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Read: management & leadership 2: Differences between management and leadership.

Some quotes from Bennis, a leading author on leadership.
(Bennis: On becoming a leader. Addison Wesley, NY 1989)

'The most crucial characteristics of leadership are vision, ideas and determining the direction; it has more to do with inspiring people with the direction and the goals then with guiding the daily course of things.'

'Leaders do the right things, managers do the things right.'

Managers Leaders

control innovate
are a copy are the original
maintain develop
aim at systems and structures aim at people
have confidence in control inspire towards confidence
aim at short term aim at long term
ask how and when ask what and why
pay attention to bottom line pay attention to horizon
take status quo as given challenge status-quo
do what they are told to do follow their inner voice
do things right do the right things

A conclusion on the basis of some authors on leadership (Bass & Stogdill, Bennis, Covey, Gardner, Greenleaf, Hesselbein, Kinds, Kotter, Kouzes, Owen, Renesch, White and Zaleznik) is that leadership is based on three elements: personal traits, system of values and norms and skills. Literature describes (and prescribes) so to speak the ideal leader. He or she would be characterised by:

In a study, carried out by De Groot, it turned out that only the system of values and norms is significantly discerning managers from leaders. In other words: there are good and bad leaders and good and bad managers, but the main distinction is that leaders are unusual value driven.