John Paul DeJoria went from Homeless to Billionaire

So how did DeJoria maintain motivation and build such an expansive empire? He says there were three rules he followed on his path to success.

Rule No. 1: Always be prepared for rejection.

Throughout your career you are going to run across rejection, DeJoria points out. “You will knock on doors, and many will close on you. There will be people who don’t like your product, your company — or you.” It’s important you realize this from the day you launch your business. “To be successful, you must remain as confident and enthusiastic on door No. 59 as you were on door No. 1.” If you realize this is going to happen, the rejection won’t hit you so hard. It will help you be resilient, he explains.

Rule No. 2: Make sure your product or service is the best it can be.

DeJoria is adamant: “Always remember you don’t want to be in the product business. You want to be in the reorder business.” As he explains, Work hard to develop a world-class product consumers want. That kind of thinking gives you a better shot at being a success.

Rule No. 3: Doing good is good for you — and your business.

“If a business wants to stay in business, it cannot just think of today’s bottom line,” says DeJoria. It must make a company commitment to help others immediately. “By helping others, you are creating future customers and inspiring employee loyalty,” he explains. “Customers like to be involved with people and businesses that donate their time to help others, save the planet and make a difference.”

Demonstrating that point, DeJoria notes that since he started Paul Mitchell in 1980, His total employee turnover has been less than 100, and two of those workers retired.