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One can categorize the exercise of leadership as either actual or potential: * actual - giving guidance or direction, as in the phrase "the emperor has provided satisfactory leadership". * potential - the capacity or ability to lead, as in the phrase "she could have exercised effective leadership"; or in the concept "born to lead". In both cases, as a result of the constancy of change some people detect within the late 20th and early 21st centuries, the act of learning appears fundamental to certain types of leading and leadership. When learning and leadership coalesce, one could characterize this as "learnership". Leadership can have a formal aspect (as in most political or business leadership) or an informal one (as in most friendships). Speaking of "leadership" (the abstract term) rather than of "leading" (the action) usually implies that the entities doing the leading have some "leadership skills" or competencies.

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