Difference between management and leadership is question of many theoretical and practical discussions and every manager should give answers on that question in purpose od own developing and making a career. Today's business world is dynamic, subject to change in the fast-developing technology, and each and every manager, if he wants to survive, requires a high level of flexibility. Management is defined as the process by which objectives are planned, available resources and activities are efficiently organized as well as human resources management and control over them in order to achieve the objectives of the company or organization in a specific environment. On the other hand, leadership is defined as the process whereby an individual influences a group of people in order to achieve common goals. Also, leadership is one of the functions of management for which many researchers say is the most important. Other management functions are planning, organization, human resource management and control. Managers' abilities are expressed through these functions, and more or less are represented through management levels that are divided into top, middle, and first level of management. Leadership is theoreticized through explaining leadership models that are divided into models based on leadership qualities, leadership style models, situational models, and contemporary models that give the best answers. By studying and applying methods of many successful managers, who put leadership on the first place, and constant development in direction of a good leader, a manager can ensure lasting success in the business world.