55 Management Lessons from Top Management Gurus

For a business to stand strong for years, it needs a great team which manages every aspect of the business through its highs and lows. There are many inspiring stories of businessmen/entrepreneurs out there who struggled hard and took along his/her team through the rough patches to achieve their business goals. Reading such inspiring stories and gaining management insights from those management wizards would be a great learning experience for people across the board in the world of business.

This article brings you some great management insights from some of the legendary management gurus and leaders. It is a must-read for businessmen, CEOs, Entrepreneurs and all those who are part of the business/corporate world. 

Steve Jobs- Who isn’t familiar with the contribution of this legendary man? A revolutionary who completely transformed the tech industry! His top lessons were:

1. Never Give Up- well this is something that everyone you know will tell you. But looking through the journey of the man himself, one must really believe in NEVER giving up. Your journey of becoming a leader is not a cakewalk. Put a brave face on embracing the struggles through your journey to achieve your goals. 

2. Get the Best Out Of Your Team- Jobs was not a man who could be pleased easily. He would give his requirement to his team and would ask them to work around. He knew it would take time but it was not impossible. This was his style of bringing out the best in people. Your team is the essential part of your progress and if they stand tall beside you, you are definitely climbing the stairs of success. Hence in order to bring out the best from your team, you must understand them and let them know your needs clearly.

Bill Gates- Another humble person who is one the richest people in the world and a great contributor to the tech industry. His lessons were:

3. Self-control-   Known for his calm and composed behaviour, Bill Gates would hardly lose his temper. Aggression and domination brings down productivity and kills employee morale.  

4. Money Isn’t the Real Motivator- Even when we work hard to earn money, the real motivator should be the possibility of bring a difference to people’ lives with your work instead of being focused on only increasing your bank balance.  Gates already had a secure life while studying at Harvard and financially sound future but he pushed his boundaries and pursued to develop technology/ software that would help people and businesses increase their productivity and efficiency. No doubt, success begets money, but doing something purely for money should never be the motive. 

Richard Branson- The father of the Virgin Group controls more than 400 companies. He never went to a business school but the desire to become an entrepreneur was there since the age of 16. Known for taking risks and diving into new ventures, here are the two lessons from this incredible man that you can use for better management at your workplace. 

5. Communication Is the Key- He believes in verbal communications more than communicating behind screens. He fosters open communication in the workplace by building openness and clarity. In his own words, “I’m aware some senior executives simply delete all emails from people they don’t know personally, arguing that most of the messages just create distraction. To them, it is not worth the effort of weeding through the emails to find those that contain useful information. But I find this approach impolite and bad for business.”

6. Delegation is Progression- To manage things swiftly, learn the art of letting go- delegate the work to the entire team and give them the full responsibility. Give your team enough space to learn and grow so that they turn into individuals who are efficient and fit to manage the team with lesser supervision from you. This activity definitely embodies more confidence in the employees and in return the organization finds a lot of innovative ideas to handle situations.

Richard says, “When employees tell you about their good ideas for the business, don’t limit your response to asking questions, taking notes and following up. If you can, ask those people to lead their projects and take responsibility for them. From those experiences, they will then have built the confidence to take on more and you can take a further step back,”

AzimPremji- A man who took charge at a tender age of 21 to become a business tycoon that he is today. He is the fourth richest person in India who diversified WIPRO which was originally a manufacturer of vegetable and refined oils. He is truly an inspiration and has a lot of management insights to offer: 

7. Have Faith- According to him, if you’ve faith in your own ideas then nothing is impossible. It is important to have faith in oneself to rise above the rest. It is this faith that PremJi had in himself which has made WIPRO one of the successful IT giants globally. 

8. Stick To Your Values- To build any business, one should always believe in his/her values. PremJi has always talked and emphasized about the need for sticking to values for the success of a business. He has said “Once you stand by what you believe and don’t compromise with it under any circumstances; you become resilient to stand up to crisis, a quality much adored in entrepreneurs!”

9. Be Farsighted- Also a philanthropist, PremJi says that change is inevitable and that one should develop their early warning system to prepare for any emergency or changes that comes ahead. He believes ‘being forewarned is being forearmed’ even when things are going right.

10. Stay Grounded- Staying grounded even when your business is successful is important. The moment one lets success get into his/her head, he/she is already on the way to failure. Like success is a natural phenomenon, failure too is. So when you encounter failures, learn from them and move on to grow. 

