Young Millionaires Say More

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Their projected sales figures for 2007 range from $4.6 million to $220 million. And these 25 entrepreneurs representing 13 businesses haven't even turned 40 yet. In fact, the youngest is 25 years old. While they have success at a young age in common, their businesses couldn't be more diverse. Our slideshow begins with a granola manufacturer and ends with a green residential builder, with more variety in between.

Of course, hard work and dedication have been critical to their achievements. But how else have they done it? Read on to find out their secrets to success, their advice to other entrepreneurs, when they knew they'd made it and how they've rewarded themselves. (As you'll discover, many of them have a penchant for nice cars.)

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Location: Norwalk, Connecticut
Projected 2007 sales: $50 million
Description: Manufacturer of all-natural granola products

Secret to success: "My commitment to product integrity, to the people who work at Bear Naked and to our consumers who deserve high-quality products are all forms of my dedication to making Bear Naked successful," says Flatley.

Advice for other entrepreneurs: "Be ready and willing to do [everything]. On any given day, an entrepreneur will have to answer the phones, pay the bills, meet with customers, stock store shelves, talk to consumers, travel 3,000 miles, work in a manufacturing plant, be present at community events and clean the office."

When they knew they'd made it: "I sensed we'd 'made it' when our concerns began shifting from whether we'd run out of money to whether we'd be able to bake enough product to cover the orders."

The first reward they bought themselves: "I moved out of my parents' house at age 26 and rented my own apartment. That was liberating!"--Nichole L. Torres

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Location: City of Industry, California
Projected 2007 sales: $50 million-plus
Description: Publisher of automotive magazine DUB

Secret to success: "We've always focused on our brand first. If we're doing a [car] show, our number-one objective is not to make money at the door, but to make sure that the brand is represented well," says Haddad.

Advice for other entrepreneurs: "Luck favors the prepared. Prepare for the luck, and you've got to anticipate the worst and hope for the best," says Kovacs.

When they knew they'd made it: "I think we still have not made it. We're very lucky and blessed in what we're doing. Now that people say we're successful, we don't even feel it; we just feel like we have a duty," says Kovacs.

The first reward they bought themselves: "The first thing that we bought when we started making money was our rigs--18-wheelers--trucks that haul cars and have graphics and sponsorships on them. Instead of going out and buying Ferraris and Lamborghinis and stuff when we first started making some money, we bought these rigs and workhorses," says Kovacs.--James Park

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Location: Chicago
Projected 2007 sales: Approaching $7 million
Description: Independent, luxury fashion retailer for men and women

Secret to success: "We did a lot of research and really found an underserved segment of the market and have never strayed from that vision," says Lawson.

Advice for other entrepreneurs: "Hone your passion. Couple it with your vision, and you'll really get to where you want to be," says Wetzel. "Don't try to be everything to everyone," adds Lawson. "We always know who our customer is, and we stay really focused on that."

When they knew they'd made it: "We were just interviewed by [WWD] this past Fashion Week about what we thought was important in the collection. We were up there with Julie Gilhart, the fashion director for Barneys. I never thought we would be at that point," says Wetzel.

The first reward they bought themselves: "Jim just got the retractable-roof BMW convertible. We're both right now building and renovating a house. We've been living in a small two-bedroom, one-bathroom apartment, so we're rehabbing a much bigger, nicer house," Lawson says.--Sara Wilson

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Location: Chicago
Projected 2007 sales: $25 million to $30 million
Description: Online T-shirt design company

Secret to success: "I am very fortunate to be working with people I consider my friends and enjoy coming to work every day. By surrounding myself with people who are also passionate about the projects we create, I believe that I have set myself up to be successful," says Nickell.

Advice for other entrepreneurs: "Put a great deal of effort into listening and interpreting the community your business affects. Always remember who you created your business for, and don't be afraid to change things as you grow and learn how people interact with what you created."

When they knew they'd made it: "I knew I was onto something when I was able to quit my full-time job and commit 100 percent of my time to running my business."

The first reward they bought themselves: "I recently purchased land in Colorado and am building a house on it. My wife is pregnant with our first child, and we are looking forward to starting a family out there."--Sara Wilson

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Location: Irvine, California
Projected 2007 sales: $70 million-plus
Description: Online advertising company

Secret to success: "The secret to success is persistence in building the business. Nothing is ever right when you start the company, so you have to be persistent in fixing everything that is wrong," says Tim.

Advice for other entrepreneurs: "When your company gets to a point when it's time to hire others, make sure you hire someone who can get things done. Business isn't so much about skill or savvy as it is about the ability to execute."

When they knew they'd made it: "The day I am sitting on a golf course with no worries about the business and a bunch of money in the bank will be the day when I truly feel I've made it. Until then, the natural anxieties every entrepreneur has will continue to dominate my train of thought."

The first reward they bought themselves: "We each bought a new car. This probably isn't the biggest goal for most people, but considering our ages when we started the company, it was the goal all three of us were striving for."--Lindsay Holloway

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Location: Rancho Dominguez, California
Projected 2007 sales: $4.6 million
Description: Manufacturer of custom theatrical draperies and distributor of flame-retardant fabrics

Secret to success: "The secret is hard work, dedication, and being able to take a blow and get up and move forward again. Be willing to accept criticism and comments, find mentors and learn from others. Try to be inspired by other people's success."

Advice for other entrepreneurs: "Do it. If you've got the dream, if you've got the vision, you should test the waters."

When she knew she'd made it: "When we bought a commercial property, we felt like we'd grown roots and become a permanent fixture."

The first reward she bought herself: "My red Jaguar convertible XJS V12."--Nichole L. Torres

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Location: Las Vegas
Projected 2007 sales: $220 million
Description: Executive business coaching

Secret to success: "I think the acquisition of knowledge is number one. If ever there were a problem in the business, you could always learn to fix it. It's not just about working harder; it's about learning what to do and then doing it."

