Identification of business management improvement factors for start-up companies in Latvia in the conditions of globalization

¹ Turiba University, 68 Graudu street, Riga LV-1058, Latvia
² Turiba University, 68 Graudu street, Riga LV-1058, Latvia
³ EKA University of Applied Sciences, 1/5 Lomonosova street, Riga LV-1019, Latvia

^* Corresponding author: iveta.linina@turiba.lv

Abstract

Research background: Globalization trends are one of the main causes of global change in the world, and one of the most visible consequences of globalization is rapid market growth. In such market conditions, the focus must be on ensuring competitiveness. One of the key aspects of competitiveness is start-ups, which are sources of innovation and offer high value-added products, i.e. fast-growing and start-ups. Such companies play an important role in promoting economic growth and innovation in Latvia and Europe. It is essential to create a business ecosystem conducive to the further growth of these companies, including international cooperation, so it is important to ensure that these companies are given full access to start-up capital and adequate financing at all stages of the company's development and operation.

Purpose of the article: to determine preconditions and underlying factors for the formation of start-up companies.

Methods: A monographic or descriptive method was used to study the theoretical principles of start-up companies and the start-up situation in the Latvian economy, as well as expert interviews.

Findings & Value added: As a result of the research, the aim of the research was achieved and the preconditions for the formation of start-ups and the main factors influencing their successful operation and development, which will allow the relevant state institutions and organizations to focus on them, were identified.