DEVELOPMENT OF INNOVATIVE PRODUCT MANUFACTURING BUSINESS IN LITHUANIA

Abstract

This article examines the issue of establishing and developing start­up business. Possibilities of establishing a business in Lithuania, tendencies of promoting young and innovative companies and problems of long­term establishment in the market are reviewed. According to the tendencies and methods described in the scientific literature, a survey of Lithuanian small and medium business was conducted. The business environment and opportunities in the eyes of developers, the steps of business development and the obstacles encountered were examined. The paper presents the generalized results of the surveyed companies. Based on the problems identified during the study, the model is presented, as well as conclusions and suggestions on what essential mistakes should be avoided.