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There is something in development circles called Community Driven Development. At its worst, it's a buzzword that helps bureaucratic development banks feel warm and fuzzy for a moment or two. But outside the context of development jargon, it can be the key to a community thriving.

Zazu, referred to by its creators as "the smartest damn alarm clock," is an application for smart phones. It is the brainchild of four young entrepreneurs, all under the age of 25, who despite busy schedules and school obligations have taken on the daunting task of launching a company. If the name sounds familiar, it's because it happens to be the same name as the famous bird from "The Lion King," who serves as King Mufasa's assistant. Associating their product with a friendly and relatable character was important in branding the company.

When I lived in South India, at 5:30 each morning my neighbor's rooster or the guy hawking traditional South Indian breakfast foods or the guy offering to sharpen people's knives from the back of his bicycle would wake me up.

The other night I was chatting with a friend who has two babies. We were brainstorming the possibilities for home-based businesses for moms or dads who stay home with the kids. Running a daycare would be a "stop-gap" she said - barely bringing in enough to make it worthwhile.

Darley Newman fell in love with horses and travel at an early age. And after paying her dues at networks such as CBS and The WB, Newman used her budding experience in television and merged her two passions to create an Emmy winning travel series, Equitrekking.

Think you need to live in Hollywood and have a huge budget to make films? Not so. Meet Ryan Connolly, the host, writer, director and producer of Film Riot, a weekly online show that peeks behind the scenes of independent filmmaking. Part zany, part gory, it's a show that leaves no stone unturned when it comes to piecing together a film--from penning the dialogue to creating the special effects.

The housing industry may not see much action for a while, but real estate on the Internet is booming. Just ask Mike Cassidy, a 25-year-old, whose Web domain names that he bought for $5.99 are now being appraised at $1000.

With the entrepreneurial spirit teeming on university campuses across the nation, it's no wonder many schools have begun to offer student entrepreneurs the resources they need to move their business ideas forward. And Gen Y students are taking advantage of these business incubators turning their fresh and innovative ideas into moneymakers.

No matter how amazing your venture may be, if you can't show others how great it is, you might miss your opportunity to get it started. Getting funding isn't easy and these days venture capitalists are less likely than ever to invest in startups. So it's important to have the pitch perfected--whether its the impromptu elevator pitch or a formal written business proposal.

Not all of us are born with the entrepreneurial spirit flowing through our veins. But being involved in a startup is something anyone can do. And while it may just take one person to produce the big idea, to "power the vehicle" and become a successful venture a young company needs a strong team.