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Much research has viewed immigrant entrepreneurship positively because of its reputed role in immigrant economic adaptation. With the growing professionalization of children of Korean immigrant proprietors, small business ownership is seen as a stepping-stone to intergenerational mobility. To assess whether immigrant entrepreneurship serves as springboard to upward mobility for the second generation, this article compares the educational and occupational achievements between children of entrepreneurs and children of professionals. The comparisons reveal that a higher proportion of children of professionals attended selective colleges, obtained professional occupations, and earned competitive salaries. Results from multiple regression analyses also indicate that entrepreneurship was not a good predictor of college selectivity and earnings for the second generation. Nevertheless, children of entrepreneurs attained comparable educational and occupational achievements as those of children of professionals, suggesting that rapid financial security through entrepreneurship can replicate similar residential and educational opportunities for children of entrepreneurs. While the springboard and safety net functions of small business on intergenerational mobility are salient, in some circumstances, obligations to help out in a family business can lead to personal sacrifice on the part of children of entrepreneurs, constraining their educational and occupational choices and leading some toward downward mobility.
