The study showed that entrepreneurship among the population continues to decline

3 years ago, an average of four out of ten Baltic residents (41%) said they were considering starting their own business in the future – some of them had already started a business, while others were just getting ready to test business ideas. . Last year, Bank SEB’s repeated entrepreneurship survey showed that within one to three years, only 22% plan to start a business in the Baltics.

This year’s survey results show that on average only a fifth (20%) of Baltic residents would consider starting their own business. And in Lithuania, the number of those wanting to start a business decreased by 18 percent. up to 14 percent, in Latvia – by 27 percent. at 17 percent, while in Estonia (20 percent) the results remained unchanged.

According to E. Dovbyšienė, a study conducted at the beginning of the year shows that a large number of Lithuanians do not include starting their own business in their personal plans and goals for 2024. Almost a third (32% ) respondents in Lithuania admitted that they had not thought about the possibility of starting their own business. In Estonia, 21% have not thought about their desire to be or not to be an entrepreneur, in Latvia – 22%. respondents.

The largest share of respondents (25%) in Lithuania said that lack of own funds is the main obstacle to starting a business. A similar trend was observed in Estonia, where 26 percent indicated this response. respondents. In Latvia, the largest population (24%) considers administrative burden and bureaucracy as the main obstacle.

In last year’s study, it was lack of confidence in one’s own idea that was the most frequently cited obstacle by Lithuanian residents to starting their own business. It is worth noting that in Estonia, bureaucracy was not even among the five most frequently mentioned obstacles to business.

Comparing SEB Bank’s latest research with those of previous years, it can be seen that the need for assistance in overcoming obstacles in administrative and bureaucratic processes is very important for residents of Lithuania. There is more information and advice available today than ever before on how to start and grow a business. Overcoming these obstacles can be helped by business consultants and accounting firms specializing in business creation, as well as other organizations (e.g. “Innovation Agency”, cooperation centers “Spiečias”, etc.) which provide services and advice to start-up entrepreneurs. .

In January this year, the research company Norstat conducted a survey in three Baltic countries on behalf of the SEB bank. It was attended by 1,000 Lithuanians, 1,008 Latvians and 1,000 Estonians aged 18 to 74.

Source: The Delfi

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