11. Know Your Strength-  While everyone tries to work on their weaknesses, it is important to know your strengths to embrace them to combat with your weaknesses. One can say that PremJi has followed this throughout his life and with this, he has turned his $2 million hydrogenated cooking fat company into a $7 billion IT company with presence in over 60 countries.

C.K. Prahalad- One of the greatest management gurus of all time. He had been a brilliant academician and a top consultant who has served many high profile corporate boards. He has travelled across the world to deliver inspirational speeches. He has consulted a range of MNCs including Oracle and AT&T and has played an important role in restoring organizations like Philips. 

He is also known as the author of path-breaking books like, ‘The New Age of Innovation,’ ‘The Future of Competition,’ ‘The Fortune at the Bottom of the Pyramid (BoP),’ and ‘Competing for the Future.’ Lessons to follow from this great man are: 

12. Execute Everything, Even without Resources - For entrepreneurs or people willing to start their business should keep this in mind- do not stop yourself from executing your idea even if you don’t have resources. It is not the resources that stop you from executing but the imagination that this would not be possible without resources. This imagination stops you from putting your 100%. 

13. Have Clarity of Thought - While C.K. Prahalad said this with reference to India, it applies to individuals too. If you’ve the clarity of your idea then there’s no one to stop you. Every time you do something with clarity and true efforts are put into the execution then everything will have a fruitful outcome. 

14. 100% of Everything Adds to 200% of Benefits- Your idea or dream will not become reality till the time there is no 100% effort. A little bit of causality can lead to failure or less of the expected outcome. Moreover, when you put 100% efforts in your execution, you can probably experience 200% of benefits from it. Think about it. 

15. Make Your Aspiration Bigger than Your Resources - Did you dream of becoming an entrepreneur thinking about the availability of resources? No. Then why do you stop yourself from becoming a leader due to the lack of resources? If you aspire big, nothing can stop you from reaching heights. Resources are secondary and will come eventually, but the dream to become big is the first-step to get there. 

Warren Buffett- The man who is consistently listed among the richest persons in the world, who is also popularly known as the "Wizard of Omaha" or "Oracle of Omaha.” With his sheer dedication and mental sharpness, he turned out to be the most successful investor in the world. See what this management guru has to say: 

16. Love What You Do- Today even being 88 years old, he has no intention of retiring. All because of how passionate he is about his job. Until and unless you don’t love your job, it is not the perfect one for you. 

“There comes the time when you ought to start doing what you want. Take a job that you love. You will jump out of bed in the morning. I think you are out of your mind if you keep taking jobs that you don’t like because you think it will look good on your resume.” – Warren Buffet

17. Learn How To Communicate Effectively - Communication is always the key. If you think that your team needs casual or non-technical conversation, then break the barriers and start up conversations that would make them feel like at home because, clear conversations are always the best way to convey anything. 

“You’ve got to be able to communicate in life and it’s enormously important. Schools, to some extent, under emphasize that. If you can’t communicate and talk to other people and get across your ideas, you’re giving up your potential.” –  WB. 

18. Choose Your Business Associates Wisely- “It’s better to hang out with people better than you. Pick out associates whose behavior is better than yours and you’ll drift in that direction.” (WB ).  Spotting successful and talented people is difficult but when one finds them, it is then a fruitful journey.  

19. Don’t Micro Manage- Interfering in every task that they do will make your team feel less empowered. Even if you’ve spotted great leaders and team members and hired them, interfering with their work will not result in better productivity. “Hire well, manage little.”

20. Plan For the Future- “The primary job of a board of directors is to see that the right people are running the business and to be sure that the next generation of leaders is identified and ready to take over tomorrow.”  (WB). These lines say it all - Plan for the future. Try making a predictive model to identify promising talent that can be promoted for the next five years at least. Have a great emphasis on skill development for the staff that empowers them to push their limits. 

21. Transparency Is Highly Appreciated- Transparency at every level pays off handsomely in every business field. Even at a delicate department like accounts & taxation, it is important to stay transparent and honest so that the government can trust you and that no fingers can be raised at you. 

“If anything, taxes for the lower and middle class and maybe even the upper middle class should even probably be cut further. But I think that people at the high end—people like myself—should be paying a lot more in taxes. We have it better than we’ve ever had it.” - Warren Buffet

22. Patience Is The Highest Standards- While the human nature wants to have instant results and benefits, it is not wrong to say that those results just stay till the blink of the eye. Thus, having patience is the best nirvana for running a business. Pressurizing employees in the middle of the project is not the key to success. Have the tenacity to see the project through to the end.

