Many Want to Start a Business, but Few Take the Leap – Experts Share Where to Begin
According to a public opinion survey commissioned by Swedbank, 44% of Lithuania’s working-age population would like to start their own business, yet only 4% have taken concrete steps towards doing so.
The survey shows that many aspiring entrepreneurs are still at the consideration stage: 14% have thought about starting a business but do not yet have a concrete plan, while 9% already have an idea but lack the necessary funding or time.
What drives people to start their own business?
The main motivation for starting a business is the desire to work for oneself, cited by 72% of respondents. Another 53% are looking for higher income, while 17% see entrepreneurship as an opportunity to put their accumulated experience and skills to use.
“The survey results show that the desire to start a business remains strong, but there is still a considerable gap between intention and action. That is why it is important not only to have an idea, but also to refine it, assess its potential and understand how it can be tested in practice with minimal investment of time and money,” says Rasa Verkauskaitė-Kazanskienė, Head of SSE and Sales Sub-department at Swedbank Lithuania.
At the same time, 39% of respondents are discouraged by the additional risks and responsibilities associated with running a business, while 28% are concerned about losing their work-life balance. Another 27% are satisfied with their current job and salary, and 21% lack confidence in their ability to manage a business.
Emotional barriers are accompanied by practical challenges. The most common obstacle is a lack of funding, cited by 61% of respondents, followed by administrative formalities and bureaucracy (41%), refining and assessing a business idea (40%), and sales and customer acquisition (38%). The possibility of failure is also a concern for 30% of respondents.
Startup founders are more willing to take risks
Business founders also face doubts, but they often choose to reduce risk by taking action and testing their ideas as early as possible. In the startup world, an unsuccessful attempt is often treated as an opportunity to understand what did not work and adjust direction accordingly. As a result, ideas are tested before significant amounts of time or money are invested.
Startup experience suggests that several practical steps can make getting started easier: finding like-minded people, testing the idea, using technology, and becoming part of a supportive community.
“In the startup world, mindset is everything. You need the courage to act, test things, experiment and not be afraid of making mistakes, because that is often the fastest way to learn. Startup founders are used to this – it is part of their everyday reality. They identify a problem and immediately start thinking about how they can create value from it. You do not have to give up what you are currently doing straight away, but you do need to share your ideas with others and find out whether the idea actually has value,” says Donatas Šumyla, Head of Startup Partnerships at ROCKIT.
There is also no need to start alone. Co-founders, partners or early team members can bring complementary skills and help assess an idea from different perspectives.
An idea can also be developed gradually, starting with a minimum viable product (MVP) or prototype, testing it with potential customers and improving it based on their feedback. Artificial intelligence and other digital tools are increasingly being used to support this process.
The environment in which an idea is developed also plays an important role. Among those interested in starting a business, 46% would consult people they know who already run a business, 36% would look for training or acceleration programmes, and 34% would explore business communities. Another 31% would seek advice from a mentor.
“You can start in your own city. At coworking and innovation hubs, ideas can often be discussed with mentors free of charge. Lithuania also has a range of startup acceleration programmes, investor networks and events where founders can assess the potential of their ideas and gain insights from people who are further along in their entrepreneurial journey,” says Šumyla.
An opportunity to meet like-minded people
Conversations and new connections often begin by meeting other founders face to face. One such meeting point this autumn will be Startup Fair 2026, taking place on 17 September in Vilnius at LITEXPO, the Lithuanian Exhibition and Congress Centre.
Now in its 15th edition, the startup event will bring together more than 2,000 participants, 450 startups and 430 investors from over 60 countries.
Organised by Startup Lithuania and ROCKIT, this year’s conference will explore future technologies and the people building them. The programme will focus on three main themes: The Human Builder, The Builders' Marker, Building in Europe.
The event will also host Pitch Battle, Lithuania’s largest startup pitching competition, where participating startups will compete for funding from leading investors across the Baltic region. Previous Pitch Battle winners have already raised more than €22 million in investment.
More information about the programme, speakers, investors and tickets is available on the official Startup Fair 2026 website.
*The representative survey of Lithuanian residents was commissioned by Swedbank and conducted by market research company Spinter tyrimai in March 2026. A total of 1,013 working-age residents of Lithuania took part in the survey.
