Both human capital and entrepreneurship are key determinants of economic growth. The aim of this paper is to link these two variables and to test whether the allocation of human capital to entrepreneurial activities enhances or dampens economic growth. After having analysed 33 European countries over 15 years, it is possible to conclude that entrepreneurship, as long as it is approximated by self-employment, strongly and positively affects economic progress. On the other hand, an increase in the share of employers with tertiary education reduces on average GDP per capita growth. However, after having distinguished between developed and developing countries, the coefficient turned out to be positive for the first group and negative for the second one.