Values and risk management: Bussiness, income and risk management

An analysis of data from a nationally representative survey indicated that the self-esteem of the respondents was statistically significantly raised by their engagement in business. They were more satisfied with their quality of life and more likely to demonstrate their normative and functional solidarity. Small companies develop their management and business skills that are important for the growth of the whole economy (Edoho, 2015). Business fosters economic growth through serving as a means of increasing competition and therefore the diversity of companies. However, the population of Latvia prefers employee status. The chapter explains whether the business environment in Latvia is favourable and government measures taken contribute to or limit the entrepreneurial spirit of individuals. The attitude of the public administration towards small, medium and family businesses was clearly revealed by the crisis caused by the Covid-19 pandemic; therefore, we focus on analysing public policies implemented in 2020-2021. The authors analysed the business environment and the economic behaviour of individuals by employing various statistical indicators, as well as data from the nationally representative surveys of 2019, 2020 and 2021.