<p>This study examines whether early-life institutional shocks have persistent effects on household entrepreneurship. Using harmonized data from the China Family Panel Studies and the historical setting of China’s Send-Down Movement, we find that individuals with send-down experience are significantly less likely to engage in household entrepreneurship. The baseline estimate indicates a 3.6%-point reduction, relative to a sample mean of 9.5%. This result remains robust to alternative measures, additional education controls, Logit and linear probability models, propensity score matching, cohort-restricted samples, and an instrumental-variable strategy based on birth-cohort exposure around the end of the movement. Mechanism analyses suggest that the effect operates mainly through poorer health and more conservative risk preferences. We further show that pension insurance and government subsidies mitigate the negative association. These findings highlight the long-term economic consequences of early-life institutional shocks and suggest that public risk-sharing institutions can help reduce persistent historical disadvantage.</p>