Their Secrets to Success

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What does it take to build a business with more than $3 million in sales before you turn 40? Start with a great idea and a penchant for risk, and add countless hours of hard work and perseverance. That's how these 24 Young Millionaires rose through the entrepreneurial ranks to make it to the top.

From an independent record label and celebrity-filled restaurants to a toddler play center and a mobile phone content provider, these 14 businesses prove you can find success in just about any field. Read on to learn their success secrets. 

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Location: New York City

Projected 2006 Sales: $3.3 million
Description: Youth marketing agency specializing in research, events and promotions

Secret to success: "You can’t just buckle at the first sign of a minor disaster. You really have to keep your composure and realize at the end of the day we’re not fighting World War III here. Try not to take it so seriously."

Advice for other entrepreneurs: "The best thing I have ever done is really immerse myself within my market and my work. I really respect youth, and you have to realize that you’re in a partnership with them. I’m not marketing to them; I’m marketing with them."

When she knew she'd "made it": "When I sit there and think I’ve made it, I’m over. I like to continue to think what can I do better, what can I improve on."

Advice for other entrepreneurs: "I definitely love nice things. I love Jimmy Choos. I love being able to buy them. I think it’s important to indulge once in a while." 

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Location: Santa Fe, New Mexico

Projected 2006 Sales: $5 million

Description: StickerJunkie.com and Delinquent Distribution

Secret to success: "My secret to success is time allocation. I put a dollar value on my time, and everything I can hire somebody out to do for less than that dollar value, I hire out."

Advice for other entrepreneurs: "Work really hard. If you love what you’re doing and you’re willing to put all of your time and energy into it, you’re going to be successful. Period."

When she knew she'd "made it": "I knew I was going to be OK when I was out of debt and actually able to take draws on the income. I didn’t take a day off for seven years when I started my company. I still remember the first day I took off and didn’t do anything."

The first reward she bought herself upon success: "I bought myself a house, an unbelievably gorgeous home in Santa Fe. The first toy I ever bought myself was a Mercedes G500 wagon."

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Location: Phoenix

Projected 2006 Sales: More than $40 million

Description: Web hosting and services

Secret to success: "I would say it’s drive. Nothing is good enough. Even when we reach a goal, I want a better goal."

Advice for other entrepreneurs: "It’s tough to give advice because I think I still have a lot to learn. I have found that I have much more success focusing on product, making a difference to the market and making a difference to customers’ lives."

When he knew he'd "made it": "I thought I made it in 1998, but that was a big misconception. I don’t feel I’ve made it. It’s very difficult to build a business, but it’s very easy to lose it."

The first reward he bought himself upon success: "I am very conservative. I haven’t bought anything in particular. But when there’s a Phoenix Suns game, I’m willing to spend $200 on a ticket. But that’s about it."

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Location: Dallas

Projected 2006 Sales: $60 million

Description: IT consulting and IT staff augmentation

Secret to success: "Surrounding yourself with amazing people. You have to have confidence in yourself; you have to believe in yourself."

Advice for other entrepreneurs: "Entrepreneurship is about perseverance. You can teach someone to run a business, but you can’t teach passion. That’s what I’ve had, passion throughout."

When she knew she'd "made it": "I’m kind of in the process of feeling that way. I don’t think I’m all there yet. But I’m very comfortable about where we are, and I’m very proud of our growth and our customer base."

The first reward she bought herself upon success: "I’m a little bit of a minimalist that way. I was always very focused on pouring the money straight back into the company. I’m a very long-term thinker, and I just don’t indulge in materialistic things." 

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Location: New York City

Projected 2006 Sales: More than $10 million

Description: Upscale educational and play facility for children age 5 and under and their families

Secret to success: "For Shari and I being partners, it’s maintaining balance with our family lives. We have the best life. We are so happy. Who else gets to see their kids at work? Who else gets to work with their spouse? And it’s not just the two of us; it’s the two of us and our entire team. The secret for us is that we’re happy, and that is driving our success." -- Andy

"As parents of two small children and being a working mom and a working dad, I think the key to success is creating a balance so that you’re doing everything well or are trying to create a situation whereby you’re doing everything well." -- Shari

Advice for other entrepreneurs: "You gotta take risks." -- Andy

"There are a thousand reasons not to do things, not to start things." -- Shari

"You have to focus on why to start. Make sure you surround yourself with a great team." -- Andy

When they knew they'd "made it": "If you were here one day--any day of the week--you would know we had made it. It’s just an absolute stroller highway. We leave all of our strollers unfolded, which is very key out in the middle of our first floor so that you can see them and get to them easily, but it is a sight to see what we call 'stroller highway.' I think anyone who sees stroller highway would realize its success." -- Andy

"I knew when I was in the park or other places throughout the city, and I literally hear young moms and dads talking about Kidville, NY, saying, 'You’ve got to go to this place.' That’s the best." -- Shari

The first reward they bought themselves upon success: "We’ve spent the money on the kids. What else do we do? It’s lucky for us that other parents do the exact same thing." -- Andy

