As evidence has accumulated that entrepreneurs may pay a financial penalty for their career choice, researchers have struggled to explain the motivation that might lead individuals to pursue the creation of new firms, technologies, and opportunities. We introduce the desire to leave a legacy as both a common source of motivation for many entrepreneurs, and a source of variation, as entrepreneurs who wish to leave a legacy must decide what they would like to leave behind, and whom they wish to benefit from that act. We discuss the implications of the different kinds of legacies for entrepreneurs and their organizations, particularly at founding and exit, when the legacy motive is likely to be particularly salient.