"My son and my daughter both want to be in the business. They both want to act and I've told them to be ready for rejection," he said. "That's the one part I always warn everybody starting out in the business. You have to be able to take a hit and keep on going no matter what."
"It's hard, but you have to deal with it because it's going to happen," he continued. "I experienced lots of rejection in my career and it's never easy. You have to keep on going and someone will say yes."
The 71-year-old star also got candid about his battle with tongue cancer, which he announced five years ago. In the interview, Douglas, who has been cancer-free since January 2011, gave special thanks to his 46-year-old wife for her constant love and support.
"Well it's good to be alive," Douglas said. "You never anticipate that. That was a workout. It was one of those situations where I was aware of something being wrong and had two or three misdiagnoses and spent a year before I went in and found out it was stage 4 cancer."
"Once you come out of that end, you have a resurgence of energy and you take advantage of what you want to do with your life," he added. "You have to be conscious about how many years you have and anything beyond that is gravy. I am extremely fortunate."
"I look at this generally as my third act," he said. "I am also happy. I am cancer-free now, so you have a new appreciation and I think the combination of Behind the Candelabra and Liberace and now Ant-Man sort of opens my resume and my range of parts to play."