The position of school principal has become complex and pressure packed. The job always has required skills and leadership, but now principals must be strong instructional leaders as well. This research roundup examines the changing role of the school principal and discusses how principals can operate effectively as both managers and instructional leaders of their schools. It suggests ways for principals to manage time, balance competing responsibilities, and enlist the assistance of teachers, staff, and others in getting the job done. Section headings include the following: "Instructional Leadership"; "Managerial Leadership"; "The Defining Qualities of Leadership"; "Wearing the Multiple Hats of the Principal"; "Distributing Leadership"; "A Distributed Leadership Environment";"Finding the Time to Do It All"; "Maintaining the 'Fun' in the Principalship"; and "Professional Development for Principals." The document also includes a number of anecdotes and first-person accounts from inservice principals. (Contains 35 references.) (WFA)