I have felt all my life that good judgment is a critically important skill for any person to have, but especially so for those in leadership positions. Good judgment is such an important attribute that it is often listed first by employers as required qualities of job applicants.

We can easily name examples of bad judgment: drug use, lax financial management, questionable choice of friends and so on. And bad judgment usually leads to bad outcomes.

In business, the success or failure of the organization hinges on judgments made at all levels. Poor judgment has led to some epic failures over the years. For instance, how about these memorable judgment calls:

"Everything that can be invented has been invented," said Charles H. Duell, commissioner of the U.S. Patent Office, in 1899.

"Stocks have reached what looks like a permanently high plateau," said Irving Fisher, professor of economics at Yale University, in 1929.

"I'm just glad it'll be Clark Gable who's falling on his face and not Gary Cooper," said Cooper on his decision not to take the leading role in "Gone With the Wind."

"We don't like their sound, and guitar music is on the way out," said an executive at Decca Recording Co. in rejecting The Beatles in 1962.

So what is good judgment?

That's a tough question. Good judgment is the ability to make the best decision possible based on the information you have, without being swayed by others or by predetermined ideas.

A newsletter from PineCone Research offers a roadmap for improving decision-making skills:

What kind of a decision-maker are you? If you don't know, you should take a few minutes to contemplate the question because once you become aware of how you make (or don't make) decisions, you will be more apt to make wiser choices in the future.

Most people have their own way of handling decision-making. Here are a few of the more common approaches:

-- Snap decision-makers. Often people rely on gut instincts when they make quick decisions. While this can work well for some people, it's not always the best way for others. This is because some snap decision-makers make choices based on fear or discomfort with the decision-making process. They just want to get the whole thing over with, so they choose quickly without weighing options and without relying on trusted instincts. Attention should be focused on whether you are making your decisions quickly for good or bad reasons.

-- Serious option-weigher. While people who make decisions this way are often admired for the careful attention they give to the process, beware of those who practice serious option-weighing to a debilitating extreme. These decision-makers put so much time into weighing every detail of every option that they often get lost along the way, and find it difficult to ever come up with a decision they are happy with. Serious consideration is a good thing in most cases, but be careful not to waste time and energy on unnecessary details.

-- The flip-flopper. This might seem like the person has weighed each option and made a firm decision, but often, after a few minutes, days or even weeks, the person shifts his or her thinking entirely on the matter. These decision-makers usually have a problem with committing themselves to the possible outcomes of their decisions, so fear drives them to make changes in quick succession.

In a piece called "Decision Making for Giants and Elves" on the Practical Success Solutions website, Malcolm Harvey recommends a four-step process in order to avoid making poorly thought out or ego-based decisions. Here they are:

1. Make a decision. You have to face that in decision-making there are consequences -- and then make the decision to face those consequences.

2. Make your own decisions. Don't go to others to make your decisions for you. Take responsibility for what you decide.

3. Work toward fruition. Once you've made your decision, then work tirelessly toward the end you would like to see. Focus on detail and practice patience.

4. Stick with it. Don't let your doubts torment you. You've made your decision; you've taken action and responsibility. You will likely make mistakes along the way. When you do, pick yourself up, dust yourself off and reassess the situation.

Mackay's Moral: Mark Twain said, "Good judgment comes from experience and experience comes from bad judgment."

An elderly man was harassed every afternoon by a group of kids on their way home from school. They'd ring his doorbell and run, or taunt him while he was working in his garden, or throw things at his house. He shouted at them, and thought about calling the police or talking to their parents, but then he had a better idea.

On a Monday afternoon, when the kids ran by at the usual time, he called them together. "I'm an old man, and I don't get much company," he told them. "I want to show you my appreciation for paying some attention to me, so each time you kids come by, I'll give each of you a dollar." That sounded good to the kids, and they each collected a dollar bill from the man. Happy, they ran off and left him alone.

On Wednesday, the man told them, "I'm a little short today, so instead of a dollar, I can only give you a quarter." That was still better than nothing, so the children took their quarters and ran home.

The following Monday the man came out of his house and told the kids, "I'm afraid I don't have much money left, so all I can give each of you for visiting me is a penny."

"Forget it!" the kids shouted, and they left. And they never came back to bother the old man again.

How's that for creativity in solving a problem?

Creativity and imagination are vital for business and personal success. January is International Creativity Month, so capitalize on your creative powers by devoting the month to exploring new ideas and strategies to make you more creative.

New evidence suggests that you can boost your imagination by just getting outside and spending some time in nature. Researchers from the University of Kansas gave a standard creativity test -- called the Remote Associates Test -- to four groups of backpackers as they were about to set off on a series of lengthy hikes. They also administered the test to a second group of hikers who were already four days into their nature excursion. This second group scored almost 50 percent higher in creativity than their counterparts.

Ruth Ann Atchley, department chair and associate professor of cognitive/clinical psychology at the University of Kansas, describes the findings this way: "Nature is a place where our mind can rest, relax and let down those threat responses. Therefore, we have resources left over -- to be creative, to be imaginative, to problem-solve -- that allow us to be better, happier people who engage in a more productive way with others."