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Location: Atlanta

Projected 2006 Sales: $40 million to $45 million

Description: A disaster recovery company for commercial enterprises

Secret to success: "Investing back into your business and continuing to educate myself about my market and being consistent. One of the biggest mistakes a lot of startup businesses make is when they get that first deal, they go out and buy the big cars and the big homes and take a long vacation. Then, next thing you know, they’re spending all the money that they’ve earned. Now they’re back at square one. They’ve got to learn how to save their money. You can’t depend on banks and investors. You’ve got to believe in yourself." -- Corey Pitts

Advice for other entrepreneurs: "Surround yourself with positive people. When the days were rough and tough, [my wife] was positive [we should] keep going. I have stayed away from people that said, 'Why are you doing it? You had a good job, you had vacation, you shouldn’t do that.' I stay with positive people. Both sides of my family--her parents and my parents--were very positive and gave me that support." -- Corey Pitts

When they knew they'd "made it": "I realized it when I was up to about 50 employees and I wasn’t worried about payroll. That was the point when I really realized that we’re doing it now. We’re growing." -- Corey Pitts

The first reward they bought themselves upon success: "I didn’t do that. I bought bigger equipment so I could do larger jobs. I figured if I continue to invest in my business and I can get bigger jobs, then I can be in a position to get what I want when I want. My wife went out and bought new clothes. Every year, I’m buying bigger equipment, more equipment. We have several million dollars worth of equipment that we have to use in order to service our clients." -- Corey Pitts

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Location: New York City

Projected 2006 Sales: $15 million

Description: Cosmetics company that makes portable, user-friendly products for women on the go

Secret to success: "Believe in yourself, but never buy into your own press because it’s just that, it’s press. Just be levelheaded. I think oftentimes, the more successful people get, the more caught up in themselves and in things they get, and if you just try and remember how you were when you first started, and you just try to maintain that and treat people the way you want to be treated, I think you’ll be successful."

Advice for other entrepreneurs: "Do what you love. Go for it. Life is just too short, and that’s what I did, and I don’t regret it for a moment. There were definitely times where it was tough, but I really wouldn’t trade it for the world. I love what I do, and I’ve surrounded myself with people that I really care about, and there’s nothing better than going to work every day in a situation like that."

When she knew she'd "made it": "There were a lot of different high points all along the way: getting into our first department store, getting onto QVC, getting chosen by Oprah Winfrey for her “O List.” There are still times where I’m so excited by things. If you love what you do, that will continue."

The first reward she bought herself upon success: "I sent my parents to Hawaii. They were so supportive all along, and they let me keep all of my products in their house. They were my distribution center for a long time, and I just wanted to thank them."

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Location: Beverly Hills, California

Projected 2006 Sales: More than $10 million

Description: Manufacturer of an all-natural line of baby shampoo, lotion and body wash

Secret to success: "Woody Allen says 99 percent of success is just showing up. And I really think that the secret to success is to just keep on going and to stick with it. If you believe in your idea, if it’s proving to you that it’s working … I say just stick with it--cause eventually, like anything else, it will happen."

Advice for other entrepreneurs: "Make sure you believe in your idea and that it’s actually a good one. What I’ve learned is that not all ideas are good--or just be prepared to change. Don’t be so stuck to your idea that you can’t modify it and grow it, because I think that’s what keeps it vital and alive."

When she knew she'd "made it": "I didn’t know. I was told. Somebody asked me how long [I’d] been in business, and I think the magic number is year five. And this was from a businesswoman that I respected. And she said, 'You’ve been in business five years? You’re going to be OK. You’re fine.' And I thought, 'Whew! I’m glad … it makes things easier.'"

The first reward she bought herself upon success: "One thing that I do use as rewards--it’s probably a piece of jewelry. For me, what it was, a diamond pendant necklace. It really was kind of a marker for me." 

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Location: San Francisco

Projected 2006 Sales: More than $200 million

Description: A secure online marketplace for the resale of live event tickets

Secret to success: "Focus and the willingness to take risks are probably the two key elements. The people that we have here, not just me, but we all have a willingness to take risks and to try new things. It’s also a group of people that are pretty focused on a common goal."

Advice for other entrepreneurs: "I would bring it back to risk-taking. You’ve got to take a risk; don’t worry about taking a risk. With risk comes reward. Believe in yourself, and if you can do those two things, you may not succeed every time, but you will succeed."

When he knew he'd "made it": "I’m still not sure if I’ve made it as an entrepreneur. That’s probably at some point in the future. But you know, there was an article that came out in TheWall Street Journal [in January 2006]. It was a whole article in the Marketplace section about StubHub and had a huge cartoon picture of me, so that was maybe a nice indication that things were going well. But I still don’t know if I’ve 'made it' as an entrepreneur--but things are going well."

The first reward he bought himself upon success: "My snowboard, last year. It was a top-of-the-line snowboard, so it was a purchase I wouldn’t have made just any day of the week. It was a very expensive, top-of-the-line snowboard--and I love snowboarding."

