This chapter implies that good leaders need to inspire confidence in themselves, but truly great leaders inspire confidence within the people they lead, to exceed their normal performance level. Good leaders are made not born. Good leaders acquire their skills by means of continuous self development through experience, education, training and interacting with others. The competence school of leadership embraces all the earlier leadership theories by giving the term competence a wider meaning. Project management leaders must recognize that no single leadership style is applicable to all situations. Project management leaders must allocate resources in a way that maximizes the project portfolio outcome. The research literature indicates that a change in leadership style may be required as a project progresses through its life cycle. In highly competitive and turbulent economic environments, management leaders must devise ways of lowering expenditure, building closer customer relationships, providing novel solutions to attract new clients and keep old ones, and seeking new markets.