“No matter how great the talents or efforts, some things just take time. You can’t produce a baby in one month by getting nine women pregnant.” - – WB.

23. Manage Your Time Wisely- Have the time for serendipity. Not everything can be planned and done according to your directions. This gives you the freedom to spend the time in unimaginable ways and set priorities for yourself. This in return helps you say ‘no’ when necessary.

“You’ve gotta keep control of your time and you can’t unless you say no. You can’t let people set your agenda in life.” – WB.

24. Treat Everyone Equally- Karma comes back. Nobody is left behind. Even if Karma is taking time, treating everyone equally should always be the mantra. In a professional environment, favouring favouritism is not a good sign of leadership. This should be the golden rule for everyone. Buffett’s golden rule is about reaching out to the silent, competent workers. “Personally, I really hope I can treat everyone equally. I think I have done a pretty good job so far but I know I can do it better.”(WB). 

Ratan Tata- If someone has to talk about trust and integrity in a person, then it is Ratan Tata himself. The Padma Bhushan and Padma Vibhushan (third and fourth highest civilian awards in India respectively) awardee is known for his vision and the ability to lead the India based Tata Group with innovation globally. He has definitely been the inspiration for leaders across the world. Lessons from the man himself for entrepreneurs: 

25. Be Visionary- For an entrepreneur, thinking about the future outcomes is a natural phenomenon. But that doesn’t mean one has to stress about it. Stay visionary about your business and climb the success ladder. It is said, when Ratan Tata joined the group there was barely any operations overseas and that many has opposed him for working internationally. But today, half of Tata’s revenue is from overseas and rest is history. 

26. Take Risks- This is a cardinal rule of business. No business can flourish without taking any risk. Waiting for the right time to execute a plan might be safe way to play, but you never know what adventure would come in the path if one takes some risk. Ratan Tata is also known for taking risks and also once said, “I don’t believe in making right decisions. I take decisions and then make them right.” You never know, what risks he had takenwhen he acquired the luxury car brand Jaguar and Land Rover or for that matter taking over the second largest steel maker in Europe. One needs to take big steps and manage things to make things work in favour. 

27. Motivate Others - Being a big leader does not signify just earning millions and look down on others. However, great leaders, motivate everyone to become successful and inspire people around to discover themselves. Even if you’re at a very beginning stage of shaping your business or you are a business tycoon, make sure you inspire, drive and ignite a spark in others so that they along with you can innovate bring a change to the world around you in a much needed way.

28. Believe In Yourself - When life gives you lemons, make lemonades from them. We are pretty serious about it! There’s no problem in this world that cannot be solved. But these problems cannot be solved with just a snap. You got to have faith in yourself. In the hodgepodge that life gives you, taking the right decision at the right time is crucial but in every decisions that you take have full faith in yourself and face all situations confidently. 

29. Welcome All Criticism - The one famous quote by Ratan Tata can definitely inspire everyone to rise above the rest. That quote is “Take the stones people throw at you and use them to build a monument.” As you grow and people start to know you, it is definite that there will be people to criticise you and pull you down. What you need to do is ignore them and stay focused on what you believe. 

30. Use Creative Liability- A business plan will always work with a disciplined plan of action. However to taste the sweet result of the work plan, one has to think out of the box. Be proactive and find innovative ways to solve problems even before they arrive. An entrepreneur should have the ability to predict the problem even before they arrive and anticipate what will happen in the future. 

31. Don’t Put All Your Eggs in One Basket- Ratan Tata has always believed in investing in different industries to play safe. It is believed that he acquired a stake in now one of leading Chinese giants,Xiaomi and a leading e-commerce site, snapdeal and we are totally aware about their success. So if you’re looking for some investment, you know what to do.

Eric Schmidt- A businessman and software engineer who is known as the former Executive Chairman of Google (2001-15) and Alphabet Inc. (2015-17). He took Google to another level in the dotcom boom. Read on to know the management lessons from Schmidt. 

32. Grab All the Courage and Stand Up- In a tech-founder startup where Schmidt was addressing when the floor was opened for questions from the audience, there was a moment of hesitation among the audience to grab the mic and ask questions to the man who shaped Google as it is today. To this Eric Schmidt said one thing, "If you are founders and tech people, you should have some courage to ask questions." This was said to build up the courage for the future leaders to step in the game. However, to look this phrase in general, it is important to stand up and ask questions. Moreover, every great idea was born when someone had the courage to question the status quo.

