A new study will reveal how socialization strengthens the financial resilience of young small businesses
In the European Union (EU) and Lithuania, small businesses constitute over 90 percent of all enterprises; however, more than half of such enterprises face difficulties or cease operations within their first year. The success of young small businesses heavily depends on the entrepreneur, who serves as both the founder and the primary generator of ideas, in making various strategic and daily business decisions. These decisions are significantly influenced by the entrepreneur’s knowledge, skills, values, and social networks, which form from early childhood.
Nevertheless, scientific and practical understanding of the entrepreneur socialization process, its key agents, and determinants remains limited. Additionally, sociocultural and other environmental characteristics within different societies affect how acquired knowledge, competencies, attitudes, and connections during socialization impact small entrepreneurs’ ability to successfully establish a business and position themselves in the market, as what works for one country or market may not apply to another.
Development of a Financial Resilience Model for Young Small Businesses
This September, researchers Vytautas Kavolis Transdisciplinary Research Institute of Vytautas Magnus University, led by Prof. Dr. Renata Legenzova, commenced three-year scientific research on the impact of entrepreneur socialization on the financial resilience of young small businesses (SOPFA). Based on this evaluation, a model assessing the impact of entrepreneur socialization on the financial resilience of young small businesses will be developed. This project has received funding from the Research Council of Lithuania (LMTLT), agreement No [S-MIP-24-71].
The research will not only define concepts of small entrepreneur, socialization, and financial resilience, or establish methods and criteria for assessing financial resilience, but will also have significant practical implications for small businesses in Lithuania and the entrepreneurs establishing them. The project will evaluate the financial resilience of young Lithuanian small businesses, identify peculiarities in Lithuanian entrepreneur socialization, and their impact on the financial resilience of young Lithuanian small businesses.
Recommendations for State Institutions
The Institute’s researchers will formulate both general recommendations for enhancing the financial resilience of young small businesses through entrepreneur socialization, as well as specific recommendations for Lithuanian small businesses and entrepreneurs. These will be valuable in the broader EU context and will highlight the socio-cultural nuances of the Lithuanian small business environment. The project’s findings and recommendations will also be directed to state institutions, financial resource providers, academics, and other stakeholders.
The research will not only employ the classical questionnaire survey method to assess the current state of financial resilience in Lithuanian small businesses and the peculiarities of entrepreneur socialization but will also utilize a unique methodology to provide theoretical depth and practical benefits to small Lithuanian businesses and entrepreneurs. The scientific methods applied include the measurement of a resilience index and its sub-indices, as well as a Structural Equation Modeling (SEM) approach to evaluate the impact of entrepreneur socialization on the financial resilience of young small businesses.
Project Team – Experts in Financial and Economic Socialization Research
The research project team consists of members from the Department of Finance at the Faculty of Economics and Management, Vytautas Magnus University (VMU). They share similar research interests, such as financial and economic socialization, as well as the behaviour of market participants. The project leader, Dr. Renata Legenzova, a professor at the Department of Finance, focuses on research and experiments related to socio-economic, political, and financial stability, as well as sustainable growth. Assoc. Prof. Dr. Asta Gaigalienė conducts research on financial literacy, taxpayer behaviour, and network analysis. Dr. Gintarė Leckė investigates the rationality of financial market participants’ behaviour and the process of financial socialization. The research group also includes Mantas Rimidis, a PhD student in economics, who has conducted in-depth studies on income inequality.
An international week was held at the faculty
The international week has ended at the Faculty of Economics and Management of VMU. Lecturers from all over the world visited and gave lectures during it. Among the guests, you can meet scientists from the Philippines, Turkey, Mauritius, India, as well as Turkey, Portugal, Spain, Georgia, Ukraine and other countries.
Representatives of Ernst & Young visited the faculty
An engaging and meaningful meeting with representatives of the international audit company “Ernst & Young” took place at the Faculty of Economics and Management of Vytautas Magnus University.
The guest visit not only gave the students the opportunity to get acquainted with the company’s activities, but also allowed them to get to know the various career prospects offered by this company. During the afternoon event, students had the opportunity not only to interact with the guests, but also to learn more about the various job positions, knowledge and skills needed to join an international team.
