Innovation happens when people are given the freedom to ask questions and the resources and power to find the answers.

I felt uneasy about making the rapid decisions I have always made, and wondered whether every decision should be formally ratified and minuted at a board meeting.

Find somebody else to run your business on a day-to-day basis.

My philosophy is that if I have any money I invest it in new ventures and not have it sitting around.

When I was 15, I left school to start a magazine, and it became a success because I wouldn't take no for an answer. I remember banging on James Baldwin's door to ask for an interview when he came to England. Then I got Jean-Paul Sartre's home phone number and asked him to contribute. If I'd been 30, he might have said no, but I was a 15-year-old with passion and he was charmed. Making money was always just a side product of having a good time and creating things nobody'd seen before.

Above all, you want to create something you're proud of.

The first thing to look for when searching for a great employee is somebody with a personality that fits with your company culture. Most skills can be learned, but it is difficult to train people on their personality.