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. We make use of Global Entrepreneurship Monitor data from 70 countries (N=111,589) to investigate this proposition. The results show that entrepreneurs, all else equal, indeed do rate their life-satisfaction substantially higher than employees and, further, that this effect is entirely driven by opportunity entrepreneurs.