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Risky business for Aussie entrepreneurs

The majority of Australian entrepreneurs are risk takers and competitors, according to new research.

The research, conducted by Commonwealth Bank, surveyed almost 500 business owners to find which types of seven entrepreneurs are most prevalent in Australian business. While almost a quarter are risk takers, learners and self-starters shared the wooden spoon, each representing 8 per cent.

Kirsty Bucknell, an organisational psychologist who conducted the research in partnership with CommBank, said that the most successful entrepreneurs will have strengths in each area.

“Often these less common strengths are the ones that contribute most to an entrepreneurial mindset,” Bucknell said.

The other types were individualists, achievers, and innovators.

Dr John Demartini, a behavioural specialist and author, believes any type of entrepreneur can succeed as long as they plan adequately.

“Although it’s essential that some degree of calculated risk and competitive action be taken to initiate a new business as an entrepreneur, it’s not essential to jump into risky business ventures blindly and with thoughtlessness,” Demartini said.

Demartini said entrepreneurs make decisions based on what they believe will given them the greatest reward at that moment according to their highest values or priorities.

“The more your business mission and daily responsibilities are aligned with your highest values, the greater the risk and rewards you can embrace and adapt to and the more realistically calculated they become. You are automatically able to feel more competitive in the market when you are congruent,” said Demartini.

“If your business mission and daily duties are not aligned with your highest values you will tend to impulsively and blindly seek immediate gratification or even gamble more than plan and not execute long-term vision with patience.”

CommBank has created an online test to help people discover what kind of entrepreneur they are.

The psychometric test aims to help entrepreneurs enhance their business by highlighting their dominant strengths across the seven traits, and how these impact their approach to business.

Find out what kind of entrepreneur you are here.

Gina Baldassarre

Gina Baldassarre

Gina is a journalist at Dynamic Business. She enjoys learning to ice skate and collecting sappy inspirational quotes.

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