The 2006 ESRU Survey on Social Mobility in Mexico is used to identify determinants of the decision to become an entrepreneur and analyze entrepreneurs' intergenerational (i.e., respondents-parents) household wealth mobility. Entrepreneurs are distinguished from own-account workers. First, we find that entrepreneurship is strongly determined by the father being an entrepreneur and not necessarily by the individual's initial wealth or educational attainment. Second, the mean effect of entrepreneurial activity on individual income is positive and greater for those whose parents belonged to the extreme ends of the socioeconomic distribution. Third, it is more likely for entrepreneurs to experience greater upward wealth mobility than non-entrepreneurs.