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Monday 24.10.2016 | Name days: Renāte, Modrīte, Mudrīte

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

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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.


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  1. Mike Walsh says:

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

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    • 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!

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  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.

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