Entrepreneurs, Managers and Leadersexamines the role that business leaders play in shaping industries and how the evolving context of industries shapes leaders in turn. This co-evolutionary process of leadership and industry development is told through the story of the American airline industry across the 20th century. Entrepreneurs, who explored a variety of different airline concepts in search of a viable business model, dominate the industry's early history. As the industry evolved, a new breed ofmanagersemerged who built a dominant business model that enables their companies to grow dramatically. Later, after the industry matured,leaderstook center-stage as agents of change to rebuild and revitalize the industry. The lessons of entrepreneurs, managers, and leaders from the airlines can be applied to understanding any industry's evolution.