A.G. Gaston
Late Chairman, Booker T. Washington Insurance
On rules of success:
Save a part of all you earn. Money doesn’t spoil; it keeps.Take no chances with your money. A man who has no money to lose has no business gambling. Never borrow anything that, if forced to, you can’t pay back. Find a need and fill it. Successful businesses are founded on the needs of people. Once you have money, or develop a reputation for having money, people will give you money.
Bob Johnson
Founder and Chairman, RLJ Cos.
On leveraging your assets:
Try to align yourself with a strategic partner [that] can bring something to the deal you don’t. Don’t worry about 100% ownership. If you generate value, nobody is going to take you off the field. Do not miss the chance to leverage whatever assets you have, in addition to your ability and skill. Leverage your political clout. Leverage your demand that companies address opportunities for minorities in [a given] sector. Don’t be afraid you’re going to be blackballed. If you’re good, you won’t be blackballed.
Hank Aaron
Former CEO, Hank Aaron BMW
On making the transition to an entrepreneur:
I always had my eye on the bigger picture. I believed that if I could just get into something and keep it growing, I could do well. That’s when I looked at myself and said I was a businessman. I tell all athletes to make valuable contacts when you’re playing baseball. The people I made contact with eventually came back to me to get into business…You have to prepare yourself by looking at someone who is not in the same picture with you, not playing sports.
Oprah Winfrey
Chairman, Harpo Inc.
On managing growth:
For too long I operated this business like a family. After a while you can’t see everybody, you can’t talk to everybody. And you have people manage people who were never managers before. I’m getting to the point of understanding how strategic planning, creating an infrastructure, and having a vision can be helpful. And as I move forward in creating other companies, I’m operating more as a businesswoman.