What Makes Russell Simmons So Successful? →

You have started a lot of businesses. How did you know when it was time to sell or to walk away?

I start a business and no one understands it. I work the hardest and then somebody else comes along and they start to get it. Eventually there are a few people that share the vision, then a whole team who get it. Usually a few people on the team emerge and they are much smarter in that business than me, which is exciting. My attention or focus may change a bit and then I have those guys telling me what to do more than me telling them. And that’s usually about the time I start making phone calls to set them up because they are really doing a better job at it than me or they have a handle on it. It doesn’t necessarily mean that I’m going to sell, it just means I’m less attached.

Serial entrepreneur Russell Simmons shares his strategy on turning an idea into a successful enterprise. Read more.