Bankrate: Were you prepared for the success of Def Jam? Did you have the tools necessary to talk big money and contracts?

Simmons: We might not have had the tools that the record people were looking for, like MBAs and business plans, but we had something much more important and powerful: A vision for what the streets wanted from a hip-hop label. That's why, in my book, I write: "Degrees are helpful, but they won't guarantee you success in the business world. Only faith and dedication to your vision can do that." I'm not trying to discount the importance of education, but I do believe that a strong vision, more so than an MBA, is the foundation for all great businesses. It was the foundation for Microsoft, it was the foundation for CNN, it was the foundation for Apple, and while I'm not trying to put it in the same category as those institutions, it was the foundation for Def Jam Records, too.

Bankrate: What made Def Jam such a runaway success when so many others failed?

Simmons: In a sentence, Def Jam was built on honesty. If Public Enemy wanted to shout "Fight The Power," then that is what we promoted, even if it wasn't popular. If LL Cool J wanted to release a ballad like "I Need Love" as a single, even though that didn't fit his image at the time, then that's what we released.

Across the board, we put an emphasis on being honest with what we put out there. Because one thing I learned very early on in the game was that hip-hop fans demand honesty. If you're a fake, they will smell it and they'll never support you again. But if you're honest with your art, they'll support you forever. You can see that today with my brother the Rev. Run. Many of his songs have been smashes, some haven't, but all his songs have been 100 percent honest and authentic. So 25 years after he got into the game, people still love him and support his MTV show "Run's House." Because through the ups and downs, hits and misses, he's always been Run. But if Run had stopped being honest with his music, then there could have never been a "Run's House." People would have rejected him a long time ago. This isn't to say that the other labels weren't being honest with their music, but I don't think they made the same commitment to it that Def Jam had.

Bankrate: A lot of the advice in "Do You!" might be perceived as old school -- work hard at every job, don't wait for the check and don't compromise who you are. Did some in the hip-hop world consider you un-hip because of your business acumen?