In line with well-replicated findings in psychology, genetic factors have been found to correlate with several measures of entrepreneurial activity, prompting a new conversation in the field. We contribute to this dialogue in several ways. First, we assess the contribution of this emergent literature in the light of well-established findings from behavior genetics. Second, we sharpen the debate by showing why an evolutionary perspective based on game theoretic models of gene-culture evolution, such as the Dual-Inheritance Theory, can help explain the mechanism behind the heritability of behaviors involving knowledge, beliefs, and interactions with other individuals. Third, we apply this framework to explain why entrepreneurial activity, even if heritable, will be highly contingent on environmental forces. Finally, we discuss the implications of our model and sketch a research agenda for studies on entrepreneurship.