Bourdieu's (1986) General Theory of the Economy of Practices assumes that people perpetually transform tangible and intangible forms of capital according to certain ‘laws of conversion’. On this background, and combining sociology and micro-economics, we analyze specific strings of capital conversion in time and space. More specifically, we raise the question: How do private entrepreneurs transform local social capital into economic capital? We combine in-depth interviews with four private entrepreneurs in rural Denmark with Prisoner's Dilemma game theory. Thus each of our cases illustrates one of the outcomes in the PD matrix. In this way we explain why only one of the four entrepreneurs succeeds in capitalizing social capital.