Once as a young man, John Paul DeJoria was homeless. Today, this self-made entrepreneur is worth over $3 billion. The founder of Paul Mitchell Systems and Patron Tequila, DeJoria recently gave a speech at the TEDx conference in Los Angeles.

A first-generation American turned entrepreneur, DeJoria is an excellent example of achieving the American dream. His personal story and the companies he created are nothing less than inspirational. He is a socially minded business owner who develops brands around the pillars of sustainability, social responsibility, and animal-friendliness. He is also a member of The Giving Pledge, a philanthropic gathering of the wealthiest families in the world who are all committed to donating the majority of their wealth toward pro-social causes.

But for DeJoria, that dream didn't come without a lot of hard work and a resilient spirit. In his TEDx speech, DeJoria discusses how he overcame obstacles in his life and shares a few secrets to gaining an edge on the competition.

DeJoria believes that one essential component to success in any endeavor is the ability to go the extra mile. He means working hard - plain and simple. But it's not enough to only work hard when your boss is looking over your shoulder. In his speech, DeJoria sums up his point, saying, "Doing what you should be doing, even when no one is watching."

He also makes a strong case for being a person who takes action, especially when the masses are standing still. "Stop imagining," says Dejoria, "and start doing." It is precisely this can-do, fearless attitude that has taken DeJoria, and so many others, from rags to riches.

However, near the end of his speech, DeJoria shares his two secrets for becoming a successful entrepreneur. The first is a hurdle all successful people must learn to overcome. The second deals with taking pride in the service or product your offer to the world.

Here are John Paul DeJoria's 2 facets to becoming a successful entrepreneur:

1. Be Prepared For A LOT Of Rejection - Rejection is an inevitable part of the entrepreneur's journey, especially when starting out. In the beginning, DeJoria suggests that we must not listen to people who doubt our abilities and just keep pushing. More importantly, by being properly prepared to deal with rejection, you will be much less affected by it.

2. Produce A Service Or Product Of The Highest Quality - While some companies worry about generating income over all else, DeJoria believes the quality of a product is critical. "You want your product or service to be so good," says DeJoria, "that you're not in the selling business, you're in the re-order business."

These lessons are straightforward, and yet they are widely applicable. If you implement them into your life, maybe someday you will reach the level of success Mr. DeJoria has. However, if you do, try to live with his motto in mind.

"Success unshared is failure." - John Paul DeJoria