Want to launch a business but not sure where to start? Russell Simmons recommends thinking about what you wish you could buy that isn't currently available.
"Entrepreneurship is about giving people things they don't already have," Simmons tells CNBC. "For me, it is filling a white space. It is giving people something that you love that you think they need."
The hip-hop impresario got his start founding Def Jam Records in 1984. Today, he is a serial entrepreneur and an avid yogi — roles he says are more similar than you might think.
"A yogi gives what he wants to receive and that's it; it's that simple," says Simmons, who is in the process of starting a yoga studio, Tantris, that will open in West Hollywood this fall.