Perhaps the central task of the leader of leaders thus becomes the development of other leaders.

Encourage dissent: Leaders should have associates who have contrary views, who are devil's advocates, "variance sensors" who can tell them the difference between what is expected and what is really happening, between what they want to hear and what they need to hear. There are too many naked emperors running around today.

I'd always rather err on the side of openness. But there's a difference between optimum and maximum openness, and fixing that boundary is a judgment call. The art of leadership is knowing how much information you're going to pass on - to keep people motivated and to be as honest, as upfront, as you can. But, boy, there really are limits to that.

One of the worst mistakes is to do nothing.

Embrace error: Create an atmosphere in which prudent risk taking is strongly encouraged.

Companies which get misled by their own success are sure to be blind sided.

Understand the "Pygmalion Effect": Leaders should always expect the very best of those around them. They know that people can change and grow.