We explore the influence of mental health on entrepreneurship. Drawing from the literature of well-being, entrepreneurial affect and cognition associated with the self-determination, we examine the role of subjective well-being and mental problems on entry into entrepreneurship and entrepreneurs’ income growth. Drawing from a sample of 11,340 individuals over a seven-year period, we find that subjective well-being contributes to entry into entrepreneurship while mental problems positively impact income growth of entrepreneurship. Exploring boundary conditions for these baseline effects, we find that mental problems mitigate the positive effects of well-being, especially for novice entrepreneurs as opposed to senior ones.