Some may cite the failure of the IMF to stave off the financial crisis, but this is short sighted since the failure rests on multiple shoulders in a complex basket of contributing factors. It is quite unfortunate that major multilateral initiatives (such as the proposal of the IMF) only get implemented after a painful and destructive disaster. But alas, such is the hard-headed nature of mankind – wait until a fork in the road to stop and think about the direction that one is heading.

Leadership lesson: don’t be so hard-headed. Leaders need to always think about the direction that they are headed and the direction that they are leading their organizations. You can’t wait until a problem arises, until your market share is diminishing, until your competitor comes out with a revolutionizing product, or until your core business is irrelevant. Leaders need to look around the corners and anticipate the future. This is a main difference between leadership and management: managers seek to continually improve what the business is doing; leaders seek to continually drive what the business is improving.

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