Failure: Staying in the garage too long

Carley Ochs admits that almost everything she has done for her jewelry company, Bourbon and Boweties, has been a gut decision. But for the most part, those gut decisions have worked out quite well.

The 31-year-old CEO founded the business in 2002, when her friends encouraged her to sell the bracelets she would make as gifts. Today, her company sells 50,000 bracelets a month. The bracelets are sold in 2,000 stores throughout all 50 states, and are also distributed in the Caribbean, Canada, Europe and South Africa. They are also sold in big-box retailers including Bloomingdales, Nordstrom and Von Maur. The company recently received requests from the “Today Show” and “Good Morning America” for more press.

Though the business has grown exponentially, the set-up of the company hasn't changed. Ochs has continued to work with local women, mostly moms and teachers, as contractors who get paid by the number of bracelets they create. The women have two days a week where they can drop off finished product and pick up supplies. She has about 200 contractors.