Secrets Of The Self Made 2009
Twenty-Two Questions For John Paul DeJoria
Saddle up for some secrets of this self-made billionaire.
Net Worth: $4 billion
Age: 63
Source of Wealth: Hair products, tequila
What's the biggest business blunder you've ever made, and what did you learn from it?
Investing with someone I knew and thought I could trust. I did not check where the money went, and I lost it. Lesson learned is if you ever invest with someone you know, follow through in the months following to see where the money went, not just what they told you.
What's the one thing every first-time entrepreneur should know?
Be prepared for a lot of rejection. This way you don't give up.
What's the last book or article you read that you'd recommend to other entrepreneurs?
What one job should every person have to do at least once in their life?
Go out cold-calling and sell someone something.
How do you know when to keep fighting or to cut bait?
When you are no longer having fun and you have tried enthusiastically at least 100 times to get something going.
Will or should the U.S. have universal health care?
Yes, everyone deserves to have national health care in a great nation such as ours. We just need to find ways to do it and not be overtaxed.
What will be the new retirement age for 2009 grads?
Seventy-plus.
Finish this sentence: The United States' role as the leader of the free world depends upon ...
Our ability to be honest and still remain extremely strong.
Should the government have a say on executive compensation?
No, let free enterprise work.
Gold: Hoard it, trade it or avoid it?
You'd be safe to hold 5% of your assets and savings in gold and silver. Insurance for the future.
You have $100 million to spend in real estate. What do you buy and where?
Sixty percent in commercial or industrial real estate with at least 80% to 85% rented and a triple net lease yielding at least an 8% return. Thirty percent in rental housing property with the same return. Ten percent in farmland.
Are we in a sucker's rally?
I believe that the present stock market is a little overvalued for today's economy. If you look one year ahead, it may be a good time to buy.
You wake up dead broke tomorrow--what do you do?
Go out and find a job--any job, in any field possible. Got to eat.
What keeps you awake at night?
Sometimes jet lag when I travel.
What's the biggest threat to your industry?
At Paul Mitchell, in many cases, it's black market and counterfeits of our products in drug stores and supermarkets. We only sell Paul Mitchell in professional salons.
By the time a trend appears in the mainstream press, is it too late for investors to capitalize on it?
No, a trend is something that lasts for a while. The free advertising has already started.
What 21st-century invention (discovered or not) has the greatest potential to change our lives?
Bio breakthroughs in DNA that will lead to curing most diseases and give us a longer and better quality of life.
Who helped you the most in getting you to where you are today?
N/A
How much vacation time to do you take each year?
Two to four weeks.
What is your benchmark of success? When did you reach it?
I was able to pay all of my bills at Paul Mitchell on time. It took about two years after starting Paul Mitchell to get there.
At this point, does money still motivate you?
Yes, I can do more things with it to create more jobs and opportunities as well as lend a helping hand. It goes back to the saying of "Give a man a fish, and you have fed him for today. Teach a man to fish, and you have fed him for a lifetime."
Describe your life in five words.
Very lucky and happy human.
John Paul DeJoria on the Forbes 400 Richest List
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