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Stephen Bittel Entrepreneurship

The Questions to Ask Yourself Before Pursuing Entrepreneurship

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THRIVE GLOBAL — NOVEMBER 17, 2020 — When I was 23 years old, I found myself at a crossroads in my short life. I had grown up assuming that like my father and grandfather before me I would become a lawyer, but when I was in my second year of law school a new opportunity presented itself to me. Never one to take a day off, I had also taken a full-time job at a real estate company, and my boss there suggested that he would be willing to move me from a salaried position to one based on commission, therefore allowing me to make much more money. However, the gears in my head began turning, and I realized that if I were to form my own real estate company I could see even greater returns, and I believed I had the connections to make the business viable. My path had been set before me for as long as I could remember, but this new and exciting opportunity was calling its siren song to me. What was I going to do?

Fast forward 40 years, and my company Terranova Corporation has become one of the top commercial real estate firms in southern Florida. I ended up quitting my real estate job and starting the company out of my newly purchased first home – while also saving for marrying my fiance and completing my law degree. Although it wasn’t always easy, with hurdles to overcome from real estate recessions to changing markets, I am confident that pursuing entrepreneurship was the right path for me. 

I’m not here to say everybody should quit their jobs and become entrepreneurs. It’s not an easy road, and I would say it is an unwise path to start down it if you are risk-averse, if juggling many roles doesn’t suit you, and unless you have a keenness that will help see you through the rough patches. This is not a decision to be made lightly, and below are some of the most important questions I have found need to be asked if you want to not only pursue entrepreneurship, but also succeed in it. 

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Stephen Bittel’s Adaptability in the Face of an Ever Changing Market

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REALTY TODAY — NOVEMBER 17, 2020 — BY ERNEST HAMILTON Success in the real estate market looks different on everyone and requires a combination of skill, risk tolerance, and sometimes sheer luck to achieve. The difference between a good career and a great career in real estate is nearly intangible, but the career of Floridian Real Estate Mogul Stephen Bittel is a good place to start. While reviewing Bittel’s career, it’s difficult to pinpoint exactly where that “it” factor lies. Is it the sheer boldness and confidence in taking on new ventures early in his career? Or his passion for the community he grew up in? Or perhaps it’s his ability to forecast the trends that will shape the future of real estate? As is the case with most successful leaders, it’s not just one quality that differentiates him from competition.

Its often said that what separates good from great leaders is an absolute sense of purpose. With Bittel for example, a sense of purpose is evident. As a Miami native, Bittel’s values are intrinsically aligned with the community’s. He applied this set of values to his education at University of Miami School of law and sought out innovations that he could lead with in his career. One such opportunity arose in the form of being awarded the Watson Fellowship where he embarked on a year of travel to study the motivations behind European Investment in the United States. The private banking model that he witnessed while working with investment advisors and bankers throughout Europe inspired him to replicate the type of one stop personalized service to high net individuals. 

When founding Terranova Corporation in 1980, he made sure to incorporate his personal values in determining the founding principle of the company. In a recent article written by Bittel and published on Thrive Global, he expands on the values that drove him to create his own company. He writes, “By maximizing the value of business through real estate, I was able to establish trust, forge professional relationships, and leverage profit for tenants on a long-term basis. This was the founding principle of Terranova Corporation, and a personal mission statement that propelled my leadership.” 

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Florida’s Real Estate Investment Mogul Stephen Bittel is Committed to Boosting the Economy with Pop-ups and Temporary Occupancy

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REALESTATERAMA — OCTOBER 21, 2020 — Stephen Bittel’s dedication to improving his home city of Miami, Florida has never faltered, even in the face of a global pandemic. Having founded his company at the age of just 24, he chose the name Terranova because of its Latin translation, “new world.” COVID-19 has resulted in unprecedented change that has certainly left a new world in its place. Nevertheless, Stephen Bittel and his team at Terranova are finding new and exciting ways to propel Miami forward using the economic platform he knows best: commercial real estate. With the holidays fast approaching, Bittel saw one such opportunity in his properties on Lincoln Road.

The history between Bittel and Lincoln Road dates back to 2002, when he first started chasing deals on the street. He saw opportunity in the vibrant combination of local customers and tenants. It wasn’t until after the economic crisis in 2007 that Bittel and his team at Terranova Corp., along with an institutional partner, scored two of the best street corners on Lincoln in a $52 million deal in late 2010. Bittel had people from across the country telling him he was crazy for taking such a huge risk, but Bittel moved forward anyway with his plan to move the rent from $65 dollars per square foot to $130 and replace the Lincoln Lane building with a new three-story retail space. As a result of this purchase, he was able to take another risk by buying three more buildings for $139million. The two buys combine to almost thirty percent of the retail space on Lincoln Road.

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