Management is the first and foremost element in business success, and inadequate or improper management the primary cause of business failure. In this program, Jim Sanders, administrator of the United States Small Business Administration, provides cogent insights into the many aspects of management which the small-business owner must address in order to survive and prosper: strategic planning; writing the business plan; hiring, training, and supervising employees; knowing what and when to delegate; line and staff; financial guidelines for borrowing and/or using your own capital; identifying problems and seeking solutions; management by objectives versus management by crisis—and how the small business can avoid many crises by more carefully planning its objectives. (23 minutes)