Contrary to popular opinion, U. S. firms need not look overseas for models of successfully managed companies. Instead, many U. S. companies can benefit from using well-managed American high-tech firms as their guides. Through studies of a wide range of high-technology firms, those characteristics that make a company successful are identified, and grouped into six themes. Analysis of the findings has led to the conclusion that well-managed companies have found ways to resolve a critical dilemma - the ability to manage the conflict between continuity and rapid change.