Good or effective management: it's not about holding their hands enough, or wasting time wishing they weren't who they are, but instead it's about - first and foremost - managing yourself, modeling the adult perspective, and keeping the focus on the work.
Workplaces are far more relaxed and productive when the supervisor is comfortable inside his or her skin, doesn't need to play one-upsmanship with the supervisees, really wants to know and understand what's going on, and doesn't need to let everyone know who's in charge. They know anyway.
The problem is that in the real world that view tends to overlook, or at least sidestep, the issue of accountability. In many workplaces, what distinguishes a manager is his or her willingness to step up, oversee, and really take responsibility for getting the work product done.