Manage the dream: Create a compelling vision, one that takes people to a new place, and then translate that vision into a reality.

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.

That's important to remember: it's not just a collection of great individuals but a group of people who enjoy playing in the sandbox, thoroughly enjoying collaborative problem solving.

Recognize the skills and traits you don't possess, and hire the people who have them.

Great leaders love talent and know where to find it. They surround themselves with talented people who can work effectively together.

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

Vision animates, inspires, transforms purpose into action.