Hong Kong faces significant business and social uncertainty, which affects social entrepreneurs’ perceptions of risks and vulnerabilities. This study examines their narratives, taking into account the influence of Chinese propaganda, discourse and fear. Their experiences are likened to Foucault’s panopticism, where entrepreneurs feel constantly monitored, which influences their behaviour and statements. This study investigates 26 Hong Kong social enterprises through semi-structured qualitative interviews, where entrepreneurs expressed vulnerabilities, particularly of products, marketing, business model, staff, finance, low capacity and mission-related issues. Entrepreneurs also cited significant risks such as financial, operational, marketing, competitive, market, existential and political risks.