Among the big mistakes young executives make is overlooking talent, says former Major League Baseball Commissioner Peter Ueberroth, now a Coca-Cola director and chairman of the U.S. Olympic Committee. "I think it's important to be able to recognize the talent in somebody that's, say, a working mom who didn't even go to college, but she's got great drive. You promote that person, give [her] more authority, and all of a sudden you step back and allow that talent to emerge."

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