STEPHEN PETITH: A Blunt and Honest Discussion on the Basics of Business Success!

Stephen is an international businessman, philanthropist and investor.  His knowledge of business is exceptional and if you are stuck, need questions answered and want to grow your success, then this is one conversation you need to listen to.  

@stephenpetith
https://stephenpetith.com/

Transcript

Susan Sheehan Success Series

Episode with Stephen Petith – The Reality of Business and Growth

Introduction

Susan Sheehan:
Hello and welcome to the Susan Sheehan Success Series, where you’ll be inspired and informed so you can escape the ordinary.

I have a very special guest with me today—someone whose knowledge about business truly blew me away. Our guest is Stephen Petith, an investor and business advisor, and I promise you, this conversation will open your eyes to the real world of business.

Stephen, welcome, and thank you for joining us today!

Stephen Petith:
Thanks, Susan! It’s great to be here, and hello to all the listeners.

Business is Problem-Solving

Susan:
You know, business is such an interesting journey. When I first started studying it, my perception of what it entailed was completely different from the reality.

I think many new entrepreneurs—especially those just stepping into business—believe that their business is their Facebook page, Instagram profile, or their follower count. But it’s so much more than that, isn’t it?

Stephen:
Absolutely! And the biggest misconception? Business is problems.

Every single day, business is about solving problems—small ones, big ones, unexpected ones. Whatever product or service you offer should be solving a problem for someone.

I think a lot of people imagine entrepreneurship as sitting at the yacht club, sipping coffee, and watching the money roll in. But in reality, it’s about problem-solving, persistence, and adaptability.

Susan:
That’s so true! And if you wake up every day knowing that business is a series of challenges to solve, you’re already a step ahead of the game.

The Shift from Employee to Entrepreneur

Stephen:
One of the biggest shifts new business owners struggle with is moving from an employee mindset to an entrepreneurial one.

When you’ve worked a 9-to-5 job for years, decisions are often made for you. You follow tasks, complete projects, and switch off at the end of the day. But in business, you don’t clock out at 5 PM.

You’re responsible for everything—making payroll, covering expenses, bringing in customers, and keeping the business alive. Many people can’t make that shift, and so they quit when it gets too hard.

Susan:
That’s such an important point! I often say, "I’m not a 9-to-5 girl." I thrive in business because I understand that business doesn’t fit into neat little time slots.

So, Stephen, how did you start your business journey? Did you grow up with entrepreneurship, or did you learn it along the way?

Stephen:
I was surrounded by business from a young age. My parents were entrepreneurs, and we ran different businesses while growing up in North Queensland.

In our family, we openly talked about three things you’re usually told not to discuss:

1. Money
2. Politics
3. Religion

Our dinner table conversations revolved around business strategies, investments, and current affairs. That environment made me curious, and curiosity is one of the most important traits for success.

Susan:
Yes! Curiosity is a success strategy. It drives people to ask questions, challenge the status quo, and keep learning.

I know you started your first business as a young boy, already making money. Do you think you were wired for success?

The Reality of Business Success

Susan:
Small business success rates are shocking, and honestly, heartbreaking. So many people go into business believing they’re buying freedom—that they’ll create wealth and legacy.

But the reality is most businesses fail. In your experience, what are the biggest reasons businesses don’t survive?

Stephen:
One of the biggest mistakes? Entrepreneurs start thinking they can do it all on their own.

They have this one-man-band mentality, believing they’ll make a million dollars alone. But business is a team sport.

If you’re not hiring staff and scaling, you’re running a hobby, not a business. You need to build a machine—a system where your team runs the operations while you focus on growth, networking, and strategy.

Susan:
Absolutely! And that’s where business planning comes in. I tell people:

1. Get a clear picture of how you want to live.
2. Calculate how much money you need to live that lifestyle.
3. Make sure your business model can actually deliver that.

It’s a simple formula, but most people don’t think that way when starting out.

Stephen:
Exactly. And another big mistake is thinking that their idea is unique.

The truth? Nothing is truly unique.

I see businesses all the time saying, "We’re the only ones who do this." A quick Google search proves them wrong. Instead of focusing on being unique, focus on execution and scale.

The Importance of Knowing Your Numbers

Susan:
One of the biggest lessons I had to learn in business was understanding financials.

You have an analytical brain, so this probably comes naturally to you. But for many business owners, reading financial statements is a struggle.

What do you see as the most common financial mistake?

Stephen:
The number one problem? Not understanding cash flow.

Most people look at their Profit & Loss (P&L) statement and think it tells them everything. But the cash flow statement is the most important tool for business survival.

Susan:
Yes! And I learned this the hard way. Knowing your numbers isn’t enough—you have to actively work with them and make decisions based on them.

Final Advice for Business Owners

Susan:
Stephen, this has been such a powerful conversation. Before we wrap up, what are three key pieces of advice you’d give to business owners who feel stuck?

Stephen:
Great question! My top three:

1. Don’t be afraid to fail. Every entrepreneur fails—it’s part of the process. Learn from it and keep moving forward.
2. Do your research. Make sure your business has a real market, not just an idea you love.
3. Just start. Perfectionism kills businesses before they begin. Test your idea, get it out there, and improve as you go.

Susan:
I love that—just start!

And the reality is, successful people aren’t afraid to ask for help. Whether it’s a mentor, a business advisor, or surrounding yourself with the right people—business isn’t meant to be done alone.

Stephen, thank you so much for sharing your knowledge with us today!

Closing Thoughts

Susan:
To all our listeners—be inspired, be informed, and take action.

If you took even one insight from today’s conversation, apply it to your business and watch what happens.

Join us again next time for another conversation with an incredible guest, and until then—escape the ordinary!