All too often, the terms “leadership” and “management” are used synonymously and interchangeably. Are they really interchangeable terms, or are they separate disciplines? Many companies in their annual reports address the senior management team — this usually includes the president and vice presidents of the firm. Are these managers or leaders? Mary Kay Cosmetics is one of the pioneers in calling its senior leaders the Leadership Team. Can you be both a leader and a manager? This chapter establishes the differences and similarities between leadership and management, and also establishes workable definitions of both to assist you in breaking out the differences in your company.