Russell Simmons

Simmons offered the following advice for all entrepreneurs: young, old, big and small.

• Do a business you believe in: "I'm an entrepreneur who is moved by passion, but not numbers. I am constantly being approached with business ideas that will make money, but if I don't believe in the business, I won't do it," said Simmons.

• Be passionate about what you do.

• "Stay on your hustle," said Simmons. "Don't quit."

• Give away your business products and services for free. "If you are a good giver, you will be great getter," Simmons said. "The less you need, the more you attract."

• Find businesses that lift people up.

• Don't worry about the results. Focusing on results distracts the entrepreneur, from building his or her business, said Simmons.

• "Quiet the mind," said Simmons. The entrepreneur who has a still mind is the entrepreneur who can do anything, he said.