Kathy Ireland has shed her swimsuit for the business suit.  The model turned mogul is the founder and CEO of lifestyle company Kathy Ireland Worldwide, which has annual merchandise sales of more than $2 billion from licensing the brand out to some 17,000 products.  And while she still graces the covers of magazines, it's more likely to be on Forbes than Cosmo.

But moving from modeling to business wasn't easy, and Ms. Ireland, 53, learned some valuable career lessons along the way.  "My old job description as a model was 'shut up and pose,'" Ireland told CNBC.  When she did speak, she said critics judged her every word.  "Some critics said publicly that I had a voice that could kill small animals. It was not a real confidence builder."  But that didn't stop her from pursuing her longtime passion of entrepreneurship.

When a marketer approached her about an opportunity to model socks, Ireland made a counteroffer. Instead of modeling socks, she would be a business partner in creating the sock line. Soon after the deal, she launched her company in 1993.  Some time later, after landing a deal with Irv Blumkin of Nebraska Furniture Mart, a Berkshire Hathaway business, Ireland met Warren Buffett. The business legend told her to expand her brand.  She took his advice. Her company now sells products ranging from home office furniture to vases and will soon expand to sell diamonds. 

In her interview, Ms. Ireland offers advice on dealing with criticism and not limiting oneself.