How entrepreunerial and risk-taking are Lithuanians?

Only a little over 3% of Lithuanians would start their own business without savings behind them with 55% saying they would never start a business, according to a Vilmorus survey commissioned by DNB Bank.

Around 23% of Lithuanians indicated they would fear failing while only 5% of Europeans feel the same way about their chances of success.

“Lithuanians are more cautious than Westerners who are more daring, and would start a business even without the necessary funds. And there are many highly successful businesses that started with zero or very small amounts of funding,” said DNB Bank small business customers department head Andrew Ivašauskas.

The survey showed 41% of Lithuanians would start business if they had some capital to start with.

Meanwhile, Europeans, the Americans and the Chinese are bolder. The European Commission estimates that 37% of the EU population would start their own business, while 51% of people in the US and China would start their own business

Around 21% of Europeans said the main obstacle is a lack of funds while 8% admit to not having the necessary knowledge, and 7% would only consider it if were inspired by a good business idea.

Over 20% of the Lithuanians surveyed believe that they would need at least €15,000 in savings in order to start business. A fifth of the respondents would start business if they won the lottery or received an inheritance.

The 30-39 year old age group had the highest rate of believing it is not profitable to start business in Lithuania.