Do Not Live Beyond Your Means - Simon Cowell

Simon Cowell
Company: American Idol
Net Worth: $50 million

Simon Cowell has become one of the most recognized faces in the television industry by not only being rude but more importantly by listening to what he was at heart – a self-proclaimed serial entrepreneur. A music producer and executive, TV personality and businessman all rolled into one, Cowell has been steadily climbing to success for almost four decades. Love him or hate him, Cowell is now worth over $50 million and continues to leave his mark in the entertainment industry.

When Cowell was once asked what the secret to success was, he replied, “Work hard, be patient, and be a sponge while learning your business. Learn how to take criticism. Follow your gut instinct and don’t compromise.” It is by following this recipe that Cowell has shot to fame and earned a reputation as not only a great record producer, music executive, and television personality, but also as an astute and successful entrepreneur.

Advice For Entrepreneurs:

“When I was 30 the company that owned Fanfare went bust, and I effectively lost everything. I had to move in with my parents. In hindsight, it was the best thing that happened in my life because I learned the value of money: not to borrow money and not to live beyond my means. And I learned that getting there is more fun than being there. But one thing that I have always been able to do is to own up to my mistakes and not blame others.”