Focus on returns: As a business leader you have to constantly look at your bottomline and margins. Today, all shareholders and, in turn, managements are focused on return on investment. Businesses today have to be run sensibly — you can’t take emotional calls.
Have a fall-back plan: The greatest idea, when put in practice, may have its share of problems. Hence, work on your Plan B in advance, so you’re not taken by surprise. Competition will hit you when you least expect it. So, don’t get complacent.
Empower people: Believe in open discussions and empowering people. You can’t have the best idea or be an expert in every field.
Look at fresh talent: Hire people who are better than you. Look at them as long-term assets and not what will they do for you now. Don’t hesitate to hire from outside your industry. A fresh pair of eyes brings a different perspective to business.
Make work fun: Ensure everybody enjoys what they do and work is not drudgery. People should look forward to coming to work; otherwise you will not get the desired output from them.