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I remember one of my teachers would say - if you 'understand' and 'experience' the three laws; you'll never have to get an MBA in your life. Those three laws are - Murphy's Law, Peter's Principle and Parkinson's' law. Over a period of time, I've realised that what he said was completely true!
Murphy's Law = Anything that can go wrong, goes wrong'
implying, prepare for the worse
Peter's Principle = Employees tend to rise to their level of incompetence
implying, prepare to get frustrated by your employees
Parkinson's Law = Work expands so as to fill the time before its completion
implying, never sit back even if the current task is finished, the work is still left. prepare to strive till the last part is delivered