Latvians and Lithuanians start their businesses to earn more money while Estonians want to become their own bosses

The results of a survey by SEB, “Baltic Business Outlook”, indicated that 39% of new entrepreneurs in Latvia and 37% in Lithuania founded their business to increase their personal income. In Estonia, this reason was prevalent in 26% of cases, while a business is generally started to become one’s own boss and employer – 29% of respondents.

The opportunity to become your own boss motivated 28% of new entrepreneurs in Latvia and 33% in Lithuania. The third most frequently mentioned reason is the wish to turn a hobby into a business – in Estonia 25% of new entrepreneurs have created their company to do it, and 14% in Latvia and Lithuania. Loss of previous employment and a desire to work a flexible schedule were mentioned less frequently as reasons for starting a company.

Ainar Leppänen, Head of SEB Estonia Retail Banking commented on the survey: "Experience of economically developed countries indicates: the more people engage in entrepreneurship, the higher the standards of living. It is not important why people are starting a company. It is important that people are taking the initiative and pursuing their goals. The companies that are successful today all started as a result of the ideas and thoughts of venturesome people. The more of such people we have, the better off we will be as a society and as a country!"

In the Baltic states, Estonians are the most active in terms of creating new companies, and 21,947 new companies were registered in Estonia in 2017. In Lithuania, 11,378 new companies were founded last year and in Latvia 10,094.

The SEB survey of new enterprises in the Baltic states was conducted in December 2017 and January 2018. More than 1,500 enterprises were surveyed in Estonia, Latvia and Lithuania.

Evelin Allas
Communications Manager
Marketing and Communications Division
SEB
Phone +372 665 5649
Mobile: +372 511 1718
Address: Tornimäe 2, 15010 Tallinn
e-mail evelin.allas@seb.ee