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 🥵 Love the Australian Business Podcast? Let me know about it by leaving a review on Apple or Spotify. If you want to help me out with the course, right now the best thing you can do is subscribe and review this podcast in Apple or Spotify. Please use the “Ask a question” menu link on the Rask websites, or leave your questions in the Apple Reviews. Podcast resources Owen Rask’s free business course Ask a question Email Owen Business Podcast show notes Say G'day to The Australian Business Podcast partners Rask – Get Owen’s best investing research 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. Rumble Coffee Roasters — our first partner! Rumble Coffee Roasters is dedicated to helping you drink better coffee. Knock-out blends, world-class single origins, bold espressos and flavour-filled filter roasts. Rumble Coffee prides itself on personal relationships with producers and customers alike. They pay farmers fairly so that they can invest in their land, their employees and their communities. You can buy some beans to drink at home or in the office via rumblecoffee.com.au. Alternatively, if you’re a coffee shop owner — get in touch and discover better ways to serve your customers. Tell them Rask sent you. *** The information on this website and in our podcasts is general financial advice only. That means, the advice does not take into account your objectives, financial situation or needs. Because of that, you should consider if the advice is appropriate to you and your needs, before acting on the information. In addition, you should obtain and read the product disclosure statement (PDS) before making a decision to acquire a financial product. If you don’t know what your needs are, you should consult a trusted and licensed financial adviser who can provide you with personal financial product advice. Please read our Terms & Conditions and Financial Services Guide before using this website. Learn more about your ad choices. Visit megaphone.fm/adchoices

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“What did the council decide on item 42?” — answered with the speaker and the moment.

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