The focus on organisational excellence in the first instance must be excellence, defined by The Australian Concise Oxford Dictionary as "surpassing merit; thing in which persons etc. excel," where to excel is to "be superior". To be excellent one must exceed the existing, to "do more than is warranted by, go beyond the limit set by . . . surpass." This paper examines the limits to organisational excellence by investigating the knowledge base behind the perceptions, values and beliefs that have developed both within business and business education over the last 100 years and provides supporting argument from relevant researchers. These authors postulate that such developments have placed limits at both the managerial and organisational levels by developing attitudes and beliefs that are actually in opposition to the real concept of capitalism. Such limits disempower the agents who have the real ability to achieve excellence within the organisation through increasing quality, effectiveness and cooperation.