In the Baltics, the Youngsters with Most Eagerness to Start a Busines are Found in Latvia

Young people in Latvia (ages 18-25) are more likely to be interested in starting their own business than youngsters in other Baltic countries, according to the SEB Banka’s survey. Thirty-six percent of young people in Latvia are interested in starting their own business and 4% of them have already started a business. Sixty percent of them already have jobs, and one-third is working and studying at the same time. Women and men show the same level of interest in starting their own business, however, when it comes to more concrete ideas, 43% of men already have a business plan while only 31% of women do. Another trend the survey shows is that those living in the capital of Latvia, Riga, and its surrounding neighbourhoods are more ready to start their own business.

SEB Banka’s board member Arnis Skapars commented on the findings of the survey, ‘’We are nicely suprprised that thet biggest interest in starting their own business is among young people in Latvia. According to the survey results, only 30% of young people in Lithuania would be ready to start their own business, and the interest in Estonia is the lowest – only at 24%. The most popular industries among young people in Latvia for starting their business is in trade and production, and right now it is a rather highly demanded business model – products created in home-like environment and selling them on internet. Today, goods can be shipped to any country in the work, and we see that the number of businesses in Latvia that operate using this production and sales model is growing. We’re glad to see that young people understand that the market in Latvia is small and how important it is to start thinking about exporting right from the beginning. It is also interesting to note that the third most popular industry for new business is art and entertainment. Considering the high number of people with talents, this sector also has a great potential.’’

The survey included 1,195 Latvian respondents, ages 18-25, while the respondent samples in Lithuania and Estonia surveyed 1,727 and 776 respondents respectively.

Source: SEB Bank