Three current and former contestants on the hit NBC reality show “The Apprentice” discussed the leadership lessons they have learned both in their business careers and on the program at an AMA Current Issues Forum on October 22 at AMA’s Chicago Executive Conference Center.

Bill Rancic, chosen as the “Apprentice” by Donald Trump in the show’s first season and now a Trump executive, and Bradford Cohen and Pamela Day, controversial firee’s from this season of “The Apprentice,” participated in a lively panel discussion, fielded numerous questions from the more than 60 attendees and judged an ”Apprentice”-style contest on commonly faced workplace business issues. The panel and program were facilitated by AMA faculty member Jim Vidakovich.

AMA is conducting a number of “Lessons Learned From ‘The Apprentice’” forums. Read a complete report of the New York session featuring Donald Trump, Carolyn Kepcher and George Ross here.

Asked what makes a successful leader, both in “The Apprentice” and in the real world, Bill Rancic, provided a comprehensive response. Mr. Rancic has been an entrepreneur since his teens and has created, built and sold an online cigar company. He also has written a book You’re Hired: How to Succeed in Business and Life, based on his professional and “Apprentice” experiences. He cites these attributes as key for successful leaders:

• Agility—People bring different styles to the table and textbook answers and textbook management may not always work. Practical experience will often win out over theory. Stay flexible.
• Manage Risk—People need to convert risk into success. Leaders separate themselves from the pack by taking risks. Look at the worst-case scenarios and, often, you’ll realize that they’re not so bad. Remember, it’s ok to make mistakes.
• Pace Yourself—You’re in business and life for the long run. Don’t pull people down to build yourself up. Be yourself. That’s a better long-term strategy.

Bradford Cohen, a law firm founder and owner who was fired in Episode 2 for giving up his exemption, concurred that entrepreneurs, especially, need to take risks. “Leaders are forged by the experiences they have and the mistakes they make.”

Pamela Day, founder and president of her own investment company, believes that it‘s very important for leaders, whether in reality TV shows or conventional business, to pick the right team. “Try to figure out the style of the people you will work with well. I try to surround myself with people better than I am. It’s not about what they know, but the way they’ll interact with you, the leader.”

In response to the timeless question “Are leaders born or made”, Mr. Cohen thought that some outgoing people possess innate leadership qualities that others don’t. Ms. Day had a different perspective. “Charismatic people, like Bradford, will always say that leaders are born,” she said. “But charismatic leaders can get lazy.” She pointed out that more high- return companies are led by quiet, unassuming leaders who are not super-confident, outgoing or gregarious.

“I think,” Mr. Rancic observed, “that what leaders have and need is an internal drive, a never-quit mentality. When people tell them they can’t do something or can‘t succeed, good leaders work that much harder.”

Asked what lessons they have learned from “The Apprentice”—the contestants were reflective and open:

Pamela Day—“Watching my own behaviors on the tapes was most instructive. To see how I really interacted with people—I’ve been learning from it and modifying my behavior because of it.”

Bill Rancic—“The experience validated my business principles and philosophies. It was a measure to see how I stack up and an indication that I should keep doing what I’m doing.”

Bradford Cohen— “The show validated the way I was. I’ve always admired people who’ve taken risks and started something from scratch. I gained insight on how I came off and feel good about my approach.”

Following the panel discussion and question session, attendees participated in an “Apprentice”-style competition during workshops facilitated by Jim Vidakovich and Joanne Malone. The two finalist teams each received AMA prizes and the winning team also received an autographed copy of Bill Rancic’s book, You're Hired: How to Succeed in Business and Life.

For additional photos from the “Lessons Learned” Forum in Chicago, click here.

AMA is issuing a “Lessons Learned” analysis of each episode of “The Apprentice.” Click here to read all weekly lessons.

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