As a leader, it is often better to ask the right questions and listen than to have all the answers.

There are three main areas of focus: vision, priorities and alignment. It is critical to articulate a clear vision - how do we add value based on what key competences? Some leaders fail to be clear enough or fail to update the vision based on changes in their industry and in the world.

Change efforts happen when a firm is out of alignment with achieving its vision. If the organization has broad buy-in on a clear vision, the need for change becomes much clearer. It also helps to over-communicate what you're doing and why you're doing it. Lastly, the leadership needs to spend as much time on "how" changes are being made and "what" changes are being made. Human beings are involved and there are winners and losers.

Managing risk is very different from managing strategy. Risk management focuses on the negative-threats and failures rather than opportunities and successes.

The vision must be realistic - it has to be based on clear distinctive competencies. Again, what would the world lose if you didn't exist? A vision is very powerful because it gives you a basis to judge every action you take. Every action should be viewed through the prism of whether it furthers the vision.

Business education must constantly be changing and being updated to improve the quality of the student experience. On line courses will be a key part of supplementing course offerings and providing opportunities for life-long learning. Like any industry, business schools must continue to think and re-think how they add value to students and create thought leadership.

Personal relationships are often based on affection - professional relationships can have affection but they must have mutual understanding, trust and respect.