This paper examines the factors underlying the shortage of elementary school principals. It presents the results of a survey of current educational-leadership graduate students regarding factors that would motivate them to aspire to the principalship and those factors that would discourage them from applying for the principalship. The elementary principalship has often been characterized as one of the most demanding, satisfying, and widely sought leadership positions in education. Yet, the responsibilities placed upon elementary principals are as demanding as those at other levels of administration, and a recent study by the Educational Research Service revealed that there is an increasing shortage of administrative candidates for leadership positions. Findings show that the top three inhibitors for becoming a principal are increased time commitments, the influence of outside groups, and too much bureaucratic paperwork. The top three motivating factors are a desire to make a difference, the personal and professional challenges, and the ability to initiate change. The paper offers five suggestions for change that are needed to encourage talented people to seek administrative positions: (1) restructure job responsibilities; (2) reduce the work week and the work year; (3) add support services; (4) increase the principal's authority and responsibility; and (5) nurture a cadre of future administrators. (RJM)