Bankruptcies are part of business life

Several well-known business people have recently gone bankrupt in Latvia. The national-conservative daily Neatkarīgā rīta avīze sees this as a natural process: "For the past 20 years entrepreneurship has been depicted as a never-ending success story in Latvia and basically everyone was called on to plunge themselves into business and make money. In global practice however, the picture is different: a majority of newly founded businesses go bust in the first five years because there are a number of risks. But at the same time this is no reason to gloat. If a high jumper doesn't jump high enough it doesn't automatically make him a bad athlete; he will refocus his energy, choose a different training method and try again later. These prominent Latvian bankruptees are and will remain specialists in their sector. If they abandoned their economic activities this would be a loss for us all."

» full article (external link, Latvian)
More from the press review on the subject » Corporations, » Latvia
All available articles from » Juris Paiders

» To the complete press review of Friday, November 5, 2010