In an exclusive interview recorded by NDTV before a studio audience, Chopra, who is celebrating 60 years as a filmmaker, talked about his life and career in films.
Explaining how he first took the decision to launch his home banner Yash Raj Films, he said: "At that time I didn't have a house. I didn't have a car. I didn't have a bank balance. I had a feeling I should make my own company called Yash Raj Films. I knew if I was to make a film I would have to do all things myself. But I learned that in life if you are to grow it's on your own feet, not on anyone's shoulders.
"My mother said to me, 'Do what is in your heart. I can see your confidence in your eyes'. It was my mother's blessings that kept me going for 20 years. This phase was the most important in my life."
Describing the veteran director as a "genius", Khan, who conducted the hour-long one-to-one interview, said: "True geniuses are prolific. They get on with things, they make things happen. They don't wait for it to happen. This is how Yashji is."
Khan, who stars in Chopra's forthcoming film Jab Tak Hai Jaan, said it was because of Chopra that at the age of 9 he decided to become an actor.
"So many lives have been touched by your films that you don't even know. One of them is mine. I was 9 years old. My Hindi was very bad and my mother said if you get ten out of ten in Hindi I'll take you to the movie theatre.
"The first film I saw in my life was one of Yash Chopra's. That made me think, 'I want to do this'. The film was Joshila. It was the first film I ever saw and since then I've been following you. My life is bonded to you since then."
Speaking about his films, Chopra said: "I think till today Deewaar is the finest script written by Salim Javed. I have never enjoyed filmmaking as much as Kabhi Kabhie. It was a wonderful time for filmmaking."
Synonymous with the romance genre, Chopra explained that his films are in fact about much more than romance.
"Everyone wants to be loved," he said. "I don't make romantic films. I make films about human relationships. Human beings are very complex creatures. This desire, this greed, this love is very complex. It's destiny's game. I'm not making films just to be bold. I want to make different films."
Speaking about the eagerly awaited Khan starrer Jab Tak Hai Jaan, Chopra said that the film was "borne from his soul".
Describing Khan's female co-stars in the film, the director said: "Katrina is one of the most beautiful women on the screen and a very hard-working girl. She has given a great performance and she looks gorgeous. Anushka has been a very good actress and you're the lucky one you have both of them."
Khan, who has starred in seven films directed by Chopra, said of the acclaimed filmmaker: "I only look forward to working with him not because he's a father figure, but if you ever have to do one film in your life, it should be the film that Yash Chopra directs.
"The nicest time I ever had is working with Yash Chopra. He thinks I respect him but it's more than that. It's complete and unbridled love for the art that I experience with him."
When asked when his next film will be, Chopra said: "I listen to my heart. I don't care what people think. If my heart says it's enough after Jab Tak Hai Jaan, I won't make any other film.
"This film is even better than the script I received. I am satisfied with that. I am very happy with this film. I have no desire to do anything else."
Khan replied: "It doesn't comes as a surprise, but as a happy sadness. Happy that this film gave you so much happiness and sad that we can't change your mind.
"It's a moment of history for me. Somehow all our lives are entwined in some way and my life is bonded with yours."
Describing his bond and relationship with veteran actor Dilip Kumar, Chopra told Khan the key to being a top performer, saying: "The secret of being a great actor is a love of food."
The acclaimed director also paid tribute to his own father, crediting him with his success. "My father - my friend, my guru, my guide, my everything. Today I am sitting here, it's only because of him. No-one else."
Chopra's 22nd film as director Jab Tak Hai Jaan releases on November 13.
Watch the full interview below: