The dream of starting a business goes away with age, as concluded in a study conducted by Investment and Development Agency of Latvia (LIAA) as part of Ideas Cup 2022 contest.
Approximately half (47%) or every second Gen Z respondent dreams of starting their own business.
If every second respondent from generation Z dreams of getting a debut in business, most other members of Latvia’s society are more grounded in relation to having their own business.
29% of respondents said they dream of starting their own business.
According to results of the study, 39% of residents aged 30 to 39 years dream of having their own business. Among residents aged 40 to 49 years, however, the percentage is significantly lower – only 28%.
57% of respondents said the main advantage of having a business is independence. This was the most common answer across all age groups.
42% of respondents mentioned realisation of their dream and combining their hobby with work as the other advantage.
Another 27% of people mentioned personal growth as one of the biggest advantages of having their own business.
The survey was performed as part of LIAA’s innovative business ideas contest Ideas Cup 2022 in August together with Norstat. 1 000 Latvian residents aged 18 to 74 years participated in it.