From running nail salons to a bakery to a law firm, these young entrepreneurs got an early start in making their way in the business world.
Nick Jacobs, 26
J Wolf, 28
Glendon Bar & Kitchen, Westwood Village
Employees: 46
Financials: $1.8 million in 12-month revenue through April.
What led you to start your own company?
Jacobs: At 16, I developed a small business that booked local musicians at Hollywood venues. I became really interested in the hospitality side of live entertainment. I traded in a suit for a chef’s hat and a set of knives. I realized that taking a culinary approach to hospitality was the best approach toward achieving my ultimate goal of owning and operating a hospitality-based business.
Where did you get the startup money?
I was fortunate enough to find financial support in my close friends and family.
What was the biggest challenge?
My greatest challenge has been, and will continue to be, maintaining a consistent product while juggling the needs of a rather large staff.
What was the most important lesson you learned?
There are a lot of reasons why the restaurant shouldn’t have worked. This was our first business, we had not worked together before and we opened in an extremely tough economy. I’d say the most important lesson I’ve learned is to not be afraid to take risks and trust your instincts.
How many hours a day do you put in?
Twelve to 17; but time flies when you are having fun.
Could you ever work for someone else?
If he or she lives in another country and we only have to speak once a week, I’ll consider it.
What do you do to relax?
A Manhattan usually does the job.
What led you to start your own company?
Wolf: In September 2009, I realized I just built and formed a bar and restaurant from scratch for someone else. If I was ever going to stabilize financially and make something of myself, I knew I needed to do it on my own and not work for someone else. Once I made my mind up, I moved quickly. We opened Glendon Bar & Kitchen in April 2010.
Where did you get the startup money?
Very skeptical – but supportive – friends and family.
What was the biggest challenge?
We opened undercapitalized and because of that, the first couple of months were a real challenge. Fortunately for us, it didn’t take long for people to recognize that we existed. The business took a big jump and has allowed us to have more breathing room.
What was the most important lesson you learned?
Business is business; don’t let emotions get involved.
How many hours a day do you put in?
Twelve to 18 hours.
Will you start another company?
I can’t wait to start something else.
Could you ever work for someone else?
Not a chance.
What do you do to relax?
I like to take long drives on Pacific Coast Highway in Malibu and just listen to music.
