The terms leadership and management are often used interchangeably and frequently miscomprehended. In order to address the question, it is necessary to first unearth and define what leaders and managers do, and also distinguish any similarities and differences between them. Kottler (1990) and Boddy (2013) identify the role of management as complex and varied. While there is no widely recognised definition, many theorists can agree on a number of key functions which must be carried out by management; planning, organising, controlling and motivating (Fayol, 1949; Brech 1957; Koontz and O'Donnell, 1984; Peters, 1998). .
There has been a plethora of attempts to define leadership (Bass, 1990), and although there is a lack of continuity between them it is apparent that each characterisation is contingent on the person providing it (Pfeffer, 1977). It is a process of social influence (Kruse, 2013) and the most recognised leaders are those who empower others (Gates, 2008; Drucker, 1954; Hawkes, 2004).
Bennis (1989) suggests that organisations are being over managed and under-led, and this theory is becoming increasingly apparent in a constantly shifting market place. Leadership is about coping with change (Kotter, 2013) and future managers must become visionaries who can inspire others to deal with uncertainty positively and not fearfully. Looking towards 2020, management are going to face a number of challenges (Conner, 2013).Management isn't an exact science (Drucker, 1999) and leaders must possess an intricate understanding of changing variables impacting the economic environment, for example technology, structure and human resources.
Drucker (1999) and Florida (1995) recognised an epochal transformation from a mass production labour driven economy to an era of 'innovation-mediated production' where the principal component of economic growth would be knowledge. There has been a shift to a post-industrial economy (Kelly, 2006), where the key asset is knowledge (Houghton and Sheehan, 2000) and value is moving from the balance sheet to knowledge capital.
