A study examined the management style of non-Fortune 500 business leaders and its relationship to their organizations' environment in order to provide a profile of a cross-section of these leaders. The presidents or CEOs of 65 randomly selected Indiana companies with annual sales of at least $5 million were surveyed about situational leadership using Hershey and Blanchard's Leadership Effectiveness and Adaptability Description (LEAD). Subjects were also questioned about the relative importance of 10 defining characteristics for determining leadership style. The LEAD measure is based on the premise that different leadership approaches are needed for different types of situations. In determining an individual's particular approach to a leadership situation, the traditional divisions of task-oriented and relationship-oriented behaviors are used, but focus is on the subordinate's ability and willingness to do a particular activity. Results of the survey indicated that managers favored a style that is high task and high relationship while almost entirely neglecting the process of delegating as defined by the LEAD test. Findings suggest that, based on the manager's perception of the organization's environment, there should be a great deal more participation and delegating, since the managers' perceptions indicate a manager-as-developer style. (Three tables of data, eight figures, and 17 footnotes are appended.) (NKA)