2. Do We Have the Right People On The Bus, And In The Right Seats?

The single most important skill that successful leaders master is getting the right people in the key seats, Collins said.

In fact, great leaders don't even decide where to want to go until they've determined who should be on the bus, off the bus and in the key leadership roles. Corporate success almost always correlates with the percentages of key seats filled with the right people, Collins said.

Collins is a firm believer in Hewlett Packard co-founder David Packard's axiom that "no company can become or remain great if it grows faster than its ability to fill its key seats with the right people."