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Sunday 18.03.2018 | Name days: Ilona, Adelīna

Nearly half of Latvia’s residents wish to become businessmen

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Baltic news, News from Latvia, BNN.LV, BNN-NEWS.COM, BNN-NEWS.RUHalf of Latvia’s residents would not be discouraged by friends or relatives from becoming businessmen. Compared with 2015, the number of residents who would like to start their own business has grown 13%.

The choice to start a business regardless of other people’s opinion may be related to people’s desire to experience financial independence and be in charge of their own work, says psychologist Zane Avotina. According to her, people as less intimidated by risks and more inspired by positive experience.

«Society has become more confident. It should be said, however, that starting a business is easy. It is much harder to develop to ensure development of that business. Only people who can think analytically, combine and manage ideas are usually successful. Enthusiasm is one of the qualities that best describe a professional,» – the psychologist comments data of the study.

Family people (48%) and loners (58%) have become more resilient towards social pressure, according to Amway Global Entrepreneurship Report (AGER). People have become more demanding towards their welfare. They have learned to combine duties. They wish to develop and be successful in their professional field. «Opinions regarding the nature of private and state business are changing. Because of that, people are more determined,» – Avotina said.

Young, emerging businessmen are the most confident in their abilities – six out of ten respondents aged 20 to 29 said their friends and family members would not dissuade them from starting their own business. Respondents aged 40 to 49, on the other hand, are the least confident (44%). What is interesting, however, is that confidence increases as respondents get older – 56% of seniors aged 70 or older seem more confident about their abilities to manage a business.

«It is no surprise that people aged 40 to 49 are not eager to become businessmen – it is the age when people have to think about their family, and they cannot afford to take risks. Older people (70+) are more confident about their ability, however. Starting a business is not something that depends on age. It is more about a person’s attitude,» – notes Prof. Anders Paalzow of Stockholm School of Economics in Riga, SSE Riga.

Tolerance against social pressure is part of AGER index, which measures respondents desire and readiness to start their own business. This index in Latvia is 47 out of 100, which is similar to Europe (45) and the average in the world (50).


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