There are pros and cons of experience. A con is that you can't look at the business with a fresh pair of eyes and as objectively as if you were a new CEO. Fire yourself on a Friday night and come in on Monday morning as if a search firm put you there as a turn-around leader. Can you be objective and make the bold change?

It's an unbelievable responsibility to influence decisions, shareholder value and most important to me, people's careers and livelihoods.

It has given me a global vantage point, being the daughter of immigrants from China, who had nothing when they came here. And now I am leading a company. It speaks to something deep in me, the concept that you don't have to start with anything.

Talent is the No. 1 priority for a CEO. You think it's about vision and strategy, but you have to get the right people first.

I think it's critical that you feel you're working for a person who is committed to advancing your career.

My parents kept the best aspects of the Asian culture, and they Americanized the family. My mother was a great example for me. She was a working mother with a good career.

The company was actually founded on creating earnings opportunities for women, even before it went into skincare, lipstick, and fragrance. The founding Avon principle, before women could vote and when basically only men were working, was to allow women to get out of their homes and to create an entrepreneurship opportunity for them.