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Most individuals accumulate work experience before starting a venture. Does the knowledge gained from the worker’s occupation influential of the decision to become self-employed? Does it make a difference for the business? Data on the career history of individuals are used to identify whether being employed in an occupation requiring high managerial knowledge matter for the processes by which individuals move into and perform in all kinds of self-employment. We find that higher knowledge in management increases the likelihood to start a business and improves business performance. We also find that workers with higher knowledge in management perform better when they start an incorporated business.