Latviski English По-русски
Ceturtdiena 25.05.2017 | Name days: Junora, Anšlavs

Quarter of Latvians lack the courage or knowledge to start their own business

(No Ratings Yet)

The proportion of Latvians who view the lack of capital as the main obstacle toward opening their own business remains mostly unchanged since 2012 – 68%. At the same time, the number of respondents who believe the main obstacle on their way to a business career is the unfavourable economic situation has decreased by 5% since 2012, reaching 38%.

Baltic news, News from Latvia, BNN.LV, BNN-NEWS.COM, BNN-NEWS.RUOne quarter of Latvians lack the courage (24%) or lack of knowledge (25%) to start their own business. 15% of respondents have no motivation and 14% say they lack the skills necessary to be a good entrepreneur.

«We see that one half of respondents lack knowledge or skills to create their own business. At the same time, Swedbank’s goal has always been the creation and development of a sustainable business environment in Latvia. This is why the Business Network created by Swedbank is the only social network where potential and acting businessmen can not only learn from more than 10,000 stories of success from other businessmen, but also communicate with people ready to share contacts, provide recommendations or just inspire others to take on business,»- notes Evita Jansone, head of Swedbank Business Competence Centre.

Readiness to take on entrepreneurship this year

What is interesting is that residents’ plans in regard to starting business this year remains largely unchanged since 2012. The general mood is moderately optimistic. In total, 32% of respondents plan to start their own business. 5% of them may do it this year. 36% of respondents (unchanged since 2012) have no plans to start their own business. 18% of respondents believe the country’s current economic situation is not suitable for starting business. 16% of respondents are held back by personal reasons. It is worth mentioning that 5% of respondents noted that they already have their own business or are self-employed.

What areas are most popular to start business in?

Out of the 5% of respondents planning to start their business this year, 25% have chosen the service sector. Next are marketing and advertisement (14%), agriculture, ecology, finance and accounting all have 12% of respondents. Only 3% of respondents plan to link their future business with production. The second place from the end of the list of the most popular business sectors is held by forestry and woodworking (5%).The majority (22%) of the 12% of respondents whose business plans are not restricted to 2015 have chosen IT sector and 17% see themselves working in trade and 13% – tourism, hotel or restaurant business.


Leave a reply

  1. Mike Walsh says:

    Weirdly combative title. We lack “courage”? Maybe we lack support, infrastructure, an active market, etc.

    Thumb up 0 Thumb down 0

    • Linda says:

      It might be weird but I know exactly what it feels like as have tried a sideline to have it go bottomup but thankful is not my main source of income!

      Thumb up 0 Thumb down 0

  2. Andris Banders says:

    It sounds like a good point at which to revisit the Vocational Education and Training (VET) system in Latvija.

    The hold back isn’t courage, its lack of confidence – two completely different things. Confidence can be gained through a range of processes and products.

    It’s not the way to stimulate Lv business sector by using such terms as courage. Need to be smarter.

    Thumb up 0 Thumb down 0

EC: there is a risk tax reform will increase inequality

There is a risk that Latvian government’s proposed tax reform will increase income inequality in the country instead of lowering it, said head of European Commission’s office in Latvia Inna Steinbuka.

Electronic monitoring of convicts will help have nearly EUR 500,000 for Latvia

Latvian State Probation Service believes electronic monitoring of convicts proved itself. This system has helped save nearly EUR 500,000 for the state budget since 2015.

Grandson of Stalin, who dropped Soviet tyrant’s surname, has died

Russian theatre director Alexander Burdonsky, the grandson of the leader of Soviet Communist mass repressions, Josef Stalin, has died at the age of 75.

SRS and LCCI to cooperate in search for most efficient tax payment models

Latvian Chamber for Commerce and Industry and the State Revenue Service have signed an agreement for the development of better solutions he assist the growth of Latvia’s national economy.

Searching for Manchester attack network, seven people detained

In relation to the May 22 terror attack in Manchester, seven people have been arrested in the UK and Libya, including family members of the alleged suicide bomber.

FM: planned tax reform will create conditions to reduce grey economy

After the publication of specific recommendations for EU member states, the European Commission admits that tax guidelines help resolve last year’s recommendations on reduction of the tax burden for residents with low income.

Economic influence on retail trade depends on migration

Looking at the influence of Latvia’s economy on retail trade industry in Q1 of 2016 and 2017 it becomes clear that future development of this industry depends on migration and inflation growth rates, as concluded in retail trade outlook Maxima Retail Trade Compass.

