The study attempts to explore the relationship of the level of education (graduate and non-graduate) with personality, family background and company background of entrepreneurs in urban Malaysia. Three demographic variables and one business characteristics variable were found to be significantly different between graduate and non-graduate entrepreneurs. Overall, in terms of entrepreneurial personality characteristics, both graduate and non-graduate entrepreneurs scored high with respect to the Pursuit of Excellence; moderately high on Work Ethics; moderate on Dominance, Mastery and Internal Attributing and moderately low on Powerful Others and Chance Attributing dimensions. The Chance Attributing dimension was found to be statistically significant in differentiating the two groups, whereas 'pursuit of excellence' and 'dominance' dimensions were marginally significant. The implications of the study are also discussed along with some recommendations.