There is nowadays a growing concern in Europe regarding its lagging behind other countries, especially the US, in the fierce competition to make the forth industrial revolution a reality. One of the most frequently mentioned obstacles to fill this gap is the lack of entrepreneurial culture in Europe. Some of the conclusions of recent studies or articles concerning this aspect are: „Europe lacks a solid entrepreneurial culture”, „More than money, Europe needs entrepreneurial culture change”, „Europe needs more entrepreneurs”, „Europe has a chronic failure to encourage ambitious entrepreneurs” etc. The plenty of similar remarks illustrate not only the importance but also the great audience of the abovementioned subject; it also represent a strong incentive for politicians, academics, researchers, the civil society etc. to reflect, identify and analyse crucial aspects of Europe’s vulnerability as regards its entrepreneurial spirit and culture. These are in short the objectives of the present paper.