Is a Managing Director a leader or a manager?

Should the Managing Director of a growing business be a manager or a leader? 

My view is both… but that too many get dragged (by the pressures of day to day life) into doing too much management and too little leadership.  And what is the difference between management and leadership anyway? I found the following summary from my friend and former colleague Mike Meldrum useful:

Leaders

Create things Change things Find resources Get the mission defined Shake things up Set the direction and tone Use imagination Interact with outsiders, inspire people Are responsible for overall outcome Create mandates, take risks Use influence, convince, show direction Monitor outside the culture.

• Ask strategic questions

• Generate answers to those questions by involving others

• Initiate organizational changes to realise the strategy

• Work through relationships and inspiring others

Managers

Control things Keep track of things Budget, make ends meet Plan and organise Solve problems Cope with complexity Use rules and systems Interact internally, keep people in line Are responsible for performance levels Create structures, risk averse Use authority, power, give direction Monitor organisational culture.

• Solve operational problems

• Generate detailed plans to achieve operational stability (staffing / budgeting)

• Maintain systems and control mechanisms

• Work through hierarchies and formal authority