The members of Crain’s “40 Under 40” this year have businesses that span a wide range of areas. However, according to Crain’s New York Business, they also have some common qualities.
Contrary to entrepreneurial myth, their résumés are not those of profound risk-takers. Most of them started their businesses in areas in which they had years of experience and plenty of expertise.
Kimberly Peeler-Allen became a political fundraiser after paying her dues with other companies. Michael White arrived fast on New York’s culinary scene–but only after he spent eight years cooking in Italy.
Some of these entrepreneurs made exceptionally hard-headed and difficult decisions to follow the least risky path, such as designer Christian Siriano.
He was the youngest-ever Project Runway winner, on the verge of selling red-carpet-worthy dresses, when the Great Recession hit. He got over what must have been bitter disappointment quickly and turned his hand to some decidedly less flashy projects, like designing shoes for Payless ShoeSource.
“I did these projects because I knew I’d be able to have funding,” Mr. Siriano said.
In this dot-com world, some young people tend to fall into the right niches at just the right time. In 2005, Thrillist’s Ben Lerer tapped into the psyche of young men like himself with recommendations on everything from pizza to pants. Jessica Rovello’s gaming company, Arkadium Inc., was born out of a Ms. Pac-Man battle nine years ago–just in time for a boom in online gaming.
For those of us who aren’t graced with the gift of timing, there’s a lesson to be learned from another quality many of the Crain’s small business 40s share. Call it a knack for not being knocked down. Though many faced trials–layoffs, Sept. 11 and funding environments as dry as the Sahara–they didn’t allow setbacks to push them off their chosen tracks.
Screenshot from Crain’s 40 Under 40