Analytics, Baltic, Business, Latvia, Markets and Companies

The survey reveals that the wish to be one’s own boss motivated 33% of new entrepreneurs in Lithuania, 28% in Latvia and 29% in Estonia.

The wish to turn one’s own hobby into a business was the third most cited reason for starting a business, mentioned by 25% of respondents in Estonia and 14% in Latvia and Lithuania. A free work schedule and loss of a previous job were less frequently cited reasons for starting a business.

Arnis Skapars, a management board member of Latvia’s SEB Banka, said that the reasons why people choose to start their own businesses can be very different. “There are several things in common – the courage to start something new and the determination to carry out one’s plan.”

Skapars called on Latvia’s would-be entrepreneurs to set ambitious goals that would be effective and sustainable. “From day one it is necessary to think about exports and make use of modern technology and innovation,” the SEB Banka representative said.

In all, 10,094 startups were set up in Latvia in 2017, which is 676 fewer than in 2016. Meanwhile, 11,378 startups were registered in Lithuania and 21,947 in Estonia.

The survey of Baltic startups was conducted from December 2017 to January 2018. It covered more than 1,500 Latvian, Lithuanian and Estonian companies that have been operating for up to three years.