Australian Business Podcast 6 ways your small business will definitely die ☠️ [11/12]
Australian Business Podcast episode #11 is now live on the Rask network: the 6 ways your business will definitely die ☠️.
Remember, at least 40% of Australian small businesses fail within 5 years.
So, yes, this is as scary as it sounds. Your business will definitely die if you do these 6 things. I all but guarantee it.
You: “Owen, this business thing is daunting enough as it is, why on earth are we talking about this stuff now?”
Queue a Charlie Munger quote…
It is remarkable how much long-term advantage people like us have gotten by trying to be consistently not stupid, instead of trying to be very intelligent.Charlie Munger, billionaire investing partner of Warren BuffettThere are two reasons we should talk about business failure right now:
- As Charlie says (above) it’s often easier to avoid doing something dumb than it is to be perfect — so let’s avoid doing something dumb before we try to be brilliant little business owners.
- Around half of businesses started today won’t be alive in 5 years — let’s focus on surviving to the finish line. Put another way, instead of trying to finish first, let’s first finish.
My six reasons your business will die include:
- You fail to plan 🤪 (remember to use our free business course workbook)
- You overcapitalise 💰 (spend before you need it)
- You take on expensive leases ✍️
- You avoid looking at your finances 🙈
- You fail to market… aggressively 📈
- You burn out 🥵
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Podcast resources
Say G'day to The Australian Business Podcast partners
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The Australian Business Podcast’s official sponsor is Rask, our very own company. We empower hundreds of thousands of investors around Australia, whether you’re new or have been investing for 40 years. You can take an investing course on Rask Education to discover how Owen carefully researches small or blue chip companies, or become a premium Rask member today to speak directly with Owen and see what he is investing in.
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