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

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.

Great companies create an environment in which employees act like owners. They do this through clear communication, articulation of clear vision and priorities, coaching and openness to debate/discussion. I would argue that this type of environment helps people to be at their best - and helps the company to be at its best.

Why do leaders fail? Isolation and inability to learn. They are afraid to express doubt, admit vulnerability or seek advice from subordinates. Leaders must actively work to seek feedback and a reality check. They must be open to asking questions and framing issues. As the world becomes more complex and global, the risk of isolation becomes greater. The need for leaders to be open to learning becomes greater. Great leaders will need to ask the right questions and balance inquiry with advocacy.

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.

I loved my career at Goldman Sachs. I believed in business principle number 1: if the client succeeds, our own success will follow. This principle formed the basis for my career and my leadership style.

There's a step that leaders need to take; they've got to understand themselves.