One of the most competitive markets is that of real estate. It is, therefore, wise that if venturing into this field, you identify loops that would give you an upper edge over your competition fast and make such an investment. Also, you should be ready to weather any turbulence in the market and find ways of making them beneficial for your business. These are some of the strategies Stephen Bittel, founder of Terranova Firm, has implemented to have a competitive advantage.
It is vital that, as an entrepreneur, you consider all elements of the business before starting any business. Every market has four phases, inception, growth, maturity, and decline. You have to understand and navigate the dynamics of these phases to have to be sure that your business can enjoy longevity.
Despite having chaired Terranova Corporation for 41 years now, the path to its success has not been straight. While starting the company in 1980, his capital was below expected to sustain the company. However, learning how to manage his balance sheets and cash flow at an early age made the company stay afloat during that time. Besides, the management of the newly founded company was done from his home office at the time. At the end of the decade, Stephen Bittel had steered the company to success and got enough funding to move the firm to a new location.
For the 41 years of its operations, Terranova Company has been met with several obstacles. However, Stephen Bittel’s leadership has managed the company throughout the recessions to becoming a commercial real estate household name in Southern Florida. Stephen Bittel has achieved the company’s success by focusing on real estate trends and taking advantage of such opportunities. It is no surprise that by 2014, Terranova Company was now one of the leading commercial real estate companies in Southern Florida.