Irish business people have head start

IRISH business people have the psychological and cultural qualities that are key factors to gaining competitive advantage, a new study has found.

The findings are based on research carried out by the Irish Management Institute (IMI) which was undertaken with the backing of the IDA.

The research was based on a sample of 117 Irish executives and entrepreneurs and compared with international norms.

Irish executives and entrepreneurs, according to the research have a preference for “right-brained thinking, which includes attributes such as intuition, the ability to make seemingly unrelated connections and tolerance of ambiguity”, all of which the IMI says are key to giving those business people the edge over competitors.

The idea of “tolerance for ambiguity” suggests an ability to live with contradictory facts without getting stressed out about them, the IMI said.

To be able to juggle such contradictions “is inherent to entrepreneurial activity” and the study showed Irish business people had that capacity and scored above average.

Launching the report in the IMI in Sandyford, Dublin, Minister for Enterprise, Trade and Innovation, Batt O’Keeffe TD, said: “As Ireland enters economic recovery, we must now harness the core competencies among our people that can drive entrepreneurship and innovation.”

These findings show Irish people have the characteristics necessary to deliver the smart economy, he said.

IDA Ireland CEO Barry O’Leary, welcoming the findings, said: “IDA Ireland has been able to showcase Irish management and the availability of talent as a key selling point to attract multinationals to Ireland.”

As well as the favourable business environment we have in place, including the favourable corporate tax regime, “the Irish manager has something that no other country can offer”, he said.