The philosopher's stone of entrepreneurship: achieving economic growth in Europe

Abstract

This study aims to assess the impact of perceived opportunities and entrepreneurship as a good career choice on the economic growth of European countries. A quantitative methodology was used. A data panel composed of measures of economic growth and business activity for 21 European countries from 2001 to 2019 and macroeconomic control variables was used. Multiple linear regression was estimated using the Generalised Panel Methods of Moments. High levels of perceived opportunity were found to impact economic growth positively. Entrepreneurship as a good career choice has positive impacts on economic growth. These results indicate that although entrepreneurship as a good career choice and perceived opportunity are antecedents of entrepreneurial activity, they may be considered drivers of economic growth in European countries and, as such, should be stimulated and supported. This article is original because it is a longitudinal study, and there are few studies on this topic.