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Lidia Bastianich, 62

Lidia Bastianich, 62

Known for her national TV shows, cookbooks and restaurants, Bastianich received the James Beard Foundation's Outstanding Chef award in 2002. The crown jewel in her restaurant empire, Felidia, which she opened in 1981, earned three stars from The New York Times in 1995 and 2006.

Advice to aspiring restaurateurs:
"Keep it small, value-driven, and in a beautiful setting. Keep it small, so you can control it and create something of value. It's the survival of the fittest right now—it's not the time to think about getting rich. But if you can build a business in these times and keep it stable—then you can expand on it. Remember that [success] goes beyond a pure formula.

"It's time to be frugal and to be giving. Don't be afraid to give a little extra to your customers. And don't work in a vacuum. Do research. Make seasonal dishes. There's also a philosophy of cooking I was raised on: use as much of your ingredients as you can. Everybody wants a chicken breast, but what happens to the rest of the chicken? Use it."