The relationship between SMEs and diversity management is one that still needs to be fully explored. This exploration should use qualitative research approaches to take into account the informal dimension of SMEs in which the figure of entrepreneurs and the importance of their identity and leadership play a central role. The case of identity entrepreneurs shows that diversity in the composition of entrepreneurs can be combined with a relatively low diversity of the workforce of the single company, due to both a possible preference of the entrepreneur in regard to those who share identity characteristics, and a social stigma that makes companies of this type less attractive than others. The relevant organizational environment can provide the cognitive and human resources to support SMEs in practices for managing diversity and inclusion, but without forgetting the need for form not to obscure substance.