Stephen Bittel on Success Factors for Startups
Stephen Bittel of TerraNovaCorp outlines what success means to the firm in an exclusive interview. He outlines how growing a firm from a startup requires many skills. Find the insights from the executive guru that will help you built your venture from scratch. Stephen Bittel mentions triple qualities of empathy, integrity, and drive vital to entrepreneurial success. While integrity builds principles that support professionalism, empathy supports collaborations that create synergies. Then, personal drive propels the entrepreneur from an idea to actualization. Finally, Bittel stresses that the higher the entrepreneur practices the qualities, the higher the chances of growing a startup to a significant firm.
Bittel also advocates for proper balance sheet management for startups. He highlights that new businesses may face the weak net worth scenario; thus, working with the balance sheets to ensure that cash flows support operations remain vital to the executive. Also, Bittel explains that getting adequate capital sources that fill the gaps that balance sheets hardly cover is essential.
Moreover, Bittel acknowledges that proper marketing that matches the industry startup ventures remains beneficial in the long run. Using a consistent theme helps new businesses penetrate a market. According to Bittel, the move ascertains a positive brand image and secures a competitive advantage when employed appropriately.
Another strategy that helps startups entails the use of mutual corporations. Partnerships that add value to the startup remain helpful in ascertaining success. They provide the support needed to reinforce positive changes that steer the new firm to success. Bittel supports hiring befitting personnel, creating collaborations in the industry, and being flexible to adopt meaningful suggestions.
Stephen Bittel is a law degree graduate from the University of Miami, School of Law, who chairs TerraNovaCorp – a real estate firm founded in 1980. Besides, he sits on boards of other firms, namely, Miami-Dade Expressway Authority, Board of Teach for America Miami (TFA), Jackson Memorial Hospital Foundation, and Chapman Partnership. Being a Miami native helps Stephen Bittel focus on the locality in real estate and beyond.