Prevailing conceptualizations of skills required for successful managerial performance are partial and a jumble. This paper examines the limitations to our understanding of the nature of managerial skills based on the analysis of managerial jobs that are often non-routine, unprogrammed, and ill-structured. A fresh conceptualization that distinguishes between managerial "Skills" and "competencies" along three dimensions-specific-generic, task driven-person driven, and transferable-non-transferable is suggested. Competencies representing fundamental generic characteristics are viewed as managerial work. Integrating research from the fields of cognitive, clinical, personality and social psychology, the paper identifies and explicates various components of resourcefulness which have implications for selection and training of managers. Developing appropriate operationalization, assessment, and training procedures with respect to various components of resourcefulness are suggested as areas for research.