Purpose – Well-being is a crucial outcome of entrepreneurial engagement; however, previous studies might have overlooked the potential impact of impression management on self-reported life satisfaction, which seems particularly relevant for entrepreneurs given their need to present themselves as resilient and successful to attract investors, customers, and other stakeholders. To address this gap, we integrate alternative measures to validate entrepreneurs' self-reports of life satisfaction. Design/methodology/approach – Based on a sample of 235 entrepreneurs, measured at two points, one of which involved a stimulated investor meeting and 257 non-entrepreneurs, measured at a single time point, we examine the extent to which impression management influences self-reported life satisfaction. We assess the validity of self-reported life satisfaction by comparing it with peer ratings and objective quality-of-life indicators. Findings – Our results show that self-reported life satisfaction was substantially influenced by impression management, although this effect was not exclusive to entrepreneurs. Furthermore, while self-reported life satisfaction among non-entrepreneurs was well predicted using objective quality-of-life indicators – such as frequent time with family and friends, health status and income satisfaction – this approach explained significantly less variance among entrepreneurs. Originality/value – Understanding how self-reported life satisfaction corresponds to the reality of entrepreneurs is crucial as both theoretical and practical implications rely on the measurement of this singular variable. Our findings highlight that either entrepreneurs exhibit a certain positivity bias in their self-reports or other quality-of-life indicators may be decisive for their life satisfaction than for non-entrepreneurs, so that researchers must integrate different perspectives to decipher the relationship between entrepreneurship and self-reported well-being.