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One of the best pieces of leadership advice I ever got was this: "Always take the blame, always share the credit."
When something goes wrong, the best thing you can do is to step up and take the hit. Sure, there are probably others who contributed to the screw-up, and maybe you did nothing at all to cause the problem. A full analysis might show that blame is mostly deserved by others. But, you're the leader, and no one likes a leader who passes off the blame to others. The best thing to do is to take responsibility and show how you're the right person to make the situation right. Those who contributed to the error now have reason to work even harder for you to get things back on the right track.
When things go right and everyone is heaping you with praise, push it off to others, especially to those who contributed in small ways to the accomplishment. When someone says, "Great job!" to you, you say, "Thanks, but I have to say, we couldn't have done this without John. His work on this campaign made all the difference." Pass the glory up and down the chain. Don't deny the accomplishment, just share the credit for it.
And, take these approaches both publicly and privately. It does no good to take the blame publicly and then go into a private meeting and yell at your team. "I took the hit for you idiots, so I better see some changes around here!" That just makes you look fake and two-faced.
In the face of failure, show grace and competence. In the face of praise, show graciousness and modesty. These approaches make you a leader worth following.
