Leadership is often associated with specific leadership traits which are responsible for guiding a person into and in a leadership position. Ideally, not all people in a managerial position can be leaders because they lack leadership traits needed for success. As such, it is vital to understand the various leadership traits of a selected leader and their role in his or her success. Therefore, this will be done through the use of the trait theory (Collins, 2005).

Currently, there are many leaders in the social, economic, political, and environmental spectrum. This is credited to the continued growth and development that has been brought about by the emerging technologies, economies, and industries in various parts of the globe. The paper takes into consideration a leader whose role has had a positive impact in inspiring future leaders and continues to play a vital role in society. The paper looks at Anne Mulcahy who is the COE of the Xerox Company (Dines et al, 2011).

One of the reasons why Mulcahy has been significant to the business community is because of her initiative to improve the social, economic, and cultural lifestyles of people in her surrounding and on the global level. This dynamic would not have been possible without the character traits needed to be an effective leader. Some of the leadership traits she portrays are initiator, risk taker, personable, and team player. Though she has on many occasions displayed more leadership traits, it is essential to focus on a few in order to have a comprehensive understanding of the importance of traits in effective leadership and success. In terms of risk taker, this is a trait that not all leaders have. Despite it, it is a very common trait showcased by most leaders who have had a significant impact on the growth of the IT industry, Medicine Banking, Politics, and Education. Leaders who take risks are prone to experiencing a considerable amount of failure. However, risk taking comes with immense reward if the entire process is properly strategized and implemented (Nahavandi, 2014). 

The second leadership trait that has served as a platform for her success is her ability to work with people of different demographics, cultures, industries, and social positions. This quality is very important in leadership owing to the need to practice teamwork during the productive and creative process. Being a team player is one of the principle qualities of good leadership because it establishes a relationship between a good leader and his or her peers, workmates, and surrounding environment. Mulcahy has on many occasions showed this trait especially during company mergers, and takeovers, organizational restructure, and product formulation (Laureate Education, 2012).

Like all theories the trait theory portrays both strengths and limitations. Firstly, it bases its findings on the observation of human personality and traits. Secondly, it provides adequate predictions when identifying potential cases in most situations. One of the limitations in this case is that some leaders are said to acquire leadership skills making it difficult to study their traits an early stage. To add on, it does not take into consideration of identifying leadership traits.

To conclude, the trait theory is useful in assessing traits of leaders in various environments (Kirkpatrick & Locke, 1991). The theory has been important in examining Ann Mulcahy whose leadership style has showcased a type of uniqueness during management and decision making. As such, despite the limitations that it may have, the trait theory is one of the most adequate forms of measuring leadership and studying leadership theories.