Why 40%+ of Australian small businesses fail: big ideas and cold realities [2/12]

Australian Business Podcast episode #2 is now live on the Rask network, and I’m thrilled.

In this episode, I — Owen Rask, founder of The Rask Group — dive into a small business’ most important asset: you.

This episode of The Australian Business Podcast aligns perfectly with Lesson Two of Rask’s free business course.

💡How many Australian businesses fail: it’s estimated around 40%-60% of new Australian small businesses won’t survive the next 5 years. I suspect a big reason for small business failure can be put down to a failure to prepare.

Australian Business Podcast episode 2 outline:

• Your number-one business asset is you
  • “What are you prepared to sacrifice?” Melissa Browne’s advice on budgets applies to business
• Creating a vision board before you launch your business
• Following the money – why it’s bloody hard but the key to business success

• Side hustles versus small businesses
  • “Don’t test the water with both feet” – Warren Buffett
• Owen’s advice, and getting a Suga Mumma and Suga Daddy — it’s not what you think!
• The three stages of small business owner’s skillset (from Emyth)
  • Technician 💇‍♂️ – be great at what you do
  • Manager 🙋‍♀️ – achieve greatness by letting others thrive
  • Entrepreneur 🧠 – motivation and strategy define success

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.