So each June, Leland stands before his highly decorated coaches and presents his BHAGs. He also reviews the BHAGs from the previous year, discussing both the successes and the shortcomings. If the problems are administrative, he readily accepts responsibility.

''He sits there in front of everybody with his goals, and he's kind of naked,'' Gould said. ''And then he has the guts to say, 'I let you down here.' It's tremendous.''

Whether he's in a group or an individual setting, Leland's delivery has just the right voltage. Too little, and the BHAGs would ring hollow. Too much, and they would seem threatening.

But some business school types eventually may give the president credit for having the moxie to try for the "Big Hairy Audacious Goals" (BHAGs) that often are touted in B-schools as the hallmark of leadership. The invasion of Iraq could prove the mother of all BHAGs if it succeeds in transforming Middle East governance.

There are two basic parts of an effective vision: First is a "Guiding Philosophy" — a set of core values and principles like the Declaration of Independence. Second is a bold mission, or what I like to call a BHAG — a big, hairy, audacious goal — like our national goal in the '60s to go to the moon by the end of the decade. [If a company says] "Our BHAG is to revolutionize telecommunications technology on the earth," then that company has some way to determine up and down the line whether people are doing things consistent with that vision. Is everyone aligning with it by setting goals in accord with the BHAG? Are they committing their resources to it? Are they putting most of their efforts in that direction?