My favorite leader is George Washington. Because he came from very modest circumstances. He wasn't the son of a plantation owner. He was the son of a farmer. He had no formal education, very frustrated. He started writing a diary when he was in his teens, and he wrote things like, "When I grow up, I want to be respected. When I grow up, I want to be successful. When I grow up, I want to know things." What I find fascinating about Washington is he wanted to make something of himself.

If you keep your nose to the grindstone, you don't have any nose.

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.

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

Ask yourself: What forms the decisions you make? What is it that gnaws at you? What are your crucible moments?

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

"What would people say about you when you're gone?" That to me was a very important question. I thought about that for a couple of years and said, "What people say about you when you're gone doesn't matter. You're gone." What really matters is, "What do you say about yourself in the here and now? Are you proud of what you're doing?" If you had a short lease and it ended today, or it ends tomorrow, what would you wish you would have done? You better do it.