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This group is characterized by necessity-based nascent activity (though in Slovenia this is less obvious).

We, thus, highlight the existence of different institutional structures and entrepreneurial regimes in Europe.

They have low pension replacement rates, high government expenditure on education and modest school enrollment, a preference for uncertainty avoidance, and a high-quality legal system.

This kind of best-practice-approach ignores the fact that each country has developed its unique bundle of institutions, which complement each other.The history of institutional evolution has been far from unidirectional, and institutional reversals are common throughout history.In the future, the FIRES project hopes to explore these historical contingencies in more detail.However, the three countries differ with respect to their entrepreneurial regimes: the United Kingdom has little necessity-based new ventures and moderate opportunity entrepreneurship in new and established activities, whereas Ireland has high necessity-based nascent activity, and the United States has a large amount of both.The Nordic countries form another group and are similar in terms of all the institutional dimensions and entrepreneurial regimes.

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