Bill Rancic: Work and life shouldn't be balanced

How to avoid stunting your growth: Bill Rancic
How to avoid stunting your growth: Bill Rancic

Work and life in perfect harmony? Bill Rancic doesn't buy it.

"I always see these speakers and these authors saying you can have it all ... how to live the perfect balanced life and I don't believe it," the 44-year-old serial entrepreneur told CNBC.

"I think when you're climbing that mountain and you're trying to achieve something that's extraordinary, your life is going to be out of balance because you need to be willing to do what other people are not willing to do," he said.

Bill Rancic and Giuliana Rancic
Aaron Davidson | Getty Images

After winning the first season of NBC's "The Apprentice," Rancic oversaw the construction of the Trump International Hotel and Tower Chicago for the Trump Organization. He is also involved with RPM Restaurants and co-owns Xo, G Wine with his wife Giuliana Rancic.

Rancic met his wife when she interviewed him after he won "The Apprentice." She was a co-anchor for E! News at the time. Their life together has been on display through their Style Network reality show "Giuliana & Bill."

Despite the Rancics' highly produced life, glitz and glamour aren't the things that matter to "The Apprentice" winner, especially in the boardroom.

"It's about surrounding yourself with good people and checking your egos at the door," he said.

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The serial entrepreneur's advice to young people in business is to never assume that they've mastered everything and to be open to advice.

"That's where a lot of small business owners get in trouble. They think they know it all," Rancic explained. "Those people usually stunt their growth."

Although it's important to listen to constructive criticism, entrepreneurs should shrug off the people that ridicule them, he said.

"Often times people are going to tell you, you can't do it or they're going to laugh at it and that stifles innovation. Look at all the great ideas that were laughed at."