Nick Cannon has a modest goal: to become an entertainment mogul. At 25, he's got a solid start: He's an actor (Drumline; the upcoming drama Bobby with Demi Moore and Lindsay Lohan) and rapper (his sophomore album, Stages, hit stores in April) and owns a record label (the Motown Records imprint Can-I-Ball) and a fashion company (he recently bought the PNB Nation hip-hop clothing line). What's more, his MTV improv comedy show, Nick Cannon Presents Wild 'N Out, ran a second season. Cannon, who lives in San Diego and Charlotte, N.C., talked with PEOPLE.com about his non-stop schedule, the rumors about his love life and why the White House isn't out of the question for him one day.
With all your projects, when do you find time to sleep?
I wake up at 6 in the morning and I only get four hours of sleep a night. There aren't enough hours in the day. I actually love to sleep but I had to train myself to only get four hours because I needed those other 20 to operate.
What drives you to work so hard?
Just the urge to really make my mark in this game and to be the best entertainer I can possibly be and at the same time make sure that I can provide for my family.
You've been entertaining people since you were 11.
The first time I started doing stand-up I was kind of opening up for my dad (who's a minister). He would speak at churches and I would go on before him.
What can we expect from Wild 'N Out?
We took it up a notch to where (MTV's) standards and practices department is calling us every day and saying, "You can't say that." It's basically an improv show but it's a whole new genre called freestyle comedy. Even when we shoot the actual sketches, we have a script, but we kind of do our own thing and let it flow free.
One of your guests this season is Tyra Banks.
There's a special part of the show where I step out of my comedic realm and propose to her because it's the only chance that I have. So I got down on my knee and brought a wedding ring and was like, "You need to marry me."
You'll have to see. I've had a crush on Tyra Banks all my life – I used to have her pictures on my locker. I used to steal my mom's Victoria's Secret catalogs (laughs).
Speaking of the ladies, what's going on with you and Brandy? There were reports that she's your girlfriend.
(Laughs) I don't know where (the tabloids) got it from. She's definitely a friend of mine but we're not dating at all. We're working on some music together. We've been friends a long time. When I heard that I was like, "Huh?"
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