Both sides suffered huge losses. Soon after the battle, Abdali's alliance was consumed by infighting, forcing him to return to Afghanistan after anointing Shah Alam II as the Delhi emperor.

The third battle of Panipat ended the great Marathas' advance towards north-west India. However, after a few years under Peshwa Madhav Rao, they recaptured Delhi and retained it till 1818.

Lesson: To rise after a fall requires grit and determination.

It is not sufficient just to learn from mistakes and take corrective action. Changing the mindset of the team from being a loser to having faith in itself is a must. Then the team will rise and face the challenge again with confidence.

Projects that are failing or not doing well can be turned around by adopting this strategy.

The author, based in Bangalore, is the managing director of an IT multinational firm. He has also written two books: Offshoring Secrets, and the forthcoming Myths & Realities @ the Office.

Disclaimer: Since history is replete with different versions of the same event, chances are that some of the stories written here might not match with the version that the reader is conversant with. However, the article has been written not with the intention of being unerringly accurate on the historic account, but to use the event as a source of information from which to draw strategic management lessons.