Analytics, Business, Latvia, Markets and Companies

According to Strazds, the level of entrepreneurial activity in Latvia is lower than the average across all European Union member states, but most often external factors were given as the reason for not starting a business here, writes LETA.

For example, 27% of respondents mentioned problems with attracting initial financing as the reason for not starting a business. 25% indicated that the current economic climate in Latvia was not suitable for creating a new company, while the same number believe that the Latvian business environment is too disorganized for starting a new business.

13% of respondents admitted that they had not yet found a potentially successful idea for their business, 12% did not feel secure about changing employment, while five% felt that their personal characteristics did not allow them to become good entrepreneurs.

Only 3% simply did not have time to start a new business.

It is significant that the majority of already active businesspeople no longer wish to work "for someone else's benefit." For example, 38% admit that they would only return to a salaried job in the event of "extreme necessity", while 17% are confident that they will never again be in a salaried position, as they had become accustomed to working "for their own benefit."

Strazds believes that there are still many business-people in Latvia who have overcome these real or imagined obstacles, and who are ready to share their experience or help with start capital.