It took me four business school applications, fifteen essays, and four complete essay rewrites on my last essay for me to articulate Leadership. For some reason, I had difficulty wrapping my head around a concept with which I have great familiarity, but this is what I finally understand.
While leadership is the ability to organize, motivate, and positively influence a group of individuals to work collaboratively in order to execute a vision or attain a common goal, it is ultimately the bigger picture. Leadership is effectively defining purpose for a team, group, or organization - for profit or not.
A good leader will balance risk versus reward in undertaking risky or difficult situations. As well, their traits, will include a high level of integrity, be confident, decisive, proactive, dependable, and selfless.