Russell Simmons believes he has never failed.
Some of his customers might disagree, however. For example, the Rush Card, a prepaid debit card launched by the hip-hop mogul and entrepreneur, had a technology problem last fall that temporarily prevented customers from getting access to their accounts.
But when CNBC asked Simmons about his biggest failure, he said he didn't have an answer. He's made plenty of mistakes, of course, but he doesn't see mistakes as failures.
"I think everything is a learning experience. At the moment it feels like a failure, but then you look back on it and [realize] it gave you direction or inspiration," says Simmons, who started his life slinging drugs on the streets of New York and rose to become a hip-hop impresario.