In growing competitive environment survival of an organization largely depend upon the organization leader. Growing complexities and rapidly changing society with competitive pressure for higher levels of productivity requires effective and ethical leadership. To be successful organization in present era of competition effective, efficient and ethical leadership are essential requirements. Thus this study is carried out to analyse the importance of effective leadership, its essential qualities, its relatedness with universally accepted principles and requirement of leading. In addition this study also analysed the impacts of effective qualities of leadership. This study is outlined in five sections. First section deals with introduction. Second section deals with selected literature reviews. Third section deals with requirement of becoming legendary leader. Forth section deals with impact of good leadership. The last and fifth section deals with finding and conclusion.