Advice for other entrepreneurs: "You've got to continually grow if you want to increase your earning capacity. If you want to grow your business, then grow your knowledge."

When he knew he'd made it: "Every day you wake up and you have to re-ask yourself that question. I don't know if there's a way to say it. You just know it's the thing that you love doing."

The first reward he bought himself: "Cars. I love cars. I own pretty much every great car there is, from Lamborghinis and Bentleys to Ferraris and Porsches. There's no use being successful if you don't reward yourself."--Kim Orr

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Location: Seattle
Projected 2007 sales: More than $20 million
Description: Creator and provider of downloadable games

Secret to success: "Luck is important. It's also true that a lot of the clichés are still true. You have to find something that you enjoy doing. You're not going to get breaks unless you're working hard in the first place," says Kapalka.

Advice for other entrepreneurs: "Get a good accountant the first time. Don't wait until two years later when everything is a big mess. It really helped us to keep things simple and to succeed without being beholden to VCs or taking out massive loans."

When they knew they'd made it: "I still don't know that we've made it. No matter what you do, there's always something that you haven't done. At some point, we looked at the valuation and it dawned on us: There are 100 people working at the company, and it's worth millions of dollars. I guess that's some kind of success."

The first reward they bought themselves: "I haven't really spent a lot of money on sports cars or anything like that, though Brian and John did both buy sports cars. I [bought] a lake cottage east of Vancouver in the mountains."--Amanda C. Kooser

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Location: Orem, Utah
Projected 2007 sales: $13 million to $14 million
Description: Manufacturer of xylitol products

Secret to success: "As a business, we need to be honest and fair. If the relationships that are formed between businesses are not win-win relationships, then really nobody wins." 

Advice for other entrepreneurs: "Decide what your goal is and set your business up accordingly. I would rather make a million bucks a year and be able to enjoy it than be like some of my buddies who are making $4 million a year but working 80 hours a week."

When he knew he'd made it: "I guess that when I have people coming to me and asking for my advice, and I am able to help them be more successful, then maybe I will think of myself as having made it. I don't think money has anything to do with it."

The first reward he bought himself: "I've always had motorcycles and ski boats because my number-one goal in life is not to be rich but to enjoy life, and in order to do that, I've always had toys. But something that I bought in the past few years that I wouldn't have been able to buy before Xlear was an airplane."--Sara Wilson

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Location: Miami
Projected 2007 sales: $10 million-plus
Description: Manufacturer, wholesaler and retailer of clothes hangers

Secret to success: "People commonly ask me why I work so hard. And the reason I give them is that it's one of the only things I can control. There are very few things in business that you can control, so I try to master the things that I can control."

Advice for other entrepreneurs: "I would tell them not to focus on making money. If you believe in the idea, you need to focus on the equation and your business."

When he knew he'd made it: "I know this business has had a good run of success, but I've never felt like I've 'made it' because I feel like there are still a lot of things we have to improve and a lot of things we have to obtain that we haven't obtained yet."

The first reward he bought himself: "I've tried to put virtually all of what I've made back into the business. But I did buy a house. As an entrepreneur, you have so much at risk that you want to plant your roots firmly in the ground so that if anything happens to the business, you and your family will be OK."--Kim Orr

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Location: San Clemente, California
Projected 2007 sales: $15 million to $20 million
Description: Manufacturer of Brazilian acai berry products

Secret to success: "We built our company based on a goal of supporting the social, environmental and economic success of our stakeholders with every drink we sell. Since this [goal] was engineered from the beginning to deliver these results, we have been successful from the beginning," says Ryan.

Advice for other entrepreneurs: "Nurture your vision by meditating and visualizing what you want vs. worrying [about] what you don't want," says Nichols.

When they'd knew they'd made it: "When I started seeing the products I created on the shelves of grocery stores all over the country--and they were selling," says Jeremy.

The first reward they bought themselves: "A house," says Ryan.--Lindsay Holloway

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Location: New York City
Projected 2007 sales: $21 million
Description: Designer of an upscale boutique clothing line

Secret to success: "It's important to have new ideas, get them to market fast and continually choose. I've made some bad decisions in my time, but my ability to roll with things keeps the momentum in the company, and we always seem to be plowing ahead."

Advice for other entrepreneurs: "Hire experts in your industry to support you. This isn't always affordable, but [it's] imperative to long-term success. You can't run a business with well-intentioned amateurs."

When she knew she'd made it: "When I do interviews with someone like [Entrepreneur] magazine. It's the only time you sit back and reflect. And when you hear yourself saying things like 'We're signing a licensing deal in Japan next month; we have showrooms in New York, L.A. and London.'"

The first reward she bought herself: "For my first $1 million in sales I bought a Cartier ring with elephants--[elephants were] my logo at the time. My first $10 million in sales, I bought a Franck Muller watch. Surpassing $15 million this year means redecorating the house."--Jessica Chen

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Location: St. Louis
Projected 2007 sales: $22 million-plus
Description: Green residential builder

Secret to success: "We outwork everybody. Anytime we've gotten behind, we just work, work, work. We're honest with ourselves. We're not so arrogant as to think we know everything," says Shallenberger.

Advice for other entrepreneurs: "Don't be afraid to fail. In my experience, a lot of great people have a lot of great ideas and they're afraid to launch something. The key to being an entrepreneur is taking that idea and really forcing it and taking risks," says Cavanagh.

When they knew they'd made it: "Never. Are we doing it right? What are we going to do tomorrow?" says Shallenberger.

The first reward he bought himself: "I have a batting cage in my basement with a wall from Busch stadium. It's pretty neat," says Shallenberger.--Amanda C. Kooser