We document three new facts about entrepreneurship. First, a majority of male entrepreneurs start a firm in the same or a closely related industry as their fathers' industry of employment. Second, this tendency is correlated with intelligence: higher-IQ entrepreneurs are less likely to follow...

We show that exposure to an industry during upbringing is closely related to later-in-life entrepreneurial choices and success. A majority of male entrepreneurs start a firm in the same or a closely related industry as their fathers’ industry of employment. The probability of entrepreneurship...