What does it mean to create a culture of trust and ownership? At the highest level, it means that I, as a leader, describe what needs to be done and why it matters and then trust my teams to figure out how to make that happen.
What if senior management didn't "run" the company? We usually think of it that way, the executives make the decisions and everyone else follows orders. Right? That's certainly how insane asylums are run. It's time to change that frame and start trusting employees.
Leaders need to listen carefully to their staff. While staff members may have come to a different conclusion than you would have given the facts involved, their advice should be followed unless you feel strongly they are wrong.
Buffet and Munger, close partners for 54 years are sometimes described as 'being joined at the hip.' Two Stanford professors have developed an analysis of Munger's comments on good corporate governance.
It started off as casual and friendly banter but moved quickly into an exchange of fairly different opinions and principles of parenting. The ensuing conversation revealed stark differences in how parents view their responsibilities when preparing their children for college life and beyond.