First and foremost, effective leaders must continuously strive to make themselves smarter and better at making judgments.

Those who take risks walk the high wire with no fear of falling.

I am reminded how hollow the label of leadership sometimes is and how heroic followership can be.

Leadership (according to John Sculley) revolves around vision, ideas, direction, and has more to do with inspiring people as to direction and goals than with day-to-day implementation. A leader must be able to leverage more than his own capabilities. He must be capable of inspiring other people to do things without actually sitting on top of them with a checklist.

The leaders I met, whatever walk of life they were from, whatever institutions they were presiding over, always referred back to the same failure something that happened to them that was personally difficult, even traumatic, something that made them feel that desperate sense of hitting bottom-as something they thought was almost a necessity. It's as if at that moment the iron entered their soul; that moment created the resilience that leaders need.

Good leaders make people feel that they're at the very heart of things, not at the periphery.

The crucible is a dividing line, a turning point, and those who have gone through it feel they are very different from the way they were before. Believing that they have been transformed or have transformed themselves, those who survive the crucible (and many don't) are more confident, more willing to take future risks. That new self-confidence is grounded in the belief that he or she has done something hard and done it well.