Occasionally, admits Michael Federle '81, he looks around a conference table at Fortune magazine and wonders, "Geez, what am I doing here?" It's an admission that belies the confidence he has demonstrated during a steady rise to the highest levels of management in the brawny magazine empire of Time Inc.     Recently promoted to associate publisher of Fortune, Federle is responsible for advertising and marketing for the magazine, one of the most influential business publications of the 20th century. It is the latest job in a series of ever-more challenging positions at Time Inc., the giant publishing firm whose other titles include People, Life and Sports Illustrated.     After graduating from Colby and kicking around Europe for 18 months, Federle hooked up with New England Publications in Camden, Maine. He says he enjoyed his two years there, writing equipment reviews for the company's canoeing magazine and being introduced to the business side of publishing. In 1983 the firm's newest product, a computer magazine, was purchased by a New York publishing firm and Federle moved with it to the Big Apple.      He was hired as a sales development manager at People in 1985 and served in a variety of capacities there before becoming associate advertising director at Life in 1992. He joined Fortune in 1995 as New York advertising director. Fortune publisher Jolene Sykes said Federle has made significant contributions to the magazine during his short tenure. "Mike has been a major contributor to the significant ad sales gains Fortune is reaping and to building a strong New York sales team," she said. "The fact that Fortune's New York office will deliver its best year in the history of the magazine is certainly a reflection of his talent and commitment."     Federle has shepherded the launch of new publications, including a newspaper supplement in Latin America and the first U.S.-based business magazine serving China. He says Fortune is playing a role in the worldwide rush to emulate U.S. business practices. "The whole world now is looking to U.S. business to learn how they have reinvented themselves and have become so tremendously competitive," Federle said. "Whether it's a European CEO or someone in Hong Kong or, now, the leaders of China, there is a need for information on how business is being conducted here."     Federle says much of his success can be attributed to an ability to keep people working toward the same goal. "In a large corporation like Time Inc., it's very easy to get distracted by the small problems that crop up every day," he said. "Those people who are able to keep the distractions at arm's length and stay focused are usually the ones who are successful."     Despite his obvious skill as a business executive, Federle says he "stumbled into this career." He left Colby hoping to be a writer, he says, and "to my complete surprise I discovered that the business side was more interesting to me than the writing and reporting side."     Federle is a strong advocate of liberal arts education, precisely because of his career experience. "That ability to take a broad opportunity and make the most of it rather than being confined to a narrow task is so important," he said.