33. Let the Press Call You an Idiot - according to Schmidt, if your startup is growing at a very good pace then, one needs to concentrate on the human resource and focus on the consumer demand. Addition to that, he says ignore what the media has to say about you and just concentrate on sustaining the progress. 

34. Understand and Appreciate Your Team- Behind every entrepreneur, there is an army of intrapreneurs down the chain. A good leader is the helping hand for its team and cares about them in every step. Take it as a responsibility to understand them and help them at every step. Remember, a leader cannot be a leader without a team beside him/her.

Muhammad Yunus- Founder of Grameen Bank who pioneered concepts such as microcredit and microfinance is no stranger to anyone. The social entrepreneur has lifted millions of Bangladeshis out of poverty and was awarded with The Nobel Prize for Peace in 2006 for all his efforts. For all the entrepreneurs out there, here are some management lessons from such a down to earth man. 

35. Focus on an unserved or underserved market- According to Yunus, he focused on the underprivileged to let everyone know that they can be trusted to take care of their own destinies with some capital. However if looked in general, it can also mean to explore the options to have a fruitful business. He created a new market by lending money to the woman of weaker section with no collateral which made all the difference for the poor woman and for him too. 

36. Collaboration is the Key- In order to grow, a company has to rely on grants, investments or collaborations and if you feel that your company needs one in order flourish then, give it a green signal. With collaborations, you would be able to strengthen other capabilities and grow faster. 

37. Diversify When Required- Just don’t sit tight after the success, think about the ways you can diversify and bring change in the world. Had this has been the case for Yunus, projects like GrameenMotsho, GrameenKrishi, Grameen Trust, Grameen Fund, Grameen Software Limited, GrameenCyberNet Limited, and Grameen Knitwear Limited would have never came into existence.

38. Nurture, Incubate and Help Others- While you have your dreams of leading a business that would rule the industry and make you rich, do not forget that your business should create social awareness too. Don’t just set up a business for your benefit, but for people who can be benefit from it. If not the business, get yourself involved in some practice that would help nurture others or help them grow better. 

Stephen Covey- An educator, author, businessman and a keynote speaker is always one of most remembered management gurus. His best-selling book The Seven Habits of Highly Successful People inspired many people to become future leaders. Know his secrets for best management. 

39. Begin with the End in Mind- It is important to ask yourself, what is it that you want to achieve or accomplish. This can be more appropriately answered with short and medium term goals. A clear focus on the goal will definitely make you achieve success and give you the well deserved attention. However for long term goals, one needs to put a constant dedication to achieve the desire success and stay focused on the goal. 

40. Think of Win-Win Situation-“This is a frame of the heart and mind that always seeks mutual benefit in all interactions of humans.” to the takeaway here is to always think of win-win situation. A win-win situation means agreements which are mutually satisfied and beneficial. 

41. Stick To Your Main End Goal- “The main goal is to keep the main goal the main goal.” Never lose your sight from your ultimate goal. Stay determined by keeping a constant eye on the main thing. One of the major reasons of failure of a business is the loss of focus, even after a good start. Anything that sidetracks your goal should be withdrawn from the track and keep the main goal on the track.

42. Your Character Is Critical- Your character is a composite of your habits. Watch your habits to determine your character because it is your character that defines you as a person. Your character will define your life and how you treat people around you. If you feel that nothing is going right on track, observe your character and see if you are the one who needs to change. For you need to change your life, you need to change your character.

43. Listen First- Listen to people what they have to say. We need to understand, to be understood. Try understanding other person’s perspective and respect their opinion. “We have a tendency to rush things, and fix them up with good advice”. If you want people to hear and understand your views and perspective grant others the courtesy. 

44. Put First Thing First-“Easy leadership is putting first things first.” According to Covey, this is a crucial lesson for an entrepreneur to become a leader. One has to prioritize the most crucial things and need to understand the difference between urgent things and crucial things. In Covey’s book he introduces us to a chapter with today’s conventional wisdom framework of being able to distinguish the urgent from important tasks. Have a read of that book and you have a better understanding. 

