Overtime with Outland is Action Catalyst host Adam Outland's reflections and commentary on discussions with each of his esteemed and accomplished guests. In this segment, Adam dissects Episode 460, with entrepreneur, television personality, author and speaker Bill Rancic.
Action Catalyst listeners, welcome back to Overtime with Outland. This is going to be for episode 460 with entrepreneur and television personality, Bill Rancic. In this episode, we learned a handful of things from someone that's been really successful in career, business, and show business. And we peeled back the layers to figure three things that would be really beneficial for our listeners here.
Number one, you don't learn much from success. Like so many other entrepreneurs, Bill believes in failure and being comfortable with it. He especially believes that the effect social media is having on our younger generations, where all they see is the success and the victory, and no one shares the struggle and the failure, is creating unrealistic ideas of how the world works.
And it's possibly hindering the development of young entrepreneurs. He says that making a mistake isn't failure. Making the same mistake twice is. Number two, as a leader, treat yourself like the conductor of an orchestra. The conductor doesn't play an instrument himself. He doesn't do all the work himself.
He hires the very best people and then knows how to get the best out of each of them individually, as well as together as a team. Be a conductor. Set the tempo for your team and help them get the most out of themselves for the business. Number three, have a mindset of creating solutions more so than fixing problems. That might sound like the same thing, but it isn't.
There's always going to be problems. Even the things designed to fix problems could one day develop problems themselves. Make your goal with the service you provide or product you create about creating a solution, maybe even anticipating a solution someone didn't even know they wanted or needed. Apple was famous for doing this with its products.
And Bill says Elon Musk is doing the same thing today with his companies. A solution versus a fix to a problem. The words may sound similar, but the difference is huge. And for the full interview, check out Action Catalyst episode 460 with Bill Rancic.