Earvin "Magic" Johnson

Trading in his nickname, 'Magic,' for 'Mr. Johnson' around the office, the NBA Hall of Famer runs a $500 million inner-city empire that includes movie theaters, restaurants, athletic clubs, and shopping malls.

Yes, race matters. I've based my business on it. I wanted to show the business world that you can be successful in minority communities. It was uncharted waters and took some convincing. I would drive companies through places like South Central and say, "I want to bring your business here," and they would look at me like I was crazy. I knew it would work, though.

When I was an NBA player, I was always dreaming of business plans. As a black man you have to. Minorities make money, but we don't generate wealth. But a business generates wealth—it is power, it is something that you can pass on to the next generation. That is what is needed in the black community. We can pass on problems—it's about time we passed on wealth. Kids look to ballplayers as idols, but [BET founder] Bob Johnson is my idol. I'm watching his moves.

For me the best part about being a CEO is creating black vice presidents, black presidents, black general managers, black managers. That is the kind of legacy that matters.