Stephen King- A renowned author of horror, supernatural fiction, suspense, science and fantasy is loved among every age group. His books have many general life lessons that one should persuade. See them below: 

45. Practice, Practice and Practice- “The sort of strenuous reading and writing program I advocate – four to six hours a day, every day – will not seem strenuous if you really enjoy doing these things…. practice is invaluable (and should feel good, really not like practice at all)…” A leader is successful when he/she practises hard enough. If you enjoy what doing what you do, you’ll be able to endure the hard practice that is needed for success. And while you practice, keep joy in your heart to make your practice fruitful.

46. Immerse Yourself In the Field- Quite literally. To get something good out of something, one must need to live and breathe that thing. Getting familiar with your field is not sufficient to become the leader, in fact one must need to live and breathe to sharpen the judgment and be the future leader of the field. As Stephen says, “If you want to be a writer, you must do two things above all others: read a lot and write a lot.”

47. Study Your Competitors and The Market- “You should also pick up the writers’ journal and buy a copy of Writer’s Market… the most important thing you can do for yourself is read the market.” There are two benefits by studying the market and your competitors. One, it teaches you the right way to do things and secondly, it teaches you the wrong way to do things. Both of them are very useful. After knowing both the same, you know how to approach. 

48. Keep The Momentum Going - Once I start work on a project, I don’t stop and I don’t slow down unless I absolutely have to.” When there’s momentum, there’s progress. You can complete the work on time and can save a lot of energy. Hence, keep the momentum going to achieve your goal.

49. Be Your Own First Customer- When setting up a business, think before presenting it to someone else, will it be useful for yourself or not? If the product is not beneficial for you then it cannot be useful for anyone. It is important to take a critical look at your work? Ask yourself, is it something useful for me or not? Is there anything you need to change? You will get the answers immediately and thus you know what to do. “I am, after all, not just the novel’s creator but its first reader.” 

50. Do It For The Joy- This is perhaps the most important lesson of the life. If you do something which doesn’t bring you joy, then that job is not meant for you. Not only you will have difficulty in reaching success, you will not stay happy during the journey and criticize everything. If you feel something like this, you know what to do. “I have written because it fulfilled me… I did it for the pure joy of the thing. And if you can do it for joy, you can do it forever.”

51. Do It To Enrich Others And Yourself- If you live a life or have a business goal that enriches others and yourself, you’re going on the right path. It is always not about getting famous or to earn loads of money, it is about building a place that helps people grow and enrich for a future they can sustain. “Writing isn’t about making money, getting famous,… In the end, it’s about enriching the lives of those who will read your work, and enriching your own life, as well.”

Elon Musk- The brain behind SpaceX and Tesla is literally revolutionizing transportation both on earth and space. Today’s millennial often call him as their icon because of the opportunities he has given by overcoming huge problems. Moreover, he has solution to many problems in a simpler way for which he has been very vocal about. There are many things that he knows intimately because he tackles the world’s biggest problems. Leadership advices from the trailblazer himself: 

52. Articulate A Powerful Vision- An ordinary man would have a vision that is evolutionary, whereas a great and effective leader would have a vision that is revolutionary. Great leaders share their vision and lay the path of achieving it with teamwork. Moreover, have the spirit and momentum to achieve that powerful goal. 

53. Know How To Preserve- Take failure as feedback. If you know that your aim in running behind the schedule or your plan failed, don’t abandon it. There were many times when Musk’s plan of action did not go according to him or was a failure. This did not stop him from running again and achieving what he wants. Make corrections, start from the top if it needs to and don’t give up so soon on your dreams. 

54. Operate With Integrity- Honesty and morals make a leader that people want to look up to. Taking the high road with no integrity will not give you desired result; instead it will leave you with worthless results. For Elon Musk, even after investing his own $55million for giving birth to Tesla, he was still in a need of more money. He borrowed over $400 million from the government, started his dream company and then repaid it to the government, thanked the Department of Energy and members of congress who helped him in making his dream a reality. Develop a habit to operate with integrity. 

55. Continuous Learning- Is A Priority- Learning does not limit itself to the four walls of school and college. As a business leader, you have to constantly generate ideas that would bring a change socially and for your business. Elon Musk created many billion dollar companies not only because of money, but also because he keeps a track of the latest trends and reads often which generates path-breaking ideas. As an entrepreneur, continuous learning will help you take big leaps forward and help you to become a desired leader. 

Hope you found the article interesting and useful. If yes, please share it with your friends and colleagues through social media, let them benefit too!  

About the Author

Ananya Patel is a Business Writer and an Associate at Merino Services, a Global Leader in ERP Software Consulting & Implementation.