What’s more, during the event, various entertainment and information sessions were organized, providing students with even more information about the company’s activities and the opportunities offered. Some participants managed to receive valuable job offers, which showed that this partnership was not only informative, but also practically meaningful.
You can see more moments of the meeting recorded by Jonas Petronis by visiting the Facebook page of the Faculty of Economics and Management.
The future creators of the world of sports business are buzzing in the faculty
Traditionally, in the middle of January, first-years of MBA studies in Sports Business Management, conducted jointly with the Euroleague Basketball Institute, gather at the Faculty of Economics and Management for the second live session.
After the first day, when the students defended their coursework, their week will include educational tours of the various sports infrastructures in the city of Kaunas, an all-day familiarization with the Kaunas Žalgiris organization and the managers of various team departments, representatives of the sports business world from the Lithuanian Basketball Federation, the Lithuanian Football Federation , lectures of the Lithuanian Volleyball Federation and others.
The live session in Kaunas will be crowned on Friday evening, when students will watch the Euroleague matches in the arena, not only as spectators, but also as organizers.
You can find out more about Sports Business Management studies here.
GIFFT Project Ignites Sustainable Innovation in European Glass Industry
On October 12, 2023, Brussels, marks the official commencement of the GIFFT project, a European Union-funded initiative aimed at transforming the glass industry’s sustainability landscape. Held at the Lithuanian Research Development and Innovation Liaison Office in Brussels, the kick-off meeting signifies the beginning of a collaborative effort to revolutionize glass manufacturing.
A Vision for Sustainable Glass Manufacturing
Europe leads in glass production, but the industry’s high energy consumption and CO2 emissions present challenges. GIFFT aims to overcome these hurdles by developing a groundbreaking heat production technology. Utilizing plasma-assisted combustion and gasification systems, the project will integrate bio-based solutions, such as biomass and waste, into glass manufacturing processes.
Kick-Off Meeting Highlights
The kick-off meeting for the GIFFT project marked a promising start with welcoming remarks from the project coordinator Dr. Nerijus Striūgas. Project Officer Javier Sanchez Lopez provided a thorough overview, detailing the project’s structure and objectives. Work package leaders presented insights into concept development, gasification, and combustion system plans, highlighting the project’s multifaceted approach. The meeting laid a strong foundation for collaborative efforts among partners, setting the stage for GIFFT’s pursuit of sustainable innovation in the glass industry.
Powerful Partnerships Driving Change
- LEI (Lietuvos Energetikos Institutas), Lithuania – Coordinator
- CTH (Chalmers Tekniska Hogskola AB), Sweden
- TUM (Technische Universitaet Muenchen), Germany
- VMU (Vytauto Didziojo Universitetas), Lithuania
- WIP (WIP Renewable Energies) Germany
- PS (JSC Panevezio Stiklas), Lithuania
- SHU (Sheffield Hallam University), United Kingdom
- SCHOTT AG, Germany
- PlasmaAir AG, Germany
These entities will collaboratively develop and validate innovative technologies to create a sustainable, hybrid, and biofuel-flexible heat production system for the glass industry.
Coordinator contact:
Dr. Nerijus Striūgas, Chief of Laboratory of Combustion Processes, E-Mail: Nerijus.Striugas@lei.lt
Tel: +370 37 401877
Representatives of the Sports Business Management MBA program at the Euroleague Final Four event
On May 18-21, Kaunas hosts the EuroLeague Final Four, the biggest basketball tournament in Europe. The Faculty of Economics and Management of the VMU, conducting the Sports Business Management MBA studies together with the Euroleague Basketball Institute, is an active participant in this event, as it is every year.
The teachers, together with the students of the program, participate in various presentations prepared by the top managers of the Euroleague organization. Reports are read by Euroleague head M. Glickman, Euroleague Coaches Council head G. Sasic, Sheridans partner D. Geey, Eurohoops co-owner A. Barkas and others.
Discussions, excursions and observation of the whole event from the perspective of both the fan and the organizer make the students of the program feel the realities of sports management.
Vytautas Magnus University is hosting annual International Staff Week
This year, International Staff Week is held on April 24-28. The event brings together 140 professors and experts from 43 countries to share knowledge and experience, network, and develop new collaborations.
