Leadership involves inspiring others to voluntarily commit to achieving a shared vision. It is a dynamic relationship based on mutual influence and trust between leaders and collaborators. Effective leadership balances short-term performance with long-term development of human resources and competitive advantage. Jack Welch exemplified leadership qualities like vision, competence, trust, and people-orientation. Leadership requires context in developing a vision, competence in problem-solving skills, and strong character and values. Emotional intelligence also plays an important role in leadership through self-awareness, self-regulation, empathy, and social skills.