Leadership may be defined as the process by which an executive creatively guides, directs and influences the behavior of his subordinates by mediating between the organization and the individuals in such a manner that both will obtain maximum satisfaction of their respective interests. Managerial leadership is a process of influence on a group in a particular situation at a given point of time and in a specific set of circumstances that inspire people to strive willingly to attain organizational objectives, giving them the experience of helping to achieve the common objective and satisfaction with the type of leadership provided.

Leadership has the various features which are as follows:

1) Leadership is a process of influence exercised by the leader on group members. It involves exercise of inter-personal influence. A successful leader is capable to influence the attitudes and behavior of followers.
2) It is a continuous process by which an executive guides, influences and directs the behavior of his subordinates.
3) It is also a superiority of behavior and the people who possess this quality are known as leaders.
4) It is related to a particular situation at a given point of time and under a specific set of circumstances. This implies that a leader may accept different style or behavior to influence the subordinates under different conditions.
5) Leadership involves reconciliation of organizational goals with individual goals. A leader is considered successful when he is able to create a goal congruency in such a manner than the group members willingly work for the achievement of common objectives.
6) It is function of interaction between the leader, the followers and the situation. A person can be a successful leader when he is accepted by his subordinates. Followers will be satisfied with the leader’s style when the leader acts as the representative of the groups and protects the interests of group members. The objective of good leadership is to grant material satisfaction to the group as well as to its members.

A good leader has various qualities which are as follows:

1) Intelligence: - A leader generally has above average intelligence. He has the skill to think logically, examine accurately and interpret exactly the problems faced by the group. He has conceptual clarity, sound judgment and decisiveness.

2) Initiative and Creative: - One of the main responsibilities of a leader is to initiate a proper sequence of action at the right time. Therefore, a good leader must possess strong inner motivation or the urge to achieve something. His thinking should be innovative.

3) Open mind: - A leader is always ready to implement and absorb new ideas as per the needs of the situation. He is prepared to accommodate other’s viewpoints and flexible attitude.

4) Self-confidence: - A good leader has confidence in him and in what he is doing. His point of view is optimistic and he possesses adequate enthusiasm and resourcefulness to motivate his subordinates and to boost up their morale. He must have determination and faith. Enthusiasm, physical energy and staying power are equally important.

5) Vision and foresight: - A leader should have the imagination to predict the problems well in advance and creative thinking to design appropriate courses of action. His attitude should be future – oriented.

6) Maturity: - An effective leader is emotionally and mentally mature and has a balanced personality. He has high patience and tolerance for frustration. He does not easily lose his balance of mind. He must have sound judgment and ability to take quick decisions.

7) Sense of responsibility: - A leader is ready to accept responsibility for the consequences of his actions. He is well aware of the duties and obligations of his job as well as dependability. He also possesses honesty of character and enthusiasm.

8) Human relation skills: - A good leader has the diplomacy and understanding to create mutual teamwork among his followers. He can persuade and influence people by giving due awareness to human relationship. He must have the ability to communicate effectively with people. He must be able to guide and teach his subordinates.