The relationship between self-employment and subjective well-being (SWB) is contingent on the heterogeneity observed among entrepreneurs. We argue that independence and job control, two commonly suggested sources of entrepreneurs’ higher SWB, are likely to disproportionately benefit opportunity entrepreneurs who were pulled into their occupation choice. A review of the psychological literature on the determinants of well-being further supports the view that more dynamic and impactful entrepreneurship should lead to higher SWB. Analysis of Global Entrepreneurship Monitor data from 70 countries (N = 111,589) confirm this proposition. We show that entrepreneurs, all else equal, rate their life satisfaction substantially higher than employees and, further, that this effect is entirely driven by opportunity entrepreneurs.