20/20 Billionaire Secrets Barbara Walters: John Paul DeJoria

DeJoria entered the world of hair care as an employee of Redken Laboratories. He was fired from this position, he claims over a disagreement on business strategies. In 1980, he formed John Paul Mitchell Systems with hairdresser Paul Mitchell and a loan for $700. In 1989, Paul Mitchell died and was replaced by his son, Angus as company co-owner. As of 2011, John Paul Mitchell Systems had revenues of $900 million annually.
DeJoria is involved in a number of other businesses. The Patrón Spirits Company he co-founded in 1989 with business partner Martin Crowley sells more than 2 million cases of tequila annually.
He was a founding partner of the House of Blues nightclub chain, subsequently sold to Live Nation for $350 million in 2006, and has interests in Pyrat Rum, Ultimat Vodka, a diamond company (DeJoria) and many more businesses. In this interview with Barbara walters, he shared his secrets for success and how he went from rags to riches.