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The Importance of Directors
This article focuses on the importance of directors in closely-held companies. It discusses the factors that should be considered in selecting a director. The article explains how effective directors can help the management team.

Other business judgment rule Related Articles

Obedience to the Unenforceable
There is the rule of law and the rule of free choice. In between is the rule of self. If we are not careful to manage the rule of self in the interest of customers, employees, and others, we may find that someone somewhere will legislate the rule for us.
Empirical Skepticism
Empirical skepticism is a foundation for great leadership. We must deliberately suspend judgment and be willing to live in doubt for while, in order to allow assumptions to be sorted from facts and to keep irrelevant facts from clouding our judgment. This practice of empirical skepticism ensures that open and challenging questions help our teams anticipate opportunity and assess risk more accurately.
Challenging the 80:20 rule
It’s probably the best-known and most-repeated rule in sales: 80% of your sales come from 20% of your customers. The implication is that you should focus the majority of your sales efforts on those 20% to maximise your returns. But it’s also the most misunderstood and misused rule in sales. Slavishly following the 80:20 rule could cause you big, big problems.
Working with Ethical Gray Areas
The bottom line in leadership is that ethics cannot be codified or dictated. Ethical behavior is dependent upon the judgment and decision making by the leader. The best leaders are consistent and deliberate in their decisions when ethical gray is present. They communicate the decision, and more importantly, the reasons for their decision. They often collaborate the decision, not to cover their rear ends, but to seek wise counsel and tap into the judgment of others.

It’s my judgment, so it must be right!
One of the most fascinating lies we tell ourselves is if we believe something to be true, right or so, it must be. The fact is, much of what we try to convince ourselves and others as true is often a matter of judgment based on ego. If something is happening that we simply don’t approve of, then obviously it is wrong. Or so the thinking for many people goes. Learn a simple technique for minimizing judgment.

Welcome to the First Day of the Rest of Your Life
No one said life’s rules would be easy to live by, but there is something you can do to help you through the peaks and valleys. You can create your own rules to live by. Your first rule would be to get out of your own way so you can begin to see and live the type of life you ought to be living. Your second rule would be to make a solid commitment to yourself to never look back only forward and your third rule would be to believe in yourself making it impossible for anyone or anything to deter your missions.

Succeed With Social Media
The key to success with social media–and I’ve built my business on it since 1995–is to interact with others the way you’d like to be interacted with. Call it the Golden Rule of Cyberspace–it’s not so different from the Golden Rule of every major religion.
Follow Rule of Connectivity Not Competition
Entire universe follow the rule of connectivity. Now, business leaders start following the rule of connectivity in the business houses. Recently, Yahoo and Microsoft have followed the rule. Tata and Kores have also followed this rule. Internal competition breaks down the team spirit. Internal competition affects on the morale of the team. Home Management is the base on the rule of connectivity not on the rule of competition.

The courage to believe in your people: Your one sustainable competitive advantage
Most of us don't have the courage to do what Nordstrom did. For many years, this was all that employees received in the way of an employee handbook: Rule #1: Use your good judgment in all situations. There will be no other rules.
FTC New Business Opportunity Rule - Reduced Disclosure But Increased Coverage
Effective March 1, 2012, the FTC’s new Business Opportunity Rule1 becomes effective (the “New Biz Op Rule”). The New Biz Op Rule significantly reduces a business opportunity seller’s disclosure obligation to a prospective purchaser, as the previous format (the FTC Disclosure Statement containing 20 items of required information) has been changed and reduced to a 1-page form requiring 5 items of information that the seller is required to disclose. However, the New Biz Op Rule applies to more companies as, not only business opportunity sellers currently covered by the Interim Biz Op Rule will be subject to the New Biz Op Rule, but also work-at-home programs such a jewelry assembly and envelope stuffing, will meet the expanded definition of a business opportunity.

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