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.

Every person I meet is struggling with how to understand themselves and reach their full potential. No one has it fully figured out. It is a life long struggle - -there isn't a precise destination or arrival.

If you're the smartest person in the room, it can sometimes be hard to learn to delegate - the person to whom you're delegating will do the task worse than you would - and it will annoy you!

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.

Without strong visionary leadership, no strategy will be executed effectively.

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.

Passion is the rocket fuel that helps you perform at your best. It helps you get through bad days, injustices, hardships and disappointments. It is hard to perform at a high level for a sustained period of time without passion for what you're doing.