The value of a business is mainly based on management; therefore, it’s essential for a company to have good managers. Managers are the core strength which plays an important role in business operation, and decisions made by them highly influence the performance of the companies in current status and future expansion.

The first capability for good managers is to understand what business they are in. They have to clarify the function of their companies and their position in market. At the same time, they need to think about methods to be differentiated between other similar companies or industries because understanding the value proposition of the business is the second ability that good managers should have. They have to come up their point of difference from other business to delivery their own companies’ value proposition, and distribute the task to their subordinates to achieve that purpose. Good managers should always have positive effects on their subordinates, so another requirement for them is not to take advantage of vulnerable people. Inversely, they should assist these people more carefully, this can increase the power of a leader among their subordinates, and then subordinates can put more effort into work. Finally, good managers should conduct business in a sustainable manner.

(source is from class notes.)