At Fortune’s Most Powerful Women dinner in New York City, fashion Designer Tory Burch revealed the best business advice she received from former Google CEO Eric Schmidt. “My friend Eric Schmidt used to tell me that cash is king.”
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00:00My friend Eric Schmidt used to tell me that cash is king, and when he would say that to me, and he was on our board,
00:08I would say to him, well, if cash is king, culture is queen.
00:13The worst advice business-wise I ever got was when I first started our company.
00:19I was told to never, ever say business and purpose in the same sentence,
00:24because I started my company to start a foundation, and that was the beginning of my entire business plan.
00:31So I'm so happy I didn't listen, and I'm so happy that I did tell that person
00:38that now, today, companies are not innovative without purpose.