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This paper presents findings from a theory building study that examines the nature of leadership capacities. In light of Elmore’s Theory of Reciprocity and work on multiple accountabilities, this paper offers a typology for the kinds of capacities that high school principals report needing to fulfill their responsibilities. It includes personal, professional and leadership capacities developed in formal programs, by workplace experience and through personal history. Participants report that internal capacities almost invariably are developed through opportunities trial, error & failure, and not from formal per-service or in-service training, or even from guidance from mentors. A typology of they types of leadership capacities which principals report being necessary for their effective practice is presented.