Real estate/construction William F. Paulsen, Summit Properties.

• Author: Eldridge, Lisa
• Position: Entrepreneur of the Year

Bill Paulsen, who'd spent eight years in the resort business, wasn't about to start building barracks. When he was hired to head Summit Properties in 1981, he started developing apartments with an eye toward attractive design and landscaping. "I knew I could create a much-better mousetrap," he says.

By anticipating the 1986 tax reforms and shifting to pension-fund investors, Summit Properties stole a march on competitors. It's virtually the only large apartment developer that has grown since 1985, Paulsen says. The...