LISTEN TO THE TYCOONS

Wilbur Ross

What’s the one thing every first-time entrepreneur should know?

New entrepreneurs should know that it is better to back a mediocre idea that is brilliantly executed than a brilliant idea that is poorly executed.

Gold: Hoard it, trade it or avoid it?

Trade gold.

What is your benchmark of success? When did you reach it?

Success is having made the last deal work. It is a never-ending process.

John Paul DeJoria

Will/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.

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.

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.

Donald Trump

What’s the last book or article you read that you’d recommend to other entrepreneurs?

Edward de Bono’s Six Thinking Hats thoroughly covers the process of thinking, and it’s a way to avoid blind spots if you are thinking alone. He coined the expression “lateral thinking,” and this book provides a comprehensive approach to using your brain in an efficient and effective way.

What’s the biggest threat to your industry?

Fear. People sometimes don’t realize that real estate runs in cycles. That’s normal.

What’s the biggest business blunder you’ve ever made, and what did you learn from it?

Buying a yacht. It was an investment I couldn’t wait to get rid of.

Steven Schonfeld

Should the government have a say on executive compensation?

No, shareholders should have more say on amounts and reward systems for public companies. Boards have failed in their responsibilities.

You have $100 million to spend in real estate, what do you buy and where?

Partially developed commercial properties in which banks have no appetite to compete and that can be purchased.

How much vacation time do you take each year?

I work every day even if I am on vacation, but I take time away from the office to look at the bigger picture; I feel I am always working and, on the same hand, always on vacation, because I love what I do.

John Catsimatidis

What’s the biggest business blunder you’ve ever made and what did you learn from it?

Going into the airline business. A common joke in the industry is if you want to get to $10M you start with $100M, and you’ll get to $10M real quick.

You have $100 million to spend in real estate, what do you buy and where?

Inner-city NYC and oceanfront.

How much vacation time do you take each year?

All available school holidays when I can spend time with my kids.

~ by thebravoshow on October 5, 2009.