In my experience delegating responsibility and authority is crucial. A team needs to be able to develop and grow as individuals and a whole, not be held back by low expectations or ego.

I believe in building a team. Each member of the team should be clear on their role, know where they fit in and feel as though they can depend on one another. I also believe in real-time feedback. If you do something wrong you should know it immediately. Regardless of right or wrong, the further removed feedback is in time, the less effective it is.