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A recent article in the Financial Review discussed the issue of risk taking in Australian businesses. John Wiley, CEO of Lazard Australia and chairman of the Sports Commission stated that Australia has a 'risk-averse' culture and believes more guts and determination is needed for Australian businesses to grow and prosper at a rate on par with our Asian neighbours. Australian businesses are encouraged to take positive risk, that is, calculated risks where action steps are planned in anticipation for all possible outcomes. This can only be done by changing Australian business culture to a view that risk-taking is positive and should be encouraged (provided appropriate risk and crisis management systems are in place). Wiley also discussed that for this to happen, universities and leadership education systems should encourage entrepreneurship and a positive risk taking mindset.

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A recent article in the Financial Review discussed the issue of risk taking in Australian businesses. John Wiley, CEO of...