One must always place one's faith in the team one heads. The policy of standing by the people and trusting their ideas is an infallible management funda.

No risk, no gain

A good manager is the person who is not scared of taking risks. Any business necessarily entails taking risks. And one who is brave enough to take a chance always succeeds in the ultimate round.

Believe in practice, not theory

One should not get too bogged down by technicalities of management theories. The best management lesson can be learnt through trial and error. Books can provide a guideline only, they can never be the doer's functional steps.

Have common sense

In times of crisis, one must fall back on one's common sense. Relate a business problem to a personal one and ask yourself how you would have solved it in your personal capacity. Use your common sense and a solution is sure to follow.

Image: Lalu Prasad offers prayers to the Goddess Durga on the eve the Dussehra festival in Patna. | Photograph: STR/AFP/Getty Images