Mike Ovitz, a cofounder of Creative Artists Agency and former president of The Walt Disney Company, says there are many parallels between the movie and music industry of the 1970s and 1980s and Silicon Valley today. When it comes to managing creatives, he says you have to have patience and believe in the work. But to get that work made, you have to have shrewd negotiating skills. Ovitz says he now regrets some of the ways he approached business in his earlier years, and advises young entrepreneurs about what he's learned along the way. He's the author of the new memoir "Who Is Michael Ovitz?"

Editor's note: This post was updated September 26, 2018 to correct the title of Ovitz's book.