Drawing on 10,464 evaluations from 327 observers based on a metric conjoint experiment, this study explores how observers evaluate entrepreneurs in terms of competence and likability. Entrepreneurs with high personal income are evaluated more competent but less likable than entrepreneurs with low personal income. These relationships were moderated by the observers’ material values: the relationship between entrepreneurs’ income and observers’ competence evaluations was more positive for observers high in material values than for observers low in material values. Interestingly, female entrepreneurs with high incomes were on average evaluated as less competent than their male counterparts. We discuss implications on research on the public image of entrepreneurs as well as on research on female entrepreneurship.