Football Manager Handheld is a handheld version of Football Manager 2006, where you take control of a team in one of 7 countries. You control the signing of new players, setting the team for the matches and setting up training. Compared to the PC version the PSP version has been significantly simplified. There are fewer players, fewer teams and every player and staff member has fewer stats.
You set the team based on the players' stats in various skills. And the games are presented in text messages describing what happens in the matches. Your success depends on your ability to set a functioning and harmonic team and bring new players into the team via transfers from other clubs. If you fail in obtaining the goals of your club you risk getting fired at which point you'll either have to find a new club or start a new game.