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

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.

Manajemen Bisnis Startup dalam Pendekatan Konsep Dasar Kinerja

“…Startup adalah usaha bisnis menarik yang menawarkan peluang realisasi diri pribadi dan pertumbuhan bisnis yang luar biasa (Slávik et al, 2021). Bisnis startup dicirikan oleh potensi pertumbuhan dan skalabilitas yang tinggi, serta fokus pada pengembangan produk dan layanan inovatif (Linina et al, 2021). Startup juga memainkan peran penting dalam pengembangan ekonomi dan bisnis (Slávik, 2019).…”

Unraveling the Secrets of Strategic Business Planning: A Pathway to Sustainable Growth and Competitive Advantage

“…It is a key driver of sustainable success, allowing startups to capture market share and maintain profitability [30], [31]. Strategies to build competitive advantage can revolve around product differentiation, cost leadership, or innovation [5], [32], [33].…”

“…Involving stakeholders, both internal and external, can contribute to a company's continuous innovation orientation and help generate new ideas for innovation [4]. In addition, stakeholder engagement can help startups to access capital and financing at all stages of their development and operations [5].…”

Revolusi Bisnis di Era Digital: Strategi dan Dampak Transformasi Proses Teknologi terhadap Keunggulan Kompetitif dan Pertumbuhan Organisasi

“…Transformasi digital tidak hanya mencakup kemajuan teknologi, tetapi juga perubahan budaya organisasi, proses, dan model bisnis. Organisasi start-up, yang didorong oleh kemampuan beradaptasi dan semangat kewirausahaan mereka, telah menjadi pelopor dalam merangkul transformasi digital untuk mendapatkan keunggulan kompetitif (Klačmer Čalopa et al, 2014;Linina et al, 2021;Sharma & Goyal, 2020).…”