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.