than inhibit, critical academic enquiry.