Did you know that entrepreneurs are riskier decision makers than their managerial counterparts? Research recently concluded by Professor Barbara Sahakian at Cambridge University demonstrates that not only do entrepreneurs approach decision making differently, but that these skills may be possible to teach.
To test their hypothesis, the scientists asked 16 entrepreneurs from Silicon Fen, the group of high tech companies in and around Cambridge, and 17 managers to complete a computerised neuro cognitive assessment (whatever that is)) measuring various aspects of their decision-making abilities. On a decision-making task that required 'cold' processes, entrepreneurs and managers performed in a similar fashion. 'Cold' processes govern real decisions such as when planning the opening of a training consultancy or recruiting staff.
Psychological and biomedical research has traditionally considered risk taking as an abnormal expression of behaviour so it's really interesting to see these outcomes. Three years ago when I was an employee I had no idea how to assess a business opportunity – and would have likely considered some to be extremely risky. Some say it's risky to invest in property at the moment, others say it’s the best time ever. What do you think?
Are you a traditional manager or are you the more creative impulsive type? Will your services be reduced during the coming months or will you be learning new skills to ensure you are there at the top of the leader board?
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