Though management and leadership are different words with different meanings, but they are not mutually exclusive. One needs to balance both management & leadership skills to ensure success in career and life.
All leaders should possess management skills without which they can not transform their vision into actions. Every manager should have leadership skills to bring the team along with him and not just concentrating on the work to be done.
* Leadership is giving direction or setting up new vision and values for a group that they follow.
* Management controls or directs resources in a group according to principles that have already been established.
Management is mostly deals with controlling things whereas Leadership deals with inspiration, creating new ways, coaching, mentoring.
Management emphasizes short-term results whereas Leadership emphasizes on long-term results, big picture.
There exists a famous proverb which differentiates a manager from a leader in simple terms.
A Manager does things right but a Leader does the right things.
I think the above few points are enough to understand the basic difference. Let me list down few more differences in another post.