EC says it has irresistible «carrot» to attract countries to eurozone

EU’s European Commission intends to raise the attractiveness of adopting the euro in eyes of the bloc’s members now having their own national currencies, stated economics and finance commissioner Pierre Moscovici

Antane: government’s indecisiveness and rushed decisions impact transit industry

The refusal of Russian Railways to carry cargoes from Russian ports to Latvia could create a state of emergency for Latvia’s transit industry, says Baltic Association – Transport and Logistics.

Support to Rail Baltica further funding voiced by European Parliament Committee

Political support for continued funding of the railway project Rail Baltica has been acknowledged by a member of the European Parliament Committee on Transport and Tourism.

Kucinskis is not prepared to drop the tax reform

Political parties will have to decide on the extent of realization of proposed tax reforms. Finance Ministry will not work on new proposals, said Latvian Prime Minister Maris Kucinskis in an interview to LNT on Monday, 24 May.

Accessibility to new and effective medicine in Latvia is the poorest in Europe

In terms of accessibility and compensation of new and effective medicine, Latvia is on the last place among EU member states, according to Patients W.A.I.T. Indicator published by European Federation of Pharmaceutical Industries and Associations at the end of April.

Survey: How much time are you prepared to spend on your way to work?

Nearly half of interviewed Baltic residents say they are prepared to spend up to 30 minutes on the road in one direction, according to results of a survey performed by CV Market in Latvia, Lithuania and Estonia.

Latvian ambassador: the ball is on Russia’s side

NATO can reduce the threat of terrorism, but not liquidate it completely, said Latvian ambassador to NATO Indulis Berzins in an interview to Latvijas Radio before the upcoming NATO summit, which is expected to discuss the recent terrorist attack in Manchester, UK.

ECT: Most of Romania population sees domestic violence as normal

Romania has been criticised in a ruling by the European Court of Human Rights for being insufficiently committed to preventing domestic violence.

Latvia warned that budget deficit under tax reform may exceed allowed threshold

European Commission’s assessment of the effect from Latvia’s fiscal plan and intended tax reform show major risks of diversion from requirements of the Stability and Growth Pack for 2018.

British police names alleged Manchester terrorist

British police has named Salman Abedi as the possible suicide bomber, suspected of having killed 22 people and injured 59 in the city of Manchester this week.

Interest of Indian youth for study opportunities in Latvia increases year after year

Indian Foreign Affairs Minister Mobashar Jawed Akbar emphasized during his meeting with Latvian Foreign Affairs Minister Edgars Rinkevics that India has experienced very rapid economic growth in the past year. He added that the upcoming Latvian-Indian business forum will be an important step towards closer cooperation in economy.

Latvian government reduces administrative burden on amelioration

Latvian government has agreed to support Agriculture Ministry’s prepared amendments to requirements that dictate construction requirements for waterworks and amelioration systems, as well as cadastral rules. Changes were prepared to reduce administrative burden, Agriculture Ministry reports.

Survey: 32% of Latvian residents have no savings

Losing their income, 23% of respondents would not be able to cover everyday expenses, 5% would be able to maintain payments for less than a month and 20% of respondents would be able to cover a whole month’s worth of expenses, shows the survey performed by Nordea on personal finances.

Producer prices in April grew 0.1% in Latvia

Compared to March, the level of producer prices in Latvian industry grew by 0.1 % in April 2017. The prices of products sold on the domestic market increased by 0.5 %, whereas the prices of exported products dropped by 0.2 %.

LSBA: closure of gambling halls is an attempt by officials to promote their image for elections

Latvian Association of Gaming Business asks deputies of Riga City Council to reconsider their actions in relation to the planned decision to prohibit gambling halls in Riga’s historic centre.

More people have moved to Estonia than left it in 2016

13,792 people have emigrated from Estonia in 2016 and 14,822 have immigrated, Estonian statisticians have estimated, concluding that net migration in the Baltic country has been positive for the second consecutive year.

Saeima to discuss the role of the Security Department of the Bank of Latvia

Saeima’s Defence, Internal Affairs and Corruption Prevention Committee will visit the Bank of Latvia on Wednesday, 24 May, to discuss the role of the bank’s Security Department, as BNN was informed by Saeima’s press-service.

Razuks hints healthcare budget’s increase would require new fees

Sides involved in discussions about finding additional finances for healthcare have yet to reach a definite agreement. It is possible there may be a new fee introduced, said Saeima Public Health sub-committee chairman Romualds Razuks told Rīta panorama on Tuesday, 23 May.