Among all the things managers do$,$ nothing affects a company's ultimate success or failure more fundamentally than

how well its management team charts the company's direction, develops competitively effective strategic moves and business approaches, and pursues what needs to be done internally to produce good day$-$in$/$day$-$out strategy execution and operating excellence.

how well they spot opportunities to grow the business and how well they develop strategic initiatives that enable the company to outcompete rivals.

how diligent and shrewd managers are in finding ways for the company to achieve a sustainable competitive advantage over rivals and how well they craft a strategy that fits both the internal and external aspects of the company's overall situation. how well they are able to discover ways to deliver good value to customers that also deliver good value to shareholders in the form of capital gains and dividends.

their ability to develop a sound business model and the caliber of their efforts to craft a sound strategy.