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Location: Reston, Virginia

Projected 2006 Sales: More than $24 million

Description: Mobile phone content provider

Secret to success: "Being passionate. Without passion, there is no success. Passion provides all the extra ingredients to success." -- Leon Yohai

Advice for other entrepreneurs: "I cannot advise other entrepreneurs; maybe I have to learn from them." -- Leon Yohai

When he knew he'd "made it": "I was in the movies, and after the movie finished, I checked my PDA [to see] how many subscribers subscribed just that day. I saw the amazing number of 5,300 subscribers in just one day, so I initially thought it was a mistake. I reloaded the page and the number was higher by 70-something more subscribers. That was it. By the end of that year, we had almost 300,000 subscribers, and this year will probably end at almost two to three times higher than last year." -- Leon Yohai

The first reward he bought himself upon success: "My first toy was a 1966 Jaguar E-type, which is my favorite car." -- Leon Yohai 

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Location: Beverly Hills, California

Projected 2006 Sales: $4.3 million

Description: Independent record label that serves artists in various rock genres

What is your secret to success? "I’m madly in love with my business. In order to be successful in any business, you must be passionate about what you do. I work 16 to 18 hours a day--sometimes with little to no sleep. It’s insanity, but I love it."

Advice for other entrepreneurs:  "Dream big and never consider the possibility of failure. Entrepreneurs like Sam Walton, Warren Buffett, Hugh Hefner all had one thing in common: They believed in themselves."

When she knew she'd "made it":  "To be honest, I’m extremely tough on myself. With that said, I’m still waiting for the day when I can say, 'I’ve finally made it.'"

The first reward she bought herself upon success: "A Mercedes E320" 

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Location: San Diego

Projected 2006 Sales: $13 million to $15 million

Description: Company that designs and licenses a variety of products under the Who's Your Daddy Brand

Secret to success: "The people you surround yourself with. These people have helped and guided us through the ups and downs of business." -- Edon Moyal

Advice for other entrepreneurs: "Never ever give up. Always pursue your dream. If you fight and beat on enough doors, the right door will open, and your dream will come true." -- Edon Moyal

When they knew they'd "made it": "When we found an investment banking firm that believed in us. They helped us fund our original deal, and we were able to get into the marketplace and see the response we were getting from consumers and retailers across the nation." -- Edon Moyal

The first reward they bought themselves upon success: "At the time it was a brand-new Corvette. I was 19 or 20. That felt awesome, because most guys that buy Corvettes are in their 50s. But there’s been an update: I just got a new Mercedes S550 and a new Chevy Corvette Z06." -- Edon Moyal

"Jaguar was my reward. Grrr." -- Dan Fleyshman

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Location: Los Angeles

Projected 2006 Sales: More than $20 million

Description: Sophisticated restaurants and entertainment lounges; restaurant consulting services

Secret to success: "Hard work. In this business, you have to live it, you have to be an owner and an operator and make a total commitment. I got on the reality show Big Brother to promote the bar, and we got advertising money couldn’t buy. On the show I was wearing the T-shirt with the bar “Belly” on it. People are still buying the T-shirts after they saw the show; we’ve never spent a cent on advertising." -- Mike Malin

Advice for other entrepreneurs: "Follow your dreams and be honest with yourself. If you don’t know anything, don’t do something just to look glamorous. No risk, no rewards." -- Mike Malin

"Be ready for success--with success comes commitments. You have to be ready to [commit to] it 24/7." -- Lonnie Moore

When they knew they'd "made it":  "For me, it was one night at Dolce when my parents were there. In the restaurant we had David Schwimmer, Rachel Hunter, Courtney Cox. And then Ashton Kutcher, Danny Masterson and Wilmer Valderrama talked to [my parents]. Then P. Diddy came up and gave us a brother hug. It was just a regular Tuesday night at Dolce. My parents were like, 'Who is our son?'"-- Mike Malin

"Cashing the first distribution check from Dolce. It’s more money than I had ever made in a year. It’s a decent amount of money you could make, and I had made more money the first two months with this business, than the last five years." -- Lonnie Moore

The first reward they bought themselves upon success: "When we hired our first private jet." -- Mike Malin

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Location: Dallas

Projected 2006 Sales: More than $20 million

Description: Franchisor of Genghis Grill--The Mongolian Stir Fry

Secret to success: "Teamwork, togetherness and communication within your team. Belief in your team will get things done." -- Al Bhakta

"All of us have the passion to grow with the company, and you have to have that passion and love to grow the company. You have to come to work every day and not get tired of it." -- Ron Parikh

Advice for other entrepreneurs: "Never give up. Keep at it. Quitting is not an option, and failure is not an option." -- Al Bhakta

When they knew they'd "made it":  "When we had our franchise convention last year, and they rated us as their best franchisor. We got an A- overall rating, and once we got their feedback, we knew we’d made it." -- Al Bhakta

The first reward they bought themselves upon success: "I bought a Mercedes." -- Al Bhakta

"Nik bought a Lexus. Chet and Jay both bought a new house. We bought ourselves Dallas Mavericks season tickets." -- Ron Parikh