By reference to an in-depth case study of Siemens, a transnational, European-based high technology firm in the electronics and electrical engineering industry, the authors conclude that successful knowledge management requires close attention to three dilemmas. First, managers need to balance top-down and bottom-up approaches to knowledge management implementation. Second, successful knowledge managers balance high visibility and aggressive "selling" of the knowledge management initiative with a thoughtful reconciliation of top-management expectations over time. Thirdly, knowledge managers need to balance the tension between a short term orientation on "quick wins" of a single KM initiative and the longer-term orientation that anticipates the emergence of other knowledge management initiatives that compete for the commitment and attention of employees. In this article, the authors propose a holistic frame of reference for knowledge managers that is geared to anticipating and managing the three dilemmas.