My faith is very important me. I think the notion that there's this greater force outside of ourselves that's created the universe, created challenges, creates opportunity, the notion of man's responsibility to man.

One of the things I've probably absorbed when I was in business school - and didn't know I was learning it - was about life cycles, that things begin, and they peak, and then they decline. So whether you look at life cycles of fashion, or you look at life cycles of things that people buy, designs, everything is in a life cycle. Getting out of the apparel businesses and into beauty and lingerie, those were very big bets, but they were very deliberately thought about and tested over time.

Everything has a lifecycle. You have to believe it’s going to change.

In the '70s and '80s, the mentality of America was that everything was disposable. The notion of quality wasn't important.

My view is that everything begins with the customer. If you know the customer, then you can match the merchandise and then you can market it. The marketing is kind of the icing. The foundation is the cake. That's the merchandise. Then the question is, "Do the customers want cake, or do they want cupcakes or donuts. What is it?"

As an entrepreneur, you work out solutions.

Society can't wait. It's sad there are so many entrepreneurs, business successes and venture capitalists who give no thought to society.