With team-based structures replacing traditional hierarchical systems, the purpose of this paper was to explore the concept of shared leadership and its impact on improving team performance. The five underlying mechanisms that form the components which drive shared leadership, namely (1) trust, (2) empowerment, (3) age and maturity, (4) fair reward, and (5) dispositions and beliefs, provide readers with a practical understanding of how to attain, maintain, and regain shared leadership for the performance of teams in organisations today. In addition, a focus on shared leadership in other team contexts, such as sport, unconventional and multicultural environments is also discussed to aid the progression of shared leadership research and broaden its application beyond traditional business and managerial contexts.