Prospects for the development of sustainable entrepreneurship in Latvia

Abstract

A prominent business topic of nowadays in the context of sustainability is balanced economic management – one that contributes to economic development, environmental protection and public wellbeing. Given the positive growth potential of the European market for sustainable entrepreneurship and the improvement of Latvia's environmental sustainability in the entrepreneurship sector, it is important to find out the prospects of further development of sustainable entrepreneurship in Latvia. The aim of the research is to define sustainability in the context of business, to identify the factors that motivate and determine the sustainability of the company and to evaluate sustainable business perspectives in Latvia. Hence, the process of business management has to provide for interaction among the company, the management and utilisation of its resources, its financial management, and the stakeholders of the buying and selling process – businesses, consumers and public authorities. In light of the above, business management can not only contribute to a sustainable product consumption but also make a positive impact upon public action and thinking. The author's research fields conclusions regarding the key factors for running a sustainable business in Latvia. Based on expert interviews, it was analysed what promotes / hampers the development of sustainable entrepreneurship in Latvia, looking into the prospects of sustainable entrepreneurship in Latvia. During the research it was found, that the development of sustainable entrepreneurship in Latvia is promoted by the regulatory pressure created by the European Union, as well as the growing public interest in sustainability issues created by the available information space. The development of sustainable entrepreneurship in Latvia is hindered by the lack of interaction between public education and the regulatory system in terms of sustainability, reducing the effectiveness of motivating sustainable choices.