During this week, professors give classes to VMU students, experts attend a series of presentations and discussions covering a wide range of topics: Keeping ties with international alumni; International students integration: challenges and good practices; Recruitment tools to attract international students; Promotion of mobility possibilities for outgoing students and staff and more.
The programme also includes a Joint Mobility Office meeting organized by the Transform4Europe Alliance. The participants share their experiences and insights on student mobility procedures, including blended intensive programmes, funding opportunities, IT tools for managing mobilities, etc.
The International Staff Week programme is designed to be interactive and engaging, with plenty of opportunities for participants to connect with one another and share ideas. In addition to formal sessions, there are social events, such as guided excursions to Kaunas and Vilnius, introduction to the Lithuanian language, folk music and dances, and food fair, that allow participants to experience the local culture and connect on a more personal level.
Visit the faculty in virtual reality!
The importance of virtual reality in modern organizations
While organizations are experimenting with meta worlds, the Faculty of Economics and Management of VMU moved to virtual reality with the help of student Linas Zairis’ company 360 angle.
“This is not an experimental toy, on the contrary, it is a necessity these days, in order to create a close relationship with current, future, and former members and partners of the faculty community, especially those who do not have the opportunity to visit the faculty live” – says the vice-dean of the faculty Assoc. Dr. Justin Kisieliauskas. Along with the possibility of a virtual tour, during which you can visit all the faculty’s auditoriums, the offices of the dean, vice-deans, and teachers, the social network accounts of the faculty, informative fragments of the website, and the official shop of the faculty’s paraphernalia are conveniently presented and integrated into virtual reality.
What’s more, the virtual tour also includes gaming elements, which L. Zairys connected with the virtual VDU Faculty of Economics and Management influencer Vidukas’ persona. “We have integrated this function exclusively for the young audience – schoolchildren, for whom we offer to get to know the faculty through the prism of the game,” said Dr. Assoc. J. Kisieliauskas. According to L. Zair: “Using the currently extremely popular style of the 90s and a time limit, players are offered to find all the virtual tokens scattered around the faculty.”
Those who want to try a virtual tour of the VMU Faculty of Economics and Management, please visit here.
Faculty students tried inclusive basketball
On January 16-20, the VMU Faculty of Economics and Management hosted a live session of the master’s study program “Sports Business Management”, one of the traditions of which is a friendly basketball tournament.
However, instead of the usual basketball, the students were in for a surprise. Representatives of the Lithuanian integrated sports association and members of the Lithuanian wheelchair basketball team offered to try inclusive basketball.
“Students expected to play basketball at the V. Adamkaus Sports Center, but when they got there, a surprise awaited them – representatives of the Lithuanian Integrated Sports Association and members of the Lithuanian wheelchair basketball team, with the president of the Lithuanian Disabled Sports Federation Kęstutis Skučas and playing coach Vytautas Skučas, were waiting for them in the hall of the VDU sports center. Students played inclusive basketball together with the disabled,” says Dr. Mantautas Račkauskas.
There were tons of emotions in the competition, but not the competitiveness of the unusual competition format, but the determination and combativeness of the Lithuanian wheelchair basketball team left no one indifferent.
“Sports Business Management” MBA counts fifth graduation
On the afternoon of January 20, another generation of graduates of the “Sports Business Management” study program run by the VMU Faculty of Economics and Management and the Euroleague Basketball Institute threw their academic caps into the air in the amphitheater of the Žalgiris Arena in Kaunas.
The graduates of the program were congratulated by VMU Faculty of Economics and Management Dean R. Bendaravičienė, Vice-Dean M. Račkauskas, Kaunas “Žalgiris” General Director P. Motiejūnas, as well as M. Ferreira, representative of the Euroleague Basketball Institute.
Among the master’s theses defended, it was possible to find the topics of sponsoring sports organizations, financing sports events, sustainability of sports arenas, creating mediating platforms for the sports market, and other topics. After an intensive session in Kaunas, the students who defended their master’s theses were happy with the knowledge they had acquired during their studies and the friendships they had established, and their evening was crowned by the victory of Kaunas “Žalgiris” against Belgrade “Crvena Zvezda” in a packed arena.
The unique study program, the partner of which the Euroleague Basketball Institute chose the Faculty of Economics and Management of the VMU, already has its fifth generation of graduates this year. More information about the program can be found here.