When starting a business, most entrepreneurs always envision only the upside of the business and fail to acknowledge business failures and challenges. However, it is vital to understand that there are four stages; expansion, growth, peak, and decline. Every entrepreneur needs to understand the business phases to attain business longevity.
Stephen Bittel, a commercial real estate household name in Florida, has proved to understand the dynamics of the business cycle. He is the founder of Terranova Corporation and has since been its chairman. The company has been in the commercial real estate industry for 41 years now and has risen to be among the leading companies in South Florida. The company has weathered different challenges, including the COVID-19 pandemic, which paralyzed the global economy.
Before venturing into the career world, Stephen Bittel attended Bowdoin College, where he graduated magna cum laude. He later enrolled at the University Of Miami School Of Law to follow in the footsteps of his father and grandfather, who were both lawyers. While pursuing law, he commenced his career by working for a commercial real estate firm to support himself. However, he noticed that his passion tended towards real estate more during the venture and decided to start his own commercial real estate firm.
Stephen Bittel founded Terranova Corporation while still pursuing law and managed it from his home office. By the time he was graduating, he had even passed his law bar exam but considered venturing fully into business rather than law. Stephen Bittel started with challenges such as the undercapitalization of his corporation. However, having worked in commercial real estate before, he persevered during this recession by effectively managing his balance sheet. Over the years, Stephen Bittel ensured that he implemented strategies that would guarantee company success. Holding on during the other recessions has made Terranova Corporation remain relevant even after 41 years in the turbulent real estate industry.