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 and leadership is about the future. What worked five years ago is unlikely to work tomorrow.

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.

The better strategy is to focus on strengths and surround yourself with people who can complement your skills. However, you have to first do the analysis.

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.

Vision and priorities should precede actions. Actions should be judged through the prism of how the firm adds value and the key competencies it seeks to build.

There are multiple ways to solve a problem and add value. There are seldom right answers. So, you've got to use your abilities to diagnose a situation and use your best judgment on what to do and how to do it. You WILL make mistakes - when you do, admit them and go back and try to fix them. I don't know is often the right answer.