CRE Executive Stephen Bittel Gives His Top 3 Traits Needed To Be A Successful Entrepreneur

Building a thriving business involves the consideration of a dizzying number of factors.

Some of these factors, such as government regulations, economic recessions and competitive forces, lay outside of our control. However, for every factor beyond influence there are that many more that leaders can utilize to their advantage. Within this category, there is often a heavy focus on concepts such as having a strong concept and ensuring financial backing is sufficient, but a frequently overlooked and essential factor is the entrepreneur themselves. 

For every compelling idea, there is an individual behind it that must lead the charge in transforming that idea into a successful business. The needs of every endeavor are going to differ greatly from the next, and as such there is no singular personality profile, type of individual, or background a person must have in order to successfully form and run a business. Nonetheless,  there are particular attributes and abilities that hold significant importance for entrepreneurs. 

In this series, we’re examining these characteristics and skills by asking those who have navigated the path themselves. According to Stephen Bittel, founder and chairman of the alternative investment firm Terranova Corporation, the traits most important to successful entrepreneurship are integrity, empathy, and an unrelenting drive. Starting his own company “with a negative net worth and whatever is less than undercapitalized,” Bittel grew Terranova from a single commercial property investment into one of South Florida’s top commercial real estate firms that has served as the exclusive agent for more than $5 billion worth of commercial projects. 

About Stephen Bittel

Growing up with a father and grandfather who had careers in law, Bittel assumed for much of his early life that he would follow in their footsteps. It was only once he entered university that he began to recognize a pull toward business and entrepreneurship, and although he did end up graduating from law school and passing the bar exam, by the time he had done so Terranova was already a year old. 

Bittel started his company out of his home office, and hired an art student to design the initial logo for his business – its name meaning “new world” in Latin, a reference to the promise of foreign investment in Florida real estate. Although formed in the midst of a recession during the 1980s, Bittel’s strategy of using times of distress to put his balance sheet to work saw him able to successfully navigate it, as well as the future economic factors that threaten many a business. 

Today, Terranova is one of the leading commercial real estate firms in Florida. The company has grown and remained relevant by maintaining an agile strategy, shifting its focus from suburban strip malls to urban retail centers in areas that were part of a walkable downtown core when the markets indicated a change in living scenarios. In addition to this, Bittel has remained opportunistic in his investments and expanded to properties such as gas stations and car washes. 

Below, we explore the traits Bittel believes helped him most in his entrepreneurial career, as well as some tips for developing these traits in yourself. 

Integrity 

According to Bittel, integrity is crucial to a business – and business leader – having longevity. It is only when an entrepreneur acts with honesty and based on sound moral principles that they can build the trust and respect needed to withstand the difficulties of entrepreneurship. 

“As the leader of a company you provide the vision for your organization, and everything that happens within the company is centered around that vision,” said Bittel. “In order to have a clear and cohesive vision you must have strong principles that you adhere to, serving as an example that every other person in the business can follow.”

Leaders with integrity make value-based decisions, rather than ones based on personal gain. They have a strong sense of ethics and extend that throughout the organization, providing a compass that anybody can easily follow when making decisions themselves. 

In order to develop your integrity, start by evaluating your own values – do you have a strong sense of what is right and wrong, not only in business but in life? Understanding and defining your morals and ethics is the first step in being able to act with integrity throughout your life and career. 

Empathy 

Although today widely acknowledged as a critical skill for entrepreneurs – and indeed, any leader – when Stephen Bittel was making his career it was not nearly as common to hear calls for empathy in the workplace. Today there is a deeper understanding of the complicated relationship between leaders and those who are being led. 

Empathy enables leaders to connect with their team members, fostering loyalty and rapport. It plays a crucial role in effective decision-making, as leaders who understand the impact of their choices on individuals are more likely to make balanced and ethical decisions.

“It is incredibly important to realize that we all differ in how we perceive the world, and seek to understand others’ perspectives. By using that information to guide your communications, you become a much better entrepreneur and person,” said Bittel.

Developing empathy requires stepping out of your comfort zone. It involves a shift in mindset away from being centered on personal feelings and opinions, and instead giving consideration to how others with different backgrounds and life experience may feel. Without a natural inclination toward empathy it will certainly be a journey to develop the skill, but Bittel suggests starting out by delving into fiction and entertaining your curiosities. These two actions can flex the mind and make it more open.

Drive 

“Look at any famous entrepreneur and you will see that while they all differ greatly from one another, the single trait they all have in common is drive,” said Bittel. “Without the ability to persist in the face of difficulty and adversity, you will never have the determination and grit needed to keep a company growing.”

Drive acts as a fuel for ambition, determination, and resilience, serving as the catalyst that propels you forward despite the challenges and uncertainties faced. Bittel said it is what gave him the motivation to set audacious goals and pursue them relentlessly. Without drive, entrepreneurship’s hard knocks will chip away at morale until defeat is accepted.  

In order to access the drive that is within all of us, you have to identify why you are pursuing entrepreneurship and keep that in your mind’s eye. Whether it be the dream of building your great idea into reality, to be your own boss and achieve monetary success, or even just the challenge of facing competitors head-on like a chess game, achieve drive by letting the motivation come from deep within. 

Every entrepreneur is unique, as is their journey, but there are often universals that can be applied to every scenario that will inevitably achieve positive results. Whether you are in the early days of considering starting a business or deep in the trenches looking for advice on how to navigate the fog, remember that an organization is only as good as those who lead it and don’t forget to consider what characteristics you can work on that will in turn improve your entrepreneurial journey as a whole.