Entrepreneurs looking for business advice and stories of inspiration might want to tune into Benzinga's latest "Raz Report" to hear from John Paul DeJoria, the founder of Paul Mitchell and Patron.
What Happened: DeJoria is a billionaire today thanks to founding Paul Mitchell in 1980. He later founded Patron, which is one of the leading tequila companies today.
DeJoria went through times of difficulties in his life, previously selling items door-to-door and living out of his car.
"I had to figure out how to eat and how to sleep," DeJoria recalled during an interview on "The Raz Report" with Benzinga founder Jason Raznick.
Here are several highlights from the interview with DeJoria. Watch the full episode below.
Related Link: Patron Founder John Paul DeJoria Knew Nothing About Alcohol At Launch, Company Sold For $5.1 Billion Years Later
Business Advice: DeJoria shares many pieces of advice during the interview with Raznick.
"Don't give up on anything," DeJoria said.
The billionaire said he still works even though he doesn't have to.
"I'll never retire because I love what I do, I love who I do it with, and who I do it for."
One of the keys to success for door-to-door sales was not giving up, DeJoria said.
The billionaire recalled being told that very few would make it when he was selling encyclopedias, but some would make it big.
"If you're prepared and you know it's coming, it's not going to put you off and you're not going to give up."
DeJoria said it's important to remind yourself of what's coming.
"You'll keep on going."
The best piece of advice DeJoria ever received was to "be prepared for a lot of rejection."
"When the going's tough, the tough get going."
Success of Patron: While Patron is successful today, DeJoria didn't know if the brand would be a hit — he didn't have prior experience in the alcohol sector.
One item that helped boost Patron sales and demand was word-of-mouth marketing.
DeJoria recalled that rappers were writing songs and verses about Patron (more than 200 songs mention the popular tequila).
"It became a culture thing," DeJoria said.
The entrepreneur also recalls being invited to the movie premiere of the 1993 film "In the Line of Fire" starring Clint Eastwood.
DeJoria remembers sitting in the middle of the theater and seeing Patron on the big screen.
"The only thing he ever drank in the movie was Patron tequila," DeJoria said of Eastwood's character, who drinks Patron during a critical scene where he's trying to talk terrorists out of killing the president.
DeJoria said Eastwood once said in an interview the only two things he drinks are "good red wine and Patron tequila."
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