Tilman J. Fertitta

I ask people what they do in sales, how much money they made last year, what their cost of sales is, and they don't even know. If you don't know your numbers, you're going out of business. I don't care how good your product is.

Don't ever let your business get ahead of the financial side of your business. Accounting, accounting, accounting. Know your numbers.

For years, people have been trying to talk to me about doing a show, and I wouldn't do one because I'm a serious business guy. I'm not going to do a stupid show. So, the opportunity came up with CNBC, and we started talking. It became a real business show. It's educational, people watch it, and it's great for small business.

The biggest thing I want to see is that people have the drive to succeed. If they can 'take it or leave it,' I don't do business with them. I enjoy mentoring. I like people who want to learn.

I know all three facets of the business: the development side, the operations side, and I know how to borrow the money and how to put the deal together. If it was easy, everybody would do it.

As much as you need to know your operations, if you don't understand the finance side and how to do the business, you're never going to be successful. So you might be the best operator or visionary, but if you don't understand the finance side... I'm successful because I know the finance side, but I also know operations; it's not an accident.

I have no issue with raising minimum wage, but then the customer can't say to us, 'Why are you raising your prices?'

If anything, I'd say my family was entrepreneurial - my grandfather and father. It was in our blood. But I didn't have this one mentor that was super successful.

If you don't change and mix things up, you're going to get run over. One of the things we preach is change, change, change.

I always ask candidates two things: 'How many times have you been fired?' and, 'Do you watch your clock when it's time to go? Do you look at your phone? Do you look at your watch?'

You've got to stay strong to be strong in tough times.

We're all born with different talents. I'm really not that smart, but I can see things - financially and development-wise. It's just the way we're made.