The majority of residents in Latvia (72%) believe the priority to assist with development of new businesses in Latvia is tax benefits, according to a survey performed by the Investment and Development Agency of Latvia Norstat Latvija as part of the innovative business ideas contest.
Meanwhile, 53% of respondents admit one of the most useful tools to promote development of new businesses in the country is attraction of funding and capital.
Survey results also show that 46% of residents link development of new businesses in Latvia with reduced administrative burden. 31% of respondents mention business skills and experience as an important factor. 15% of respondents find business incubators as a priority, whereas 11% claim business education is vital contribution to the development of new businesses in Latvia, according to survey results.
At the same time, the survey performed as part of the contest showed that the biggest obstacle, according to 32% of residents, is the risk of failure. The next most commonly mentioned obstacle – unpredictable income, which is mentioned by 28% of respondents. Every fifth respondent or 18% of people also mention the less time for private life.
“In any situation we should try to understand the important positions of expenditures and monetary flow to generate balanced estimates. Provisional estimates help find the correct way to implement the business idea,” says University of Latvia Business, Management and Economic Faculty professor Kristine Berzina.
The survey was performed as part of LIAA innovative business ideas contest in June. 1,012 Latvian residents aged 18-74 years were interviewed. (BNN/Business World Magazine)