The European Union has experienced weak economic growth during the last decades. This fact undermined its global economic positions, causing the eastward shift of the world’s economic gravity centre. Moreover, in the last years, global economic sustainability issues gained prioritised attention since the climate change, and environmental degradation brought humanity near the edge of irreversible collapse. To address these challenges, the European Union’s decision-making factors developed progressive strategies and policies to reignite economic growth in a sustainable and durable manner. These directives were aimed to bring to the EU member states additional growth and enhanced entrepreneurial activity. In this context, the present research evaluates the role of entrepreneurship in augmenting economic and sustainability of the European Union countries during the last years through applying both qualitative and quantitative methods of analysis. The results reached underline that entrepreneurship was a driving force of sustainable economic development; nevertheless, its growth was insufficient to bring an economic breakthrough for the member states. Consequently, it was concluded that the European Union should provide more initiatives for the business by promoting liberal policies and strategies. From this perspective, the present research advocates to strengthen business freedom.