SEB survey: In the opinion of the Balts, entrepreneurship brings in thousands of euros per month

The hope in the Baltic republics is that entrepreneurship will provide earnings of up to EUR 3000 per month – 72% of SEB survey participants in Lithuania believed this, while 63% and 59% believed it in Latvia and Estonia, respectively, with the majority seeing their monthly income in the range of EUR 1000–2000. A total of 12% of Latvians and 8% of Estonians and Lithuanians are hoping to earn over EUR 5000 per month.

Lithuanians see the greatest potential for business in commerce (21%), while in Latvia the most popular choice is production (17%), with Estonians choosing other services (14%).

Nearly 50% of those in Estonia and Latvia who participated in the survey and who are planning on engaging in entrepreneurship believed that at least EUR 5000 of starting capital is needed to start one’s own business, and in Lithuania 44% of respondents shared the same opinion.

Respondents in Estonia and Latvia (32% and 27%, respectively) believe that at least EUR 10,000 of starting capital is needed in order to get started in entrepreneurship – while only 19% shared that position in Lithuania. In the opinion of 20% of Lithuanians, 14% of Latvians and 8% of Estonians, only EUR 2000 is needed to start one’s own business.

‘An entrepreneur starting out in Estonia believes that when establishing a company it is necessary to put in more money at the beginning and, if possible, this should be done at the expense of one’s savings or additional financing. Starting entrepreneurs believe that in order to be successful one must possess skills as well as ambition,’ said Ainar Leppänen, Head of Retail Banking at SEB.

Over 3000 people from the Baltic republics participated in the survey, more than 700 of whom are engaged in business, and nearly 800 of whom are considering starting a business.