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But her banking experience has helped her do more than cope with long work days. Imparato operates at maximum efficiency, and was able to build a strong foundation for her business by going through the right channels. Better yet, she isn’t the least bit afraid of spreadsheets. In fact, Imparato used her personal savings to fund all launch costs, and returns have exceeded even her own expectations. “We’ve blown past my revenue projections,” she says. “Our classes sold out so we had to add more, and in the first month, I expected to be 50 percent lower than we were.”What’s interesting is that Imparato originally intended to run I.Am.You as a business on the side. “But all I could think about was the development of this, and that’s when it became clear I had to resign to give it 100 percent–and I went all in.” she says. Entrepreneurship seems to suit Imparato, who plans to take I.Am.You global in the next year.Her advice to up-and-coming entrepreneurs? Learn as much as you can. “Soak up everything all around all the time,” she says. “Every single experience I’ve had has come into play, getting this thing off and running the way it is.” She also points the importance of keeping an open mind. “Even if you didn’t always know it was your dream and it kind of falls in your lap, you’ve got to follow it.”On the Road to Happiness
Shu Kim, 40, and Khanh Pham, 33, would undoubtedly agree with Imparato. The two met at Lehman Brothers–Kim did law, Pham finance–nearly seven years ago, but were laid off in the spring. In late May, the pair launched Shustir, an online marketplace that offers small-business owners an easy-to-use social media platform to improve sales and expand their networks. (Random fact: Imparato met Pham on a yoga trip and now has a business listing up on Shustir.)”If everything was status quo, chances are Khanh and I would still have been [at Lehman], discussing the subject of starting a company, like we’d been doing since January 2008,” Kim says. However, with layoffs came the opportunity to focus on Plan B. Their new start as entrepreneurs hasn’t come without sacrifice (i.e. their equity and savings), but both seem satisfied. “We couldn’t have made it to this point, this quickly, without our decision to focus on it,” asserts Kim.They’re happy, too, because Shustir can make a real difference to other entrepreneurs. “Small and local businesses will be a big part of the recovery,” Pham says, “and Shustir can help them.” Kim agrees, adding, “We wanted to give back to the community, leverage our understanding of finance–every aspect of what we learned at Lehman–and put it into something we believe in.”That understanding of finance has contributed to a lot of progress in a few short months: they nabbed funding from an angel investor in an extremely tough market, and have promoted Shustir smartly and effectively. According to Pham, growth is steady, and hopefully by fall, there will be enough storefronts and customers to move to the next level.To Pham and Kim, Shustir has provided a way for them to reinvent themselves, so while success can be elusive during a recession, they see the silver lining. “I think 10 years from now, we’re going to see a lot of successful businesses created during this period,” Kim says, ” because the spark of creativity and ingenuity begins when you’re forced to rethink what you want to do.”And, adds Pham, taking the chance to become an entrepreneur means you can focus on what really makes you happy. “We definitely feel a sense of camaraderie with others who are turning this situation around to work for us.”Mapping New Terrain
If that’s the case, they’ll certainly be cheering on Dustin Dolginow, 26, who was laid off from Lehman last fall. Rather than looking for another job, he’s starting his own business. His vision: Graffitto, a site that pulls information from credit card statements and allows users to share their thoughts on places they’ve visited–like a Google map controlled by a timeline, with areas to input trip information and merchant recommendations, he explains.Dolginow’s still building the site with his web developer, but a few years working on “the Street” gives him an edge over the average early-stage entrepreneur. First, there’s his network. “I’ve been the lucky recipient of advice from many friends who’ve started ventures,” he says. There’s also a respectable amount of money. Although the crisis derailed his original plan to save for a while more before striking out on his own, he’s still managed to buy himself two years to build up Graffito.Plus, he has an understanding of cash flow and credit cards, which has enabled him to seize on what he feels is a great business opportunity. And of course, he’s used to working 80 to 90 hours a week. “I have done it, and I’m more excited I’ll be doing this for my own business,” Dolginow says, laughing.Still, he anticipates major hurdles ahead. “I’m the first to admit that ideas can float or flop–that’s what it means to be a startup–and I don’t know how people will react to the idea of opening up their credit card statements,” he says. “And other people think it’s a good idea, but want to know where revenue will come from.”Dolginow already knows the pain of trying to find talent willing to put up with startup headaches. “I guess good back-end programmers in New York City are in high demand, unlike bankers,” he quips.There is, however, a tip he can share with other entrepreneurs who are just starting out: “Whatever your industry, do your homework,” Dolginow says. “You don’t want to look like an idiot and come into it thinking and acting like it’s cake. It’s great, but every day I’m realizing how much harder it is than I originally thought.”One thing seems certain, though. With so many Wall Street vets becoming entrepreneurs, the future of Main Street looks bright indeed.