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doors, Bill and Melinda were interviewed about the organisation and a reporter asked how they would give away so much money yet know that it was going to the right people and being used properly.

"We won't," Mr. Gates replied. "We know what kind of work is important for the foundation and we let professionals who know how to select and monitor groups receiving the money do that part."

A long-time business associate of mine was once chief marketing officer of a global professional services firm that was the largest its sector. But, after several years as CMO, he resigned out of frustration because no one not the chairman, not the CEO, not members of the board could tell him the direction they saw the company moving in future years as client needs changed and newer, more nimble competitors kept making market share inroads.

During his exit interview with the chief human resources officer, my colleague said, "I've never worked at a better managed or more poorly led company in my entire career. The attitude here is things will never change so we'll always have our client's business,' and that's not a good sign no matter how carefully budgets are monitored."

The size of a company has nothing to do with whether solid management can substitute for great leadership or the other way around, as well. Large and small businesses alike need each, and knowing the difference between the two is especially crucial for companies making a transition from start-up to a successful, mid-size and growing enterprise.

Most businesses expend tremendous energy and resources trying to find a niche for its products or services to minimize competition, maximize profits and ensure on-going success. But seldom does the person at the top of the company spend any real time finding their own niche within the business: Are they better leaders or managers? The answer is as important to the future of the organisation as knowing where to fit into the marketplace.

The answer is not always easy to uncover, especially for someone who turned a flash of entrepreneurial insight into a profitable, growing company with a bright outlook. Nor is it always an answer that appears with the same flash that created the business in the first place. But the process of finding the answer requires the same drive and commitment as someone devotes to making their business a success in the first place.

Learn more about this author, Charley James.
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