Similarly, some of us feel more creative wearing our favorite green T-shirt or checkered cap. Research suggests that the colors around us actually influence how well we do certain tasks.

For whatever reason, some days ideas pop into your head without any effort at all. Other days you probably feel like you're digging for them at the bottom of a very deep ditch. Try these tips for generating fresh concepts:

-- Gather information. Research whatever you're trying to develop ideas for. Don't think about solutions initially; just immerse yourself in the subject. You may uncover a single fact that can spark a dozen ideas.

-- Mix everything together. Take a bird's-eye view of what you've collected. Look for underlying assumptions, common concepts and roads not taken. Make notes of anything that stands out.

-- Let it simmer. Concentrate on something else for a while. Listen to music, take a walk, sleep on it -- and let your subconscious sort through what you've learned.

-- Brainstorm. Invest some time in generating more ideas from the information you've processed. Your third or fourth attempt may prove more useful than your first and most obvious solution.

-- Share your idea. Run it past someone you trust for feedback. An outside perspective can help you shape and mold your idea into something you can put into action.

-- Accept mistakes. Give yourself permission to try things even if you're not sure they'll succeed. Often you'll stumble across a different strategy or a better path along the way.

-- Copy other ideas. Don't directly steal anyone else's work, but look at what's been done with an eye toward doing it differently. Even the most familiar landscape can come to life in interesting ways depending on the colors you use to paint it, or the point of view from which you show it.

Mackay's Moral: Creativity, not necessity, is the true mother of invention.

This time of year, we often contemplate New Year's resolutions. What's at the top of the list for many people? Exercising and getting your body in shape. A noble thought, to be sure, but I have an even better idea. How about exercising your mind so you can get the most out of it?

Resolve to try something new to keep your brain challenged. Just as doing the same physical exercises over and over again works only a specific part of the body, doing the same mental work repeatedly tends to narrow your focus and limit your potential.

Clearing the clutter and cobwebs out of your mind is not complicated, but it does require some practice for those who are constantly on overdrive. And you all know who you are!

One of my favorite books, "Think and Grow Rich: A Black Choice" by Napoleon Hill and Dennis Kimbro, offers wonderfully well-defined advice about caring for your mind:

"Assume for a moment that you have in your possession a million dollars in gold. Would you protect it? Would you safeguard this treasure? Would you respect its value? Of course you would. You might even hire bodyguards or install security devices to ensure its safety.

"In comparison, your mind and self-image are worth far more than one million dollars. They're priceless! Your mind is the exclusive source of all you will create spiritually, financially or materially in your life. Your level of joy, happiness and peace of mind originates from one place -- your mind. Now ask yourself, do you protect your mind as carefully as you protect your physical assets?"

Beyond the oft-repeated advice to read a novel, take a walk, learn a new language and so on, there are plenty of other options that address long-term mind exercises.

A growing trend among business professionals is meditation. Meditation clears and relaxes your mind, which can have a significant impact on your physical health. And meditation doesn't require any special equipment or clothing, just an open mind and a quiet environment free of distractions.

Get comfortable and clear your mind. Be conscious of only your breathing. Don't direct your thoughts in any particular direction; let them drift freely. How long you meditate is up to you.

This is a simplified description, and there are many different meditation practices. Check online for coaching in a technique that will help you.

Back at work, learning and remembering new information can grow more difficult with every passing year. Here are some tips to help you stay on top of the knowledge game:

-- Focus on concentrating. Distractions are the bane of any learning attempt. If you're attending a seminar or training session, sit near the instructor and maintain eye contact. Let your focused attention do the job.

-- Say it out loud. Read aloud the material you're trying to learn and repeat out loud the facts you want to retain. This way, both your eyes and your ears are delivering information to your brain.

-- Tame frustration. If you're getting frustrated over material you're trying to learn, remind yourself that getting emotional will only hamper your ability to retain information. Step back and take a break.

There was once a man who wanted to gain power over his mind. He heard there was a monk in Tibet who could make this come true for him, so the man traveled through the Himalayas. When the man finally met the monk, the monk replied casually, "Yes, my friend, attaining supernatural powers is simple. For this you merely need a mantra. Just say, 'Buddham Sharanam Gachchami, Dhammam Sharanam Gachchami, Sangham Sharanam Gachchami' three times -- and whatever you do, do not think of monkeys."

This was going to be a cinch, the man thought. He wondered at the direction to not think of monkeys, asking himself, "Why would I think of monkeys?"

Then he sat down to try this new practice. But as he chanted the first words of the mantra, the first thought that came to his mind was "monkeys!" He tried chanting louder and imposing a more powerful order to not think of monkeys. Still, all he could think of was monkeys. In fact, he found that monkeys now roamed about his consciousness everywhere.

The monk, seeing the struggle taking place, smiled and said, "Whenever you try to force your mind to go in one direction, you can be very sure it will always go the other way."

Mackay's Moral: Nurturing and mastering your mind is anything but monkey business.