As we approach the new millennium, corporations around the world face three key strategic challenges, each of which demands more of the qualities of leadership than what managerial competence alone can provide

Let me just bring about some of these challenges

#1 The challenge of new visions, new directions.

Over the past thirty years, we have moved from a condition of relatively predictable, incremental changes to a condition of largely uncertain , radical change. For the next thirty years , the tempo and complexity of change are not likely to slacken. Virtually every industry will find it very difficult to be reshaped. While management can deal with the incremental change, it's leadership that is needed to tackle the new conditions.

#2 The challenge of privatization

The recent surge in deregulation, disenchanment with big government, and preference for market-based system has had the effect of increasing the scope and responsibility of the private sector in many countries. It seems clear that it will take leadership skills rather than management skills to find a safe way through.

#3 The challenge of democratization

Democracy is on a global growth curve. However we define the term democratization of political and economic systems. It brings along with it heighten demands for sharing of

power in the decision making of all institutions. People prefer a democratic system to the authoritarian form of system. They want leadership rather than commands from a manager. Once gain, it will be leadership that will be in great demand .

Before I share the five components of strategic leadership I would like to bring about the difference between a good leader and a good manager

Leader	Manager
Emphasize the future	Focus on the present
Emphasize setting direction for "What will be ?"	Deal with " What is "
Give vision and inspiration	Execute control
Lead people	Manage things/resources
Emphasize hierarchy, diffused authority	Emphasize hierarchy, chain of command

In meeting the above challenges , strategic leadership will need not one but five definite components. Now together let us try to understand in depth the strategic leadership

1.The strategic component

Leadership implies setting a direction that others will follow. And this direction must not be random or haphazard. It must be guided by some form of strategic sense- an intuitive , entrepreneurial sensing of the "shape of the future" and of opportunities and goal. It is a unique blend of thinking and feeling, analysis and intuition. Having a strategic component is the trait that sets leadership from management.

2. The action component

Leadership also implies movement. A leader moves an organization from point A to point B. Vision which is defined as a sense of strategic direction is admirable and necessary, but action is the end point. So leaders must be driven by a strong propensity for action.

Of course managers, too are action oriented: the difference is " managers ride and catch the waves , leaders create the waves" In other words it is a combination of vision and action that marks a true leader.

3. The culture component

It is critically important to develop a strategic culture in a organization. A culture in which strategic thinking, learning and action are widely dispersed and a culture that creates a climate of openness and trust. The reason for this truth is obvious: leadership communicates the vision and drives towards action, but action only happens through people.

4.The socio-political component

As if the challenges of competition, markets, and technologies were not enough, the current power shift in the world - the confluence of democratization, market systems, privatization and deregulation- is creating a mine field of social and political issues for the cooperation.

Governance This is defined as achieving legitimacy for the dispersion of power, decision making, and accountability among the corporations' multiple constituencies.

Equity This is defined as achieving perceived fairness in the distribution of economic wealth. It is also the pain of restructuring the organization in the demand of the stake holders.

Employment This is defined as satisfying the societal need of job creation. It is also the employees demand of securing the employment in the face of global restructuring.

Public/private sector roles This is defined as working together to achieve a viable and publicly accepted redefinition of the division of roles and responsibilities between the public and private sectors.

5. The moral component

The moral dimension of corporate leadership should be obvious to all. It defines a leader to be honest, fair, and open. The point here is that executive's, and most certainly leaders, must always use a moral compass to navigate through the complexities of every decisions . Strategic leadership should set a moral tone of the organization, by word and deed.

To conclude I would like to say that in this time of transition, it is important for all of us to engage in a debate about the true meaning of the term "strategic leadership" as it effects our profession.