Bosses need to be wise -- and unlike mere wit, wisdom takes time to acquire, says Prasad Kaipa of the Indian School of Business. A case in point: Steve Jobs was always fiercely intelligent, but after returning to Apple he showed real wisdom in expanding Apple's brand, building up his design team and grooming Tim Cook as his successor. "Wise leaders ... root themselves in a noble purpose, align it with a compelling vision and then take action," Kaipa says.