This paper provides insight into talent philosophies, the fundamental assumptions and beliefs about talent that are held by key decision-makers, in three award-winning Thai Small and Medium Enterprises (SMEs). Interviews were conducted with fifteen key decision-makers: the owner-manager of each SME and four managers the owner-manager identified as 'talent'. A discourse perspective informs the research and we draw on community of practice (CoP) theory as a heuristic device, enabling insights into decision-makers talk-about talent and the implications of this talk. We highlight shared fundamental assumptions regarding the exclusivity of talent and beliefs that talent is both stable (natural ability) and developable (mastery). We reveal an emerging dilemma between the 'talent community' and 'wider community'; in particular a tension between decision-makers' beliefs that talent are 'promotable' and expectations in this cultural context. We contribute a conceptual representation of talent philosophies within this Thai context and discuss how this discursive construction of talent enables and constrains participation and learning in these SMEs.