The presentation profile of this papers focuses on leadership challenges in the 21st century. Leadership provides foundation for sustainable competitive advantages in the constantly changing global environment. As a catalytic force and motivator for managing knowledge and capabilities, leadership provides the context in which employees create knowledge and influence the levels of creativity and innovation in the organization. It is a great stimulus in building the information networks provided by human asset, relationship network within the organization, nationally and internationally. As a "social capital", its encashment is the essence of leadership. The paper discusses diverse aspects of leadership including those especially applicable to educational / academic institution and / or Business School.