The article presents an investigation of how Early Years leadership is conceptualised by frontline staff in the context of a social enterprise nursery group in London, England. Moving beyond academic splits in the conceptualisation of Early Years leadership, it considers how those in practice make sense of leadership in the complex and fragmented Early Years sector in England. A diverse sample of 18 staff members across four nurseries developed conceptualisations of Early Years leadership through reflective dialogue. Thematic analysis suggested the following four facets in their conceptualisations of leadership: 1) being hands-on, warm and non-hierarchical, 2) renewing passion through a culture of sharing, 3) committing to a strong sense of social purpose and 4) acting with optimism in difficult contexts. We argue that these themes respond directly to the difficult balance of pedagogical, business and social needs encountered in the Early Years sector. Our main contribution though is the emphasis on leadership as a dialogical construct made and re-made in context and the implications of this for practice-